1159 Eastfield Ave Austin, TX 78721

5 unit apartment complex on two adjoining lots (1159 & 1161) zoned GR-MU-NP (being sold together). Income while you plan future, vertical mixed use development.

Five income units (rented at $650 to $750 with potential for market increases with unit turnover). Each unit is fully contained a 1/1. Ample parking (maybe add a food truck to the lot?).

Within 1 mile, new residential units are selling for $300-$500k+. Newer construction 1 BRs rent for $1,000+.

The owner has made major property updates and addressed significant deferred maintenance, including installation of new $12k+ TPO roof; new heaters, a/c, and water heaters for some units, and electrical upgrades throughout. All a/cs and portable heaters convey; only appliances in E do not.

Future longer term development potential on this over .4 acre property. Already zoned mixed use with GR commercial zoning (GR-MU-NP per City of Austin’ s zoning profile tool)! Back of the envelope yield analysis shows potential for 15-18 apartment units (at 2-3 stories) possibly up to 25 micro-unit/houses, stacked, with a single parking space per a house.

Cap rate 3.9%, with room for improvement on rents and expenses.

In the burgeoning East Austin/Webbervile Rd. corridor –just over 2 miles from Austin’ s Mueller development
Property Condition Statement
Eastfield Survey
Rental Roll Thru 5-19-16
Eastfield Major Improvements

Property Details

Listing Price: 450,000
Address: 1159 Eastfield
City: Austin
State: TX
ZIP: 78721
MLS # (if any): On Loopnet not MLS
Square Feet: 2,398
Bedrooms: 5
Bathrooms: 5

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