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609 Elmwood Pl, Austin, TX 78705
$2,995,000
609 Elmwood Pl, Austin, TX 78705View this property at 609 Elmwood Pl, Austin, TX 78705
609 Elmwood PlAustinTX78705
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Property 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.
Full Property Details
Full Property Details for 609 Elmwood Pl
General
- Price: $2,995,000
- Taxes: $35,046 (2023)
- Status: Active
- Type: Triplex
- MLS ID: 3675218
- Updated: 5/28/2024
- Added to Site: 130 day(s) ago
Interior
- Interior Features: Ceiling Fan(s), High Ceilings, Quartz Counters, Crown Molding, Double Vanity, Interior Steps, Kitchen Island, Open Floorplan, Recessed Lighting, Walk-In Closet(s)
- Fireplace(s): None
- Appliances: Dishwasher, Disposal, Gas Range, Microwave, Free-Standing Range, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer Stacked, Water Heater-Gas
- Flooring: No Carpet, Vinyl
Rooms
Other Rooms
- Laundry: Laundry Room
Additional Information
- Shared Amenities: Dog Park, Underground Utilities
- Security/Safety: Smoke Detector(s)
- Equipment: Dryer Connections, Washer Hookup
- Other Features: None
Exterior
- Exterior Features: Balcony, No Exterior Steps
Parking
- Garage: Yes
- Total Spaces: 6
- Parking Features: Common, Garage, Off Street
Location
- Area: UT
- County: Travis
- Subdivision: College Court
- Driving Directions: AT THE CORNER OF ELMWOOD PL AND HARRIS PARK.
- Direction Faces: West
School Information
- Elem School District: Austin ISD
- Midd School District: Austin ISD
- High School District: Austin ISD
- Elementary School: Lee
- Middle School: Kealing
- High School: McCallum
Community
- Pet Restrictions: Cats OK, Dogs OK
Heating & Cooling
- Cooling Type: Central Air
- Heating Type: Central
Utilities
- Sewer: Public Sewer
- Water: Public
- Utility Description: Electricity Connected, Natural Gas Connected, Underground Utilities, Water Connected
- Metering: Electric Separate, Gas Separate, Water Separate
Structural Information
- Exterior Const.: Frame, Blown-In Insulation, Metal Siding, Vertical Siding, Vinyl Siding
- Foundation: Slab
- Roof: Metal
- Windows: Aluminum Frames
- Disability Access: None
- Square Feet: 5,116
- Living Area: 5,116 Sq. Ft.
- Year Built: 2017
- Property Condition: Resale
Additional Structures
- Other Structures: None
Lot Features
- Property View: None
- Lot Size (Acres): 0.155
- Lot Size (Sq. Ft.): 6,751.8
- Lot Features: Alley Access, Corner Lot, Level, Trees-Moderate
- Lot Description: Alley Access, Corner Lot, Level, Trees-Moderate
Water Features
- Water Front View: None
Financial Considerations
- Lot Price Per Sq. Ft.: $443.59
- Tax Amount: $35,046
- Tax Year: 2023
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2%
- Documents Avail.: Leases
- Property ID: 215050909
Listed by Resavvy LLC
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Schools
Schools serving 609 Elmwood Pl
School District:Austin Independent School District
Rating | Name | Grades | Distance |
---|---|---|---|
3308 Hampton Rd, Austin, TX 78705 | PK-6 | 0.4 mi | |
1607 Pennsylvania Ave, Austin, TX 78702 | 6-8 | 1.5 mi | |
5600 Sunshine Dr, Austin, TX 78756 | 9-12 | 2.5 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 609 Elmwood Pl
Date
Details
Price
Change
Source
5/28/2024
Price Increased
$2,995,000
1.61%
MLS
5/23/2024
Price Increased
$2,947,500
1.81%
MLS
5/12/2024
Price Reduced
$2,895,000
-3.34%
MLS
5/11/2024
Price Reduced
$2,995,000
-0.17%
MLS
5/04/2024
Price Reduced
$3,000,000
-1.64%
MLS
4/19/2024
Price Reduced
$3,050,000
-1.61%
MLS
3/29/2024
Price Reduced
$3,100,000
-1.59%
MLS
3/25/2024
Price Reduced
$3,150,000
-3.08%
MLS
1/26/2024
Listed
$3,250,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 609 Elmwood Pl
Year
Property Taxes
Change
Tax Assessment
Change
2022
$43,669
—
$1,955,879
-12%
2022
$43,669
35%
$2,211,156
49%
2021
$32,374
33%
$1,487,300
36%
2020
$24,307
4%
$1,091,652
—
2020
$23,414
-19%
$1,091,652
-17%
2018
$28,765
300%
$1,309,588
303%
2017
$7,195
-1%
$325,000
-39%
2017
$7,248
-36%
$528,900
7%
2015
$11,350
3%
$494,307
7%
2014
$10,990
3%
$461,808
6%
2013
$10,713
—
$434,916
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 609 Elmwood Pl
609 Elmwood Pl, Austin, TX 78705 (MLS# 3675218) is a Triplex property with 0 bedrooms and 0 full bathrooms. 609 Elmwood Pl is currently listed for $2,995,000 and was received on January 26, 2024. Want to learn more about 609 Elmwood Pl? Do you have questions about finding other Triplex real estate for sale in Central Austin? You can browse all Central Austin real estate or contact a Coldwell Banker agent to request more information.