609 Elmwood Pl, Austin, TX 78705
FOR SALE

609 Elmwood Pl
Austin, TX 78705

Hancock
  • 14 Beds
  • 7 Baths
  • 5,116 sqft
  • 14 Beds
  • 7 Baths
  • 5,116 sqft

$3,050,000

Original price: $3,100,000
Est. Mortgage $19,701/mo*
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Local Information

map showing home location
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-- mins to
Commute Destination

Description

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.

Home Highlights

Parking
Garage
Outdoor
Yes
A/C
Heating & Cooling
HOA
None
Price/Sqft
$596
Listed
90 days ago

Home Details for 609 Elmwood Pl

Active Status

MLS Status: Active

Interior Features

Beds & Baths
Number of Bedrooms: 14Number of Bathrooms: 7
Dimensions and Layout
Living Area: 5116 Square Feet
Appliances & Utilities
Utilities: Electricity Connected, Natural Gas Connected, Underground Utilities, Water ConnectedAppliances: Dishwasher, Disposal, Gas Range, Microwave, Free-Standing Range, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer Stacked, Water Heater-GasDishwasherDisposalMicrowaveRefrigerator
Heating & Cooling
Heating: CentralAir Conditioning: Central AirHeating Fuel: Central
Fireplace & Spa
Fireplace: None
Gas & Electric
Has Electric on Property
Windows, Doors, Floors & Walls
Window: Aluminum FramesFlooring: No Carpet, Vinyl
Levels, Entrance, & Accessibility
Stories: 3Levels: Three Or MoreAccessibility: NoneFloors: No Carpet, Vinyl
View
View: None

Exterior Features

Exterior Home Features
Roof: MetalPatio / Porch: NoneFencing: NoneOther Structures: NoneExterior: Balcony, No Exterior StepsFoundation: Slab
Parking & Garage
Has a GarageNo Attached GarageParking: Common, Garage, Off Street
Pool
Pool: None
Frontage
Waterfront: NoneNot on Waterfront
Water & Sewer
Sewer: Public Sewer
Farm & Range
Not Allowed to Raise Horses

Days on Market

Days on Market: 90

Property Information

Year Built
Year Built: 2017
Property Type / Style
Property Type: Residential IncomeProperty Subtype: Triplex
Building
Not a New Construction
Property Information
Parcel Number: 0215050909

Price & Status

Price
List Price: $3,050,000Price Per Sqft: $596

Location

Direction & Address
City: AustinCommunity: College Court
School Information
Elementary School: LeeElementary School District: Austin ISDJr High / Middle School: KealingJr High / Middle School District: Austin ISDHigh School: McCallumHigh School District: Austin ISD

Agent Information

Listing Agent
Listing ID: 3675218

Community

Community Features: Dog Park, Underground Utilities

HOA

No HOA

Lot Information

Lot Area: 0.155 Acres

Compensation

Buyer Agency Commission: 2Buyer Agency Commission Type: %
Notes
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed

Miscellaneous

Mls Number: 3675218

Additional Information

Dog ParkUnderground Utilities
Last check for updates: about 11 hours ago
Listing courtesy of Tony Lazarov, (512) 762-8669
Resavvy LLC, (512) 762-8669
Noemy Sanchez, (512) 710-5369
Resavvy LLC, (512) 762-8669
Source: Unlock MLS, MLS#3675218

Price History for 609 Elmwood Pl

DatePriceEventSource
04/19/2024$3,050,000PriceChange
Unlock MLS #3675218
03/30/2024$3,100,000PriceChange
Unlock MLS #3675218
03/25/2024$3,150,000PriceChange
Unlock MLS #3675218
01/27/2024$3,250,000Listed For SaleUnlock MLS #3675218

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Property Taxes and Assessment

Year2023
Tax$35,387
Assessment$1,955,879
Home facts updated by county records

Neighborhood Overview

Hancock
See Local Highlights
Neighborhood stats provided by third party data sources.

What Locals Say about Hancock

  • Mattiha
    "Make sure you and you family, including pets are visible at night. We’re close to campus and people can drive a little crazy. "
    2
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  • Lwicker57
    "I’ve lived in the Hancock neighborhood for 20 years. I have many neighbors that I consider friends. It’s close to Hancock center. Which has many of the conveniences people look for. Within walking distance to restaurants and coffee houses. Great place to live."
    10
    Flag
  • Robin K.
    "It's a great walking neighborhood."
    0
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  • Robin K.
    "My commute downtown is three miles. There are many choices of routes and no traffic."
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  • Robin K.
    "It's close to downtown and the university. It's a friendly walking neighborhood. I especially like strolling the golf course at Christmas when it's lit with luminarias."
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  • Robin K.
    "Safe and friendly. Walking distance to elementary school."
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LGBTQ Local Legal Protections

Tony Lazarov, Resavvy LLC
Based on information from Unlock MLS (alternatively, from ACTRIS) for the period through 2024-01-25 08:52:03 PST. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
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. Some IDX listings have been excluded from this website. Click here for more information
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.
609 Elmwood Pl, Austin, TX 78705 is a 14 bedroom, 7 bathroom, 5,116 sqft multi-family built in 2017. 609 Elmwood Pl is located in Hancock, Austin. This property is currently available for sale and was listed by Unlock MLS on Jan 27, 2024. The MLS # for this home is MLS# 3675218.