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
Rental Roll Thru 5-19-16
Eastfield Major Improvements
Address: 1159 Eastfield
Square Feet: 2,398