10-Unit Refurbished Apartment
New
For Sale
Contact for pricing
1004 Austin Street, Portland, TX 78374
Refurbished multifamily property with a balanced mix of one- and two-bedroom residences and dedicated parking for occupants.
Property Size8,400 SF
Price / SF$151.79
Days on Market5
Property Features for 1004 Austin Street
General Information
Standard status
Active
Size
8,400 SF
Class
B
Property subtype
Multifamily
Occupancy
90%
Investment Type
Value Add
Net Operating Income
$81,000
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR, 8 x 2BR
Multifamily Units
10
Parking per Unit
1
Building Details
Year Built
1966
Year Renovated
2012
Buildings
1
Stories
1
Units
10
Tenancy
Multi
Listing Agency:
Cass Real Estate
(512) 736-2695
Listed By:
Brenton Reagan · License #0669077
Source:
Crexi
Added: Jul 31
Changed: Aug 4
Last Checked: Aug 4 at 4:28AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cass Real Estate
Investment Insights
Based on property information with market context.
This 10-unit apartment property, built in 1966, has been refurbished and is arranged across two levels with five residences upstairs and five downstairs. The unit mix includes two one-bedroom apartments and eight two-bedroom apartments. Each residence has one dedicated parking space, with additional overflow parking available. Individual electric meters serve the units, while water is supplied through a single meter paid by the owner; tenants pay monthly assessments.
The property is located at 1004 Austin Street in Portland, Texas, two blocks from US Hwy 181. Walmart, Target, HEB, Academy, schools, restaurants, and entertainment destinations are all within approximately five minutes. The site combines an established apartment configuration with convenient access to nearby retail, services, and roadway connections.
The property is located at 1004 Austin Street in Portland, Texas, two blocks from US Hwy 181. Walmart, Target, HEB, Academy, schools, restaurants, and entertainment destinations are all within approximately five minutes. The site combines an established apartment configuration with convenient access to nearby retail, services, and roadway connections.
Key Highlights
- 10‑unit apartment property built in 1966
- Two 1‑bedroom units and eight 2‑bedroom units
- Five upstairs units and five downstairs units
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $143.1k | $17.04 |
| − Vacancy | −$18.0k | −$2.15 |
| EGI | $125.1k | $14.89 |
| − OpEx | −$56.3k | −$6.70 |
| NOI | $68.8k | $8.19 |
8,400 SF · lease $17.04/SF/yr · vacancy 12.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$982.9K
$860.1K – $1.15M
NOI $68,805 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$4.31M
$3.77M – $5.03M
NOI $301,644 @ 7.0% cap · market cap 23.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Explore this area
Business Placement
Demographics for 78374, TX
20,281
Population
8,426
Households
2.4
Avg Household Size
35
Median Age
25%
College-Educated
92%
High-School Grad
18.6 sq mi
ZIP Area
1,090
Density / Sq Mi
$81,580
Median Household Income
$43,110
Median Earnings
$1,492
Median Rent
$225,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Refurbished multifamily property with a balanced mix of one- and two-bedroom residences and dedicated parking for occupants.
Where is this apartment building located?
The property is located at 1004 Austin Street Portland, TX.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 10‑unit apartment property built in 1966; Two 1‑bedroom units and eight 2‑bedroom units; Five upstairs units and five downstairs units
