Barton Hills Quadplex Investment
For Sale
$1,275,000
2804 Westhill Dr, Austin, TX 78704
Investment quadplex in prime location with STR potential.
Property Size3,526 SF
Lot Size0.21 Acres
Days on Market276
Property Features for 2804 Westhill Dr
General Information
Standard status
Active
Size
3,526 SF
Lot size
0.21 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$21,698
Building Details
Building Size
3,526 SF
Year Built
1967
Stories
2
Units
4
Listing Agency:
(512) 658-9444
Listed By:
Jeremy Smith
(512) 658-9444
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 25
Last Checked: Aug 29 at 2:03PM
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 Jeremy Smith
Investment Insights
Based on property information with market context.
This quadplex is located in the Barton Hills neighborhood, within the 78704 zip code. The property is fully occupied and suited for investment. Its location provides walkable access to dining, retail, and the Barton Creek Greenbelt. Barton Springs and Zilker Park are accessible via a short bike ride. The building is condo-conversion ready, with all necessary documents prepared. Short-term rentals are allowed within the complex, as outlined in the condo documents. Three of the units have fenced yards, and all units feature private patios, in-unit washers and dryers, and ample living space. Recent improvements include resurfaced parking, updated flooring, new HVAC systems, modernized lighting, and upgraded fencing.
Key Highlights
- Prime 78704 location with walkable access to dining, retail, and the Barton Creek Greenbelt.
- Condo‑conversion ready with all documents prepared.
- Short‑term rentals (STRs) allowed.
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
$58,778
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
4.61%
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%
$1,175,560
$1.2M
Cap Rate 7%
$839,686
$839.7K
Cap Rate 9%
$653,089
$653.1K
Market Conditions
NOI Build-Up for 3,526 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
$88.9K $25.20/SF
− Vacancy
−$4.9K −$1.39/SF
EGI
$84.0K $23.81/SF
− OpEx
−$25.2K −$7.14/SF
NOI
$58.8K $16.67/SF
Area
ZIP 78704
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,175,560
Cap Rate 7%
$839,686
Cap Rate 9%
$653,089
Alternative Uses
Best Use
Multifamily LT 5
$839.7K
$734.7K – $979.6K
NOI $58,778 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$772.2K
$675.6K – $900.9K
NOI $54,051 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $102,924 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,177
Businesses Nearby
Explore this area
Business Placement
Demographics for 78704, TX
49,197
Population
29,959
Households
1.6
Avg Household Size
34
Median Age
70%
College-Educated
94%
High-School Grad
8.8 sq mi
ZIP Area
5,591
Density / Sq Mi
$97,160
Median Household Income
$67,527
Median Earnings
$1,755
Median Rent
$862,000
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?
Quadplex - Investment quadplex in prime location with STR potential.
Where is this quadplex located?
The property is located at 2804 Westhill Dr Austin, 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: Prime 78704 location with walkable access to dining, retail, and the Barton Creek Greenbelt.; Condo‑conversion ready with all documents prepared.; Short‑term rentals (STRs) allowed.
