$1,500,000
2802 Whitis Ave Austin, TX 78705
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$1,500,000
Est. payment /mo
2,590 SqFt
UPDATED:
11/01/2024 07:27 PM
Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 2,590 sqft
Price per Sqft $579
Subdivision Whitis
MLS Listing ID 5251498
Originating Board actris
Year Built 1956
Annual Tax Amount $14,057
Tax Year 2024
Lot Size 5,174 Sqft
Acres 0.1188
Property Description
Welcome to The Esquire, a rare opportunity to own a small apartment complex in the North Campus area near the University of Texas! The property consists of 10, efficiency units that are 100% occupied at $800/month each. The units are neat and clean and they all feature vinyl floors, a well-appointed kitchen with a range & refrigerator plus a full bathroom with a tub/shower combo. Superb location that is within walking distance to the University of Texas which is one of the largest public universities in the nation, restaurants & coffee shops, music venues, vintage stores and more. The Hemphill park is around the corner offering a nice, quiet place to walk and relax. Due to the location, there is built-in demand so the units rent quickly at the current price and stay rented year-over year. The current Owners chose to keep rents steady but rents in the area are typically higher so there is a potential to increase rates immediately or you could do some modest improvements and increase your income. The North Campus, central area is witnessing an amazing amount of development and growth so future development options are possible which helps add to the value of the land. There are 10 electrical meters and 6 parking spots (this has not impacted rentability given the walkability, available rideshare options and scooters). Per the Owner, the structure was originally designed and framed for a second story so that is something that could be looked into if someone is interested in adding more rentable units. No matter what your investment goals are, this property offers the possibility to meet them! Whether you're looking for a passive income stream, the possibility of a "value add" rental property or a "buy and hold" strategy focusing on longer term appreciation, this flexible property has the potential to meet all 3.
Location
State TX
County Travis
Zoning MF-5 per the City of Austin's website
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Vinyl
Fireplace No
Exterior
Utilities Available Electricity Connected, Sewer Connected, Water Connected
Waterfront No
View Neighborhood, Trees/Woods
Total Parking Spaces 6
Building
Story 1
Foundation Slab
Sewer Public Sewer
Water Public
Structure Type Brick,Concrete,Frame
New Construction No
Others
Special Listing Condition Standard
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Listed by Kuper Sotheby's Int'l Realty
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