Under contract

Active Under Contract

2802 Whitis Ave

Austin TX, 78705

$1,500,000


$579.15 per sqft

Under contract

Active Under Contract

2,590 sqft

Commercial

Built in 1956

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.

5251498

MLS ID

July 25, 2024

Listed

October 14, 2024

Updated

Map

2802 Whitis Ave
Austin TX, 78705

Interior Features

Total Stories

1


Floor Description

Vinyl


Fireplace

No


Cooling

Yes


Cooling Description

Wall/Window Unit(s)


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.12 Acres


Sewer

Public Sewer

Other Property Details

Area Name

UT


Taxes

$14,058


Tax Frequency

Annually


Garage

No


Parking

Off Street, Parking Lot, Paved, Unassigned


View

Yes


View Description

Neighborhood, Trees/Woods


County

Travis


Water Source

Public


Pool

No

Listing History

Date

Event

Price

10/9/2024

Under contract

8/8/2024

Price change

$1,500,000

-7%

Courtesy of Kuper Sotheby's Int'l Realty

Listing Contact: (512) 633-4619

Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Lockie Ealy shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Austin/Central Texas Realty Information Service.

Listings courtesy of ACTRIS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of ©2024 (date and time MLS GRID Data was obtained). 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

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Database last updated 5:46 PM UTC, 10/14/2024

 

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