Charming Triplex Near Georgetown
For Sale
$960,000
1223 1223 1/2 & 1225 S Austin Ave S, Georgetown, TX 78626
Updated triplex near the square, ideal for Airbnb or rentals.
Property Size2,852 SF
Lot Size0.24 Acres
Days on Market167
Property Features for 1223 1223 1/2 & 1225 S Austin Ave S
General Information
Standard status
Active
Size
2,852 SF
Lot size
0.24 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1.00
Building Details
Building Size
2,852 SF
Year Built
1930
Stories
1
Units
3
Listing Agency:
(512) 966-9722
Listed By:
Linda Burns
(512) 966-9722
Source:
Elliman
Added: Mar 10
Changed: Aug 17
Last Checked: Aug 22 at 10:53AM
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 Linda Burns
Investment Insights
Based on property information with market context.
This property features three updated residences suitable for Airbnb or long-term leasing. The units include hardwood floors, new plumbing and electrical systems, central heat and air conditioning, water softeners, refrigerators, washers, and dryers. Located five blocks from the square, the property offers convenient access to restaurants, shopping, music, and art. The property can be purchased with an adjacent single-family home or subdivided into a separate lot.
Key Highlights
- Three updated residences ideal for Airbnb or long‑term rentals
- Prime location: Only 5 blocks from the square with restaurants, shopping, music, and art
- All new plumbing and electrical systems
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
$47,824
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
4.98%
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%
$956,480
$956.5K
Cap Rate 7%
$683,200
$683.2K
Cap Rate 9%
$531,378
$531.4K
Market Conditions
NOI Build-Up for 2,852 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
$71.9K $25.20/SF
− Vacancy
−$3.6K −$1.24/SF
EGI
$68.3K $23.96/SF
− OpEx
−$20.5K −$7.19/SF
NOI
$47.8K $16.77/SF
Area
Williamson County, TX
Vacancy
4.94%
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%
$956,480
Cap Rate 7%
$683,200
Cap Rate 9%
$531,378
Alternative Uses
Best Use
Multifamily LT 5
$683.2K
$597.8K – $797.1K
NOI $47,824 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$624.6K
$546.5K – $728.7K
NOI $43,719 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,455 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,917
Businesses Nearby
Explore this area
Business Placement
Demographics for 78626, TX
39,935
Population
16,866
Households
2.4
Avg Household Size
34
Median Age
36%
College-Educated
90%
High-School Grad
88.6 sq mi
ZIP Area
451
Density / Sq Mi
$94,967
Median Household Income
$44,955
Median Earnings
$1,752
Median Rent
$358,500
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?
Triplex - Updated triplex near the square, ideal for Airbnb or rentals.
Where is this triplex located?
The property is located at 1223 1223 1/2 & 1225 S Austin Ave S Georgetown, TX.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: Three updated residences ideal for Airbnb or long‑term rentals; Prime location: Only 5 blocks from the square with restaurants, shopping, music, and art; All new plumbing and electrical systems
