609 Elmwood Place

609 Elmwood Place

Austin, TX 78705

$3,050,000
Price
14
Beds
7
Baths
5,116 Sq. Ft.
$596 / Sq. Ft.
5,116
Sq. Ft.
$596
per Sq. Ft.
a view of a house with a yard
a large white kitchen with a refrigerator a sink and a stove
a large room with kitchen island a sink wooden floor and stainless steel appliances
a kitchen with a sink and cabinets
an empty room with wooden floor and windows
a view of an entryway with wooden floor
a view of entryway with wooden floor and stairs
a view of an entryway
a view of a hallway with wooden floor and staircase
an empty room with wooden floor and windows
a view of an empty room with wooden floor and a window
a view of a small space with wooden floor and a window
a bathroom with a toilet and a bathtub
a bathroom with a toilet sink vanity tub and shower
a view of walk in closet with empty racks
a close up view of washer and dryer
a front view of a house with garage
a view of house with a yard
a front view of a house with a tree and plants

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...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.
  1. Listed by Tony Lazarov • TREC #0459968 • Resavvy LLC • (512) 762-8669
  2. Listed by Noemy Sanchez • TREC #0749816 • Resavvy LLC

Property Details for 609 Elmwood Place

Subdivision Name
College Court
Waterfront
No
Waterfront Description
None
Water Access Description
None
View
None
View YN
No
Pets Allowed
Cats OK, Dogs OK
Parcel Number
0215050909

Location

Listing Courtesy of Resavvy LLC, Tony Lazarov, TREC #0459968; Resavvy LLC, Noemy Sanchez, TREC #0749816
Add your commute
LISTING UPDATED: 01/26/2024 03:00 PM

Property Details for 609 Elmwood Place

StatusActive
MLS #3675218
Days on Market94
Taxes$35,046 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Triplex
Year Built2017
Lot Size0.15 AC / 6,751 SF
CountyTravis County

Location

Listing Courtesy of Resavvy LLC, Tony Lazarov, TREC #0459968; Resavvy LLC, Noemy Sanchez, TREC #0749816
Add your commute

Building Information for 609 Elmwood Place

Stories-Residences-Year Built2017Building Size-Lot Size0.15 AC / 6,751 SF

Payment Calculator

$19,566 per month

30 year fixed, 7.25% Interest

Principal and Interest

$16,645

Property Taxes

$2,921

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 609 Elmwood Place

General Information
Parking
  • Garage Spaces: 0
  • Parking Total: 6
  • Parking Features: Common, Garage, Off Street
  • Garage: No
  • Covered Spaces: 0
Interior
  • Interior Features: Ceiling Fan(s), Crown Molding, Double Vanity, High Ceilings, Interior Steps, Kitchen Island, Open Floorplan, Quartz Counters, Recessed Lighting, Walk-In Closet(s)
  • Flooring: Vinyl
  • Appliances: Washer/Dryer Stacked, Dishwasher, Free-Standing Range, Disposal, Gas Range, Gas Water Heater, Microwave, Refrigerator, Stainless Steel Appliance(s)
  • Fireplace: No
  • Fireplaces Total: 0
  • Fireplace Features: None
  • Laundry Features: Washer Hookup, Dryer Hookup, Stacked
  • Restrictions: No Restrictions
Exterior
  • Exterior Features: Balcony, No Exterior Steps
  • New Construction: No
  • Construction Materials: Blown-In Insulation, Frame, Metal Siding, Vertical Siding, Vinyl Siding
  • Foundation Details: Slab
  • Patio And Porch Features: None, Balcony
  • Roof: Metal
  • Fencing: None
  • Direction Faces: West
  • Window Features: Aluminum Frames
  • Accessibility Features: None
  • Community Features: Dog Park
Property Information
Lot Information
  • Lot Features: Alley, Corner Lot, Level, Moderate Trees
  • Horse: No
Utilities
  • Cooling YN: Yes
  • Cooling: Central Air
  • Heating YN: Yes
  • Heating: Central
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Natural Gas Connected, Water Connected, Underground Utilities
  • Owner Pays: Taxes
  • Water Source: Public
Unit Information
Unit 1
  • UnitNum: A
  • BedsTotal: 4
  • NumFullBaths: 2
  • NumHalfBaths: 0
  • BathsTotal: 2
  • Furnished: Unfurnished
  • ActualRent: $5,400.00
  • LeasedYN: Yes
  • OccupantType: Occupied
  • LeaseExpires: 07-31-2025
  • PetDeposit: $.00
  • PetDepositPerPetYN: Yes
  • Deposit: $5,400.00
  • MonthToMonthYN: No
  • FireplaceYN: No
  • Permission: IDX
Unit 2
  • UnitNum: B
  • BedsTotal: 6
  • NumFullBaths: 3
  • NumHalfBaths: 0
  • BathsTotal: 3
  • Furnished: Unfurnished
  • ActualRent: $8,100.00
  • LeasedYN: Yes
  • OccupantType: Occupied
  • LeaseExpires: 07-31-2025
  • PetDeposit: $.00
  • PetDepositPerPetYN: Yes
  • Deposit: $8,100.00
  • MonthToMonthYN: No
  • FireplaceYN: No
  • Permission: IDX
Unit 3
  • UnitNum: C
  • BedsTotal: 4
  • NumFullBaths: 2
  • NumHalfBaths: 0
  • BathsTotal: 2
  • Furnished: Unfurnished
  • ActualRent: $5,400.00
  • LeasedYN: Yes
  • OccupantType: Occupied
  • LeaseExpires: 07-31-2025
  • PetDeposit: $.00
  • PetDepositPerPetYN: Yes
  • Deposit: $5,400.00
  • MonthToMonthYN: No
  • FireplaceYN: No
  • Permission: IDX
Financial Information
Taxes and HOA Information
  • Association: No
  • Tax Assessed Value: $1,937,048
  • Tax Year: 2023
  • Tax Rate: 1.81%
Showing Information
Showing Information
  • Security Features: Smoke Detector(s)
  • Directions: AT THE CORNER OF ELMWOOD PL AND HARRIS PARK.

Property History for 609 Elmwood Place

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 609 Elmwood Place

Taxable ValueLand$350,000Additions$1,605,879Total$1,955,879
Tax Record2022$43,669 ($3,639 / month)
Home Facts
Total Finished SqFt5,052 SqFtAbove Grade Finished SqFt5,052 SqFtStories3Lot Size7,092 SqFtStyleMulti-Family Dwelling (2-4)Year Built2017CountyTRAVISAPN0215050909Fireplace TypeHas Fireplace

Schools near 609 Elmwood Place

This home is within Austin Independent School District.
Rating
School
Type
Grades
Distance
Lee Elementary School
Public - K to 6
Kealing Middle School
Public - 6 to 8
Mccallum High School
Public - 9 to 12
Garza Independence High School
Public - 10 to 12
Rating
School
Distance
Lee Elementary School
PublicK to 6

Kealing Middle School
Public6 to 8

Mccallum High School
Public9 to 12

Garza Independence High School
Public10 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 609 Elmwood Place, Austin, TX 78705

609 Elmwood Place is a multi-family home for sale in Austin, TX 78705. This property was listed for sale on January 26, 2024 by Resavvy LLC, it's currently listed at $3,050,000. This listing's school district is Austin Independent School District. Nearby schools include Lee Elementary School, Kealing Middle School and Mccallum High School. 609 Elmwood Place is a 14-bed, 7-bath, 5,116 sqft multi-family home built in 2017.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Resavvy LLC, Tony Lazarov, TREC #0459968; Resavvy LLC, Noemy Sanchez, TREC #0749816

Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS), Central Hill Country Board of Realtors, Central Texas MLS, Highland Lakes Association of Realtors, Bryan-College Station Association of REALTORS, and Waco Association of REALTORS. All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS, Central Hill Country Board of Realtors, Central Texas MLS, Highland Lakes Association of Realtors, Bryan-College Station Association of REALTORS, Waco Association of REALTORS, and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. Copyright© 2024 Austin Board of REALTORS® (alternatively, from ACTRIS), Central Hill Country Board of Realtors, Central Texas MLS, Highland Lakes Association of Realtors, Bryan-College Station Association of REALTORS, and Waco Association of REALTORS. All rights reserved. We do not attempt to independently verify the currency, completeness, accuracy or authenticity of the data contained herein. All area measurements and calculations are approximate and should be independently verified. Data may be subject to transcription and transmission errors. Accordingly, the data is provided on an “as is” “as available” basis only and may not reflect all real estate activity in the market”. © [2024] REsides, Inc. All rights reserved. Certain information contained herein is derived from information, which is the licensed property of, and copyrighted by, REsides, Inc.