607 Elmwood Place
Description
609 Elmwood next door is exactly the same selling at the same price and a buyer can ONLY purchase both 3-plexes. Demand for 4 to 7 Bed. Hoses and Units within walking distance to UT are extremely high as available 4 to 7-bed rental units are extremely limited. Students pre-lease those units years in advance to have a chance to live in one of them. All units in both 3-plexes are not only 100% occupied with leases that ends...Cashflow, turnkey property located within 5-minute walk from the UT Campus.
609 Elmwood next door is exactly the same selling at the same price and a buyer can ONLY purchase both 3-plexes. Demand for 4 to 7 Bed. Hoses and Units within walking distance to UT are extremely high as available 4 to 7-bed rental units are extremely limited. Students pre-lease those units years in advance to have a chance to live in one of them. All units in both 3-plexes are not only 100% occupied with leases that ends July 31st, 2024 at $1,250/bedroom rent which is $35K/mo. or $420K/yr. but it is also pre-leased with fully executed leases for the Aug 1st, 2024 – July 31st, 2025 period at $1,350/mo. or $37,800/mo between the two 3-plexes which is $453,600/yr. The projected rent for the Aug 1st, 2025 – July 31st, 2026 period is $1,500/bd or $504,000/yr. The carrying costs for this asset are quite low as property tax relief just passed in Austin has lowered tax rates and property valuations, there are no common elements to maintain, all units have separately metered utilities and tenants pay for all the utilities. All that makes the expense ratio for those units be at about 30% of gross income. That is a 4.8% Cap rate based on Aug 2024 rents and close to a 5.5% Cap rate based on the Aug 2025 pro forma. This Trophy property is in huge rental demand due to its unbeatable location, quality, and rental demand.
- Listed by Tony Lazarov • TREC #0459968 • Resavvy LLC • (512) 762-8669
- Listed by Daniel Pettit • TREC #0820051 • Respace LLC
Property Details for 607 Elmwood Place
Property Details for 607 Elmwood Place
| Status | Active |
|---|---|
| MLS # | 1745040 |
| Days on Market | 259 |
| Taxes | $35,046 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income / Triplex |
| Year Built | 2017 |
| Lot Size | 0.15 AC / 6,751 SF |
| County | Travis County |
Building Information for 607 Elmwood Place
Property Information for 607 Elmwood Place
- Garage Spaces: 0
- Parking Total: 6
- Parking Features: Common, Garage, Off Street
- Garage: No
- Covered Spaces: 0
- Interior Features: Ceiling Fan(s), Crown Molding, Double Vanity, High Ceilings, Interior Steps, Kitchen Island, Open Floorplan, Quartz Counters, Recessed Lighting, Walk-In Closet(s)
- Flooring: Vinyl
- Appliances: Washer/Dryer Stacked, Dishwasher, Free-Standing Range, Disposal, Gas Range, Gas Water Heater, Microwave, Refrigerator, Stainless Steel Appliance(s)
- Fireplace: No
- Fireplaces Total: 0
- Fireplace Features: None
- Laundry Features: Laundry Room, Washer Hookup, Dryer Hookup, Stacked
- Restrictions: No Restrictions
- Exterior Features: Balcony, No Exterior Steps
- New Construction: No
- Construction Materials: Blown-In Insulation, Frame, Metal Siding, Vertical Siding, Vinyl Siding
- Foundation Details: Slab
- Patio And Porch Features: None, Balcony
- Roof: Metal
- Fencing: None
- Direction Faces: West
- Window Features: Aluminum Frames
- Accessibility Features: None
- Community Features: Dog Park
- FEMA Flood Plain: No
- Lot Features: Alley, Corner Lot, Level, Moderate Trees
- Horse: No
- Cooling YN: Yes
- Cooling: Central Air
- Heating YN: Yes
- Heating: Central
- Sewer: Public Sewer
- Utilities: Electricity Available, Electricity Connected, Natural Gas Connected, Water Connected, Underground Utilities
- Owner Pays: Grounds Care, Taxes
- Water Source: Public
- UnitNum: C
- BedsTotal: 4
- NumFullBaths: 2
- NumHalfBaths: 0
- BathsTotal: 2
- Furnished: Unfurnished
- ActualRent: $5,400.00
- LeasedYN: Yes
- OccupantType: Occupied
- LeaseExpires: 07-31-2025
- PetDeposit: $.00
- PetDepositPerPetYN: Yes
- Deposit: $5,400.00
- MonthToMonthYN: No
- FireplaceYN: No
- Permission: IDX
- UnitNum: B
- BedsTotal: 6
- NumFullBaths: 3
- NumHalfBaths: 0
- BathsTotal: 3
- Furnished: Unfurnished
- ActualRent: $8,100.00
- LeasedYN: Yes
- OccupantType: Occupied
- LeaseExpires: 07-31-2025
- PetDeposit: $.00
- PetDepositPerPetYN: Yes
- Deposit: $8,100.00
- MonthToMonthYN: No
- FireplaceYN: No
- Permission: IDX
- UnitNum: A
- BedsTotal: 4
- NumFullBaths: 3
- NumHalfBaths: 0
- BathsTotal: 3
- Furnished: Unfurnished
- ActualRent: $5,400.00
- LeasedYN: Yes
- OccupantType: Occupied
- LeaseExpires: 07-31-2025
- PetDeposit: $.00
- PetDepositPerPetYN: Yes
- Deposit: $5,400.00
- MonthToMonthYN: No
- FireplaceYN: No
- Permission: IDX
- Association: No
- Tax Assessed Value: $1,937,048
- Tax Year: 2023
- Tax Rate: 1.81%
- Security Features: Smoke Detector(s)
- Directions: AT THE CORNER OF ELMWOOD PL AND HARRIS PARK.
Property History for 607 Elmwood Place
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 607 Elmwood Place
Schools near 607 Elmwood Place
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 6 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 10 to 12 |
Rating | School | Distance |
|---|---|---|
Lee Elementary School PublicK to 6 | ||
Kealing Middle School Public6 to 8 | ||
Mccallum High School Public9 to 12 | ||
Garza Independence High School Public10 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Resavvy LLC, Tony Lazarov, TREC #0459968; Respace LLC, Daniel Pettit, TREC #0820051
Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS), Central Hill Country Board of Realtors, Central Texas MLS, Highland Lakes Association of Realtors, Bryan-College Station Association of REALTORS, and Waco Association of REALTORS. All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS, Central Hill Country Board of Realtors, Central Texas MLS, Highland Lakes Association of Realtors, Bryan-College Station Association of REALTORS, Waco Association of REALTORS, and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. Copyright© 2024 Austin Board of REALTORS® (alternatively, from ACTRIS), Central Hill Country Board of Realtors, Central Texas MLS, Highland Lakes Association of Realtors, Bryan-College Station Association of REALTORS, and Waco Association of REALTORS. All rights reserved. We do not attempt to independently verify the currency, completeness, accuracy or authenticity of the data contained herein. All area measurements and calculations are approximate and should be independently verified. Data may be subject to transcription and transmission errors. Accordingly, the data is provided on an “as is” “as available” basis only and may not reflect all real estate activity in the market”. © [2024] REsides, Inc. All rights reserved. Certain information contained herein is derived from information, which is the licensed property of, and copyrighted by, REsides, Inc.