Upgraded Condo Near Riverside
1201 Grove Boulevard #2403, Austin, TX 78741
Low-maintenance condo with two primary bedrooms near downtown and UT.
Type:Condominium
Property size:
1,068 SFPrice / SF:
$234/SF- Added:
- Oct 25, 2024
- Days on Market:
- 578
- Last Refresh:
- May 19 at 9:08 pm
Property Features for 1201 Grove Boulevard #2403
General Information
- Standard status
- Active
- Size
- 1,068 SF
- Property subtype
- Condominium
Building Details
- Year Built
- 2005
Listing agent (512) 610-5000 License #0344465 (512) 610-5000
Listing office Avalar Austin (512) 610-5000
Listing date Oct 25, 2024
Source Kw
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 Avalar Austin
HighLights
- Excellent location: Minutes from downtown, I‑35, Hwy 71, UT Campus, and public transit.
- Two primary bedrooms, each with ensuite bathrooms ideal for roommates.
- Upgraded kitchen with updated cabinetry, granite counters, and appliances.
- Low‑maintenance lifestyle with tile and wood flooring throughout.
- Community amenities: Enjoy the pool, clubhouse, and walking trails.
- Fridge, washer, and dryer included.
Overview
This upgraded condo offers a low-maintenance lifestyle near the Riverside District and Austin Community College Riverside Campus. The property features two primary bedrooms, each with an ensuite bathroom, making it suitable for roommates. It includes a refrigerator, washer, and dryer. The kitchen has updated cabinetry, granite counters, and appliances. Tile and wood flooring are present throughout the condo. The community provides access to a pool, clubhouse, and walking trails. Nearby amenities include Austin Community College, Riverside Campus, a golf course, and Roy G. Guerrero Colorado Park, which features a secret beach, enclosed playscape, disc golf course, and trails. Lakeshore Park and the public library are also close by. The location provides convenient access to downtown, I-35, and Hwy 71, as well as the UT bus route via Station 671 and other public transit options. The property has a low tax rate. Extra wood flooring and additional tile flooring will convey with the property.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$175.3K
NOI $15,777 @ 9.00% cap · cautious / downside scenario
Moderate
$225.4K
NOI $15,777 @ 7.00% cap · market / base-case scenario
Aggressive
$315.5K
NOI $15,777 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $23.7k | $22.20 |
| − Vacancy | −$1.2k | −$1.10 |
| EGI | $22.5k | $21.10 |
| − OpEx | −$6.8k | −$6.33 |
| NOI | $15.8k | $14.77 |
1,068 SF · lease $22.20/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$225.4K
$197.2K – $263.0K
NOI $15,777 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$207.2K
$181.3K – $241.7K
NOI $14,501 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$418.5K
$366.2K – $488.3K
NOI $29,296 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
EJ Cancer Pharma
Association Or Organization
Location Insight
- Map
- Local Demand
- City
- Austin
- County
- Hays
- State
- Texas
- Longitude
- -97.7040225
- Latitude
- 30.2341915
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Low-maintenance condo with two primary bedrooms near downtown and UT.
Where is this duplex located?
The property is located at 1201 Grove Boulevard #2403 Austin, TX.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Excellent location: Minutes from downtown, I‑35, Hwy 71, UT Campus, and public transit.; Two primary bedrooms, each with ensuite bathrooms ideal for roommates.; Upgraded kitchen with updated cabinetry, granite counters, and appliances.
