$1,700,000
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7,519 SqFt
SOLD DATE : 10/10/2023
Key Details
Property Type Commercial
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,519 sqft
Price per Sqft $214
Subdivision Cardinal Hills Estates
MLS Listing ID 3960497
Sold Date 10/10/23
Originating Board actris
Year Built 1965
Tax Year 2022
Lot Size 2.537 Acres
Property Description
Investment Opportunity in Austin, Texas - Cash Flow Real Estate with Value-Add Potential
Welcome, investors! This property in Austin, Texas offers excellent cash flow and value-add potential. Spanning 2.6 acres across 2 lots, it includes a 4-plex, duplex, commercial shop, tiny house, and yurt near highway 620.
The tiny house and yurt generated $88k as short-term rentals last year, offering an oasis with hot tubs, a sauna, and a creek. The 4-plex has two 2/1 units and two 1/1 units, unit d was recently updated and is renting for $1,300.
The duplex consists of two 2-bedroom/1-bathroom units. Unit B has undergone a complete remodel, featuring new paint inside and outside, new flooring, cabinets, countertops, appliances, shower, vanities, toilet, interior doors, plugs and switches, and light fixtures. This unit can be rented on a long-term basis for $1,695 per month or can be a valuable addition to the short-term rental market, projected to generate $3,000 to $4,000 monthly due to its serene wooded surroundings.
The commercial shop spans 2,112 square feet and offers a full kitchen, bathroom, and loft room. Equipped with two large garage doors, it is currently leased for $2,200 per month. The property includes two septics and a water well with multiple storage tanks, ensuring ample resources. Additionally, the property has access to Water District 17 water.
Situated just outside of Lakeway and within the ETJ of Austin, this property presents numerous possibilities. With no HOA or restrictions, and surrounded by commercial businesses, you have the freedom to explore various potential uses. One of the owners is a licensed Real Estate Broker in the state of Texas
2022 financials: Gross revenue $180k (Two vacancy remodels). 2023 projected gross: $205k. NOI: $110k. Cap rate: 6.47%.
Don't miss this cash flowing value-add opportunity in Austin, Texas. Contact us to learn more.
Location
State TX
County Travis
Zoning In ETJ of Austin.
Interior
Heating Central, Electric, Propane
Cooling Central Air
Flooring Carpet, Vinyl, Wood
Fireplace N
Exterior
Utilities Available Electricity Connected, High Speed Internet, Phone Available, Propane, Sewer Connected, Underground Utilities, Water Connected
Waterfront No
View Trees/Woods
Accessibility None
Parking Type Additional Parking, Parking Lot
Total Parking Spaces 20
Building
Story 2
Foundation Pillar/Post/Pier, Slab
Sewer Septic Tank
Water Well, See Remarks
Structure Type Wood Siding
New Construction No
Others
Restrictions Easement
Acceptable Financing Cash, Conventional, 1031 Exchange
Tax Rate 1.77
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
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Bought with All City Real Estate Ltd. Co
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