7-Unit Multifamily Investment in Austin - Value-Add Opportunity! This well-maintained 7-unit brick building, built in 1921, overlooks Levin Park and playground and offers immediate upside with minimal work needed to bring rents to market value. The property includes five 2-bed, 1-bath units, one 1-bed, 1-bath garden unit, and a large studio with condo-quality finishes and a private deck. Each unit has tenant-paid HVAC and hardwood floors. Additional features include a detached 4-car garage, backyard, deck, and a large dry basement for storage. *** With an in-place cap rate of 6.7 and current annual gross income of 69,876, this property has a pro forma cap rate of 12.1 with potential income reaching 102,000. Legacy tenants average rent approx 970/month, while market rents for similar 2-bed units in Austin are 1,474 per MLS. A recent lease (May 2024) at 1,300 (including a garage space) highlights rental upside. *** The vacant studio unit (~1,200 sq. ft.), originally a 2-bed, 1-bath, has been upgraded and includes a private outdoor deck. A new owner can rent it as a studio or convert it back for higher income.*** The building features two separate entryways and staircases for north-side units (420 & 422) and a shared rear staircase on the south side. Immediate cash flow potential exists by renting the vacant studio and reducing insurance costs.*** Ideal for investors looking to expand their portfolio or start in multifamily real estate. Property sold as-is. Proof of funds required.

Listing Courtesy of MRED as distributed by MLS Grid of Root Realty, Inc.



Based on information submitted to the MLS GRID as of 2025-03-14 07:39 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Last checked: 2025-03-14 07:39 AM UTC
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