607 Elmwood Pl Austin, TX

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Elmwood Pl, Austin, Home For Sale

Price: $2,995,000
Address: 607 Elmwood Pl
City: Austin
State: TX
Zip:
Bathrooms: 8
Bedrooms: 10
Condition: Resale
Fee: No
Provided By: RealtyWW

Description:

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.

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