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Crystal Olenbush

512-344-6000
  • 609 Elmwood Place

  • $2,995,000
  • 5116 SQ. Feet, 0.16 Acres Residential Income Austin, TX 78705

Cashflow, turnkey property located within 5-minute walk from the UT Campus. 607 Elmwood next door is exactly the same selling at the same price and a buyer can purchase one or 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.

View More Properties in the 78705 Zip Code. View More Properties in the Austin School District.

Essential Information

  • MLS® #3675218
  • Price$2,995,000
  • Bathrooms0.00
  • Square Footage5,116
  • Acres0.16
  • Year Built2017
  • TypeResidential Income
  • Sub-TypeTriplex
  • StatusActive

Community Information

  • Address609 Elmwood Place
  • SubdivisionCollege Court
  • CityAustin
  • CountyTravis
  • StateTX
  • Zip Code78705

Amenities

  • FeaturesDog Park
  • ParkingCommon, Garage, Off Street
  • ViewNone
  • WaterfrontNone

Utilities

Electricity Available, Electricity Connected, Natural Gas Connected, Water Connected, Underground Utilities

Interior

  • InteriorVinyl
  • HeatingCentral
  • CoolingCentral Air
  • FireplacesNone
  • StoriesThree Or More

Appliances

Washer/Dryer Stacked, Dishwasher, Free-Standing Range, Disposal, Gas Range, Gas Water Heater, Microwave, Refrigerator, Stainless Steel Appliance(s)

Exterior

  • Exterior FeaturesBalcony, No Exterior Steps
  • WindowsAluminum Frames
  • RoofMetal
  • FoundationSlab

Lot Description

Alley, Corner Lot, Level, Moderate Trees

Construction

Blown-In Insulation, Frame, Metal Siding, Vertical Siding, Vinyl Siding

School Information

  • DistrictAustin ISD
  • ElementaryLee
  • MiddleKealing
  • HighMcCallum

Map & Directions

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Price Change History for 609 Elmwood Place, Austin, TX (MLS® #3675218)

Date Details Price Change
Price Increased $2,995,000 $100,000 (3.45%)
Price Reduced $2,895,000 $105,000 (3.50%)
Price Reduced $3,000,000 $50,000 (1.64%)
Price Reduced $3,050,000 $50,000 (1.61%)
Price Reduced $3,100,000 $50,000 (1.59%)
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Property Listed by: Resavvy Llc

The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS) from July 12th, 2024 at 10:51pm CDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

All information provided is deemed reliable but is not guaranteed and should be independently verified.