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.
Property Details
Property Features
Property Information:
Year Built: 2017
Living Area: 5,116 SqFt
Listing Office:
Office Name: Resavvy LLC
Office Phone: (512) 762-8669
Listing Agent: Tony Lazarov
Interior Features
Interior Information:
Appliances: Washer/Dryer Stacked, Dishwasher, Range, Disposal, Gas Range, Gas Water Heater, Microwave, Refrigerator, Stainless Steel Appliance(s)
Flooring Type: Vinyl
Interior: Ceiling Fan(s), Crown Molding, Double Vanity, High Ceilings, Interior Steps, Kitchen Island, Open Floorplan, Quartz Counters, Recessed Lighting, Walk-In Closet(s)
Fireplace: None
Exterior Features
Exterior Information:
Waterfront: None
View: None
Exterior: Balcony, No Exterior Steps
Parking Information:
Parking: Common, Garage, Off Street
Lot Features
Lot Information:
Lot: Corner Lot, Level, Trees
Lot Size: 0.15 Acres
Utilities
Utilities Information:
Heating: Central
Cooling: Central Air
Other
Directions Information:
Directions: AT THE CORNER OF ELMWOOD PL AND HARRIS PARK.
Price Information
Listing Price Info
Price Summary:
List Price: $3,000,000
Price Per SqFt: $586/SqFt
Tax Information:
Annual Amount: $24,238
Tax Year: 2020
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Housing Market Comparison
See how this home compares to others in Austin, TX.
This property is $2.4M more than the Median Sold Price and $278/SqFt more than other homes in Austin, TX.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: ACTRIS
MLS Number: #1745040
Listing Office:
Office Name: Resavvy LLC
Office Phone: (512) 762-8669
Listing Agent: Tony Lazarov
Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS or Unlock MLS®). All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS, Unlock MLS and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively 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. Data maintained by the Board, ACTRIS or Unlock MLS may not reflect all real estate activity in the market. Prices displayed on all Sold listings are the Last Known Listing Price and may not be the actual selling price.
Copyright 2024 Unlock MLS and Austin Central Texas Realty Information Services, Inc.
Listings courtesy of Unlock MLS as distributed by MLS GRID.
All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 11/21/2024, 4:20:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Tax History
YEAR
PROP. TAX
ASSESSMENT
2020
$24,238
$1,088,513
2019
$23,347
$1,088,513
2018
$7,195
$1,306,449
2017
$9,606
$325,000
History based on county public records data.
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NMLS#3030
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
7
/10
Lee Elementary School
3308 Hampton Rd
Distance between this listing and this school0.38 miles
Public District Grades KG-6
6
/10
Maplewood Elementary School
3808 Maplewood Ave
Distance between this listing and this school1.09 miles
Public District Grades PK-5
2
/10
Campbell Elementary School
2613 Rogers Ave
Distance between this listing and this school1.26 miles
Public District Grades PK-5
Nearby Schools
1
/10
Helping Hand
2130 Guadalupe St
Distance between this listing and this school0.85 miles
Public Charter Grades 2-7
6
/10
Kealing Middle School
1607 Pennsylvania Ave
Distance between this listing and this school1.50 miles
Public District Grades 6-8
5
/10
Vista Academy of Austin-Mueller
1504 E 51st St Bldg E
Distance between this listing and this school2.15 miles
Public Charter Grades KG-8
Nearby Schools
9
/10
University High School
2007 University Ave
Distance between this listing and this school0.64 miles
Public Charter Grades 9-12
8
/10
University of Texas at Austin High School
2901 N Interstate 35
Distance between this listing and this school0.98 miles
Public District Grades 9-12
4
/10
Garza Independence High School
1600 Chicon St
Distance between this listing and this school1.13 miles
The neighbors living near this home have an average income of $41,947. Typical income of Austin, TX residents is between $35k-100k annually. The most common type of family is single, no kids. The most common level of education of people living in this area is post secondary degree.
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This home is located at 607 Elmwood Pl in Austin, TX and zip code 78705 in the College Court neighborhood. This 5,116 square foot home, which was built in 2017, sits on a 0.15 acre lot. It has been listed on Rocket Homes since January 25, 2024 and is currently priced at $3,000,000.
In October 2024, from all listings sold in Austin, TX there were more than 66 sold above asking price, over 506 sold below and more than 96 were sold right at the asked price. The number of homes for sale in Austin, TX increased by 6.3% between September 2024 and October 2024. The median list price of listings available in October 2024 was $566,430, while the average time on the real estate market was 72 days.
From Rocket Homes Real Estate and based on county public records data.
Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS or Unlock MLS®). All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS, Unlock MLS and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively 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. Data maintained by the Board, ACTRIS or Unlock MLS may not reflect all real estate activity in the market. Prices displayed on all Sold listings are the Last Known Listing Price and may not be the actual selling price. 
Listings courtesy of Unlock MLS as distributed by MLS GRID.
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