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$1,500,000

Est. payment - /mo

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2,590 SqFt

Pending

2802 Whitis Ave Austin, TX 78705

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Sloan Dunlop

sloan@purerealty.com +1(512) 431-6418

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

Parking Type Off Street, Parking Lot, Paved, Unassigned

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

Listed by Kuper Sotheby's Int'l Realty

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Sloan Dunlop

Agent | License ID: #817467

+1(512) 431-6418