607-609 Elmwood Pl
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607-609 Elmwood Pl
6 Unit Apartment Building $5,950,000 ($991,667/Unit) 6.25% Cap Rate Austin, TX 78705
Investment Highlights
- Turnkey Class A cashflow property 100% leased and already pre-leased for a year in advance.
- Amazing location walking distance to the University of Texas, Austin.
- Oversized rental demand with option to raise rents to $1500 to $1600 per bedroom.
- Low carrying costs easy to maintain.
Executive Summary
Location: 5-minute walk from the University of Texas campus.
Property Details: Two 3-plexes with a combined total of 28 bedrooms and 15 bathrooms. Unit mix includes 4, 6, and 4-bedroom layouts per 3-plex.
Demand: High demand for large (4-7 bedroom) rental units within walking distance to UT, with limited availability. Properties like these are often pre-leased years in advance.
Current Leasing Status: 100% occupied through July 2024 at $1,250 per bedroom ($420,000/year). Pre-leased for August 2024 - July 2025 at $1,350 per bedroom ($453,600/year).
Market Rent Potential: Current market rent estimated at $1,550 per bedroom. Projected rent for August 2025 - July 2026 is $1,550-$1,600 per bedroom ($537,600/year).
Financials: Low expense ratio (~30% of gross income) due to tax relief, separately metered utilities, and tenant-paid utilities. Cap rate of 5.06% based on August 2024 rents; potential for nearly 6.5% based on August 2025 projections.
Key Selling Points: Unmatched location, strong rental demand, low carrying costs, and potential for further rent growth.
Property Details: Two 3-plexes with a combined total of 28 bedrooms and 15 bathrooms. Unit mix includes 4, 6, and 4-bedroom layouts per 3-plex.
Demand: High demand for large (4-7 bedroom) rental units within walking distance to UT, with limited availability. Properties like these are often pre-leased years in advance.
Current Leasing Status: 100% occupied through July 2024 at $1,250 per bedroom ($420,000/year). Pre-leased for August 2024 - July 2025 at $1,350 per bedroom ($453,600/year).
Market Rent Potential: Current market rent estimated at $1,550 per bedroom. Projected rent for August 2025 - July 2026 is $1,550-$1,600 per bedroom ($537,600/year).
Financials: Low expense ratio (~30% of gross income) due to tax relief, separately metered utilities, and tenant-paid utilities. Cap rate of 5.06% based on August 2024 rents; potential for nearly 6.5% based on August 2025 projections.
Key Selling Points: Unmatched location, strong rental demand, low carrying costs, and potential for further rent growth.
Data Room Click Here to Access
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Double Pane Windows
- Window Coverings
Site Amenities
- Walking/Biking Trails
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+2 | 3 | $5,900 | 1,558 |
| 6+3 | 2 | $8,850 | 2,000 |
| 4+3 | 1 | $5,900 | 1,558 |
1 of 1
Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (89)
zoning
| Zoning Code | MF-4-NP |
| MF-4-NP |
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Daniel Pettit -
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607-609 Elmwood Pl
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