Multifamily Apartment
For Sale
$1,300,000
Pending
1009 E 16th St, Austin, TX 78702
Seven-unit multifamily property built in 1985, located in East Austin near UT and downtown.
Property Size3,819 SF
Days on Market129
Property Features for 1009 E 16th St
General Information
Standard status
Pending
Size
3,819 SF
Property subtype
Commercial
Zoning
LR-MU-NP
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
7
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
Muskin Elam Group LLC
Listed By:
Sally Burns (512) 343-2700 · License #0718525
(512) 993-0842
Source:
Seeaustinareahouses
Added: Apr 30
Changed: Sep 3
Last Checked: Sep 1 at 6:33PM
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 Muskin Elam Group LLC
Investment Insights
Based on property information with market context.
Swedish Hill Apartments is a 7-unit multifamily community built by the current owner in 1985. The property’s current improvements are in place to generate holding income and may also be suitable for renovation to update rents.
The asset is located in East Austin’s Swede Hill area, within walking distance to UT, downtown, East Austin, and the State Capitol. Access is described as convenient via I-35 for north/south travel and 15th St for east/west travel.
The property is zoned LR-MU-NP. BikeScore is listed as 89 (Very Bikeable), WalkScore as 79 (Very Walkable), and TransitScore as 54 (Good Transit).
The asset is located in East Austin’s Swede Hill area, within walking distance to UT, downtown, East Austin, and the State Capitol. Access is described as convenient via I-35 for north/south travel and 15th St for east/west travel.
The property is zoned LR-MU-NP. BikeScore is listed as 89 (Very Bikeable), WalkScore as 79 (Very Walkable), and TransitScore as 54 (Good Transit).
Key Highlights
- 7‑unit multifamily community built in 1985: Swedish Hill Apartments
- Zoned LR‑MU‑NP, allowing multiple development paths such as residential, small‑scale retail, professional office, or pet services
- BikeScore 89 (Very Bikeable) and WalkScore 79 (Very Walkable)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,852
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,037,040
$1.0M
Cap Rate 7%
$740,743
$740.7K
Cap Rate 9%
$576,133
$576.1K
Market Conditions
NOI Build-Up for 3,819 SF
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.
Gross rent
$99.4K $26.04/SF
− Vacancy
−$5.2K −$1.35/SF
EGI
$94.3K $24.69/SF
− OpEx
−$42.4K −$11.11/SF
NOI
$51.9K $13.58/SF
Area
Austin, TX
Vacancy
5.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,037,040
Cap Rate 7%
$740,743
Cap Rate 9%
$576,133
Alternative Uses
Best Use
Apartment 5plus
$740.7K
$648.2K – $864.2K
NOI $51,852 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,758 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,628
Businesses Nearby
Explore this area
Business Placement
Demographics for 78702, TX
25,910
Population
14,573
Households
1.8
Avg Household Size
34
Median Age
59%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
5,182
Density / Sq Mi
$101,304
Median Household Income
$65,876
Median Earnings
$1,966
Median Rent
$644,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit multifamily property built in 1985, located in East Austin near UT and downtown.
Where is this apartment building located?
The property is located at 1009 E 16th St Austin, TX.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 7‑unit multifamily community built in 1985: Swedish Hill Apartments; Zoned LR‑MU‑NP, allowing multiple development paths such as residential, small‑scale retail, professional office, or pet services; BikeScore 89 (Very Bikeable) and WalkScore 79 (Very Walkable)
