Old Enfield Multifamily Investment
For Sale
$1,650,000
Pending
1703 Summit Vw, Austin, TX 78703
Classic 4-plex in desirable Austin location with development potential.
Property Size3,944 SF
Lot Size0.27 Acres
Days on Market151
Property Features for 1703 Summit Vw
General Information
Standard status
Pending
Size
3,944 SF
Lot size
0.27 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$31,186
Building Details
Building Size
3,944 SF
Year Built
1950
Stories
2
Units
4
Listing Agency:
(512) 969-7355
Listed By:
David Mercedes
(512) 969-7355
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:23AM
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 David Mercedes
Investment Insights
Based on property information with market context.
This classic 4-plex is located in Old Enfield, offering charm, convenience, and opportunity. Situated on a 11,571 sq. ft. MF-3 zoned lot, the property is near the Peace Mansion in one of Austin’s desirable neighborhoods, providing access to Downtown Austin, Town Lake, and MoPac. The location offers proximity to Peace Park, Jeffrey’s Steakhouse, Josephine House, Fresh Plus, and Caffè Medici. Within 1.5 miles are Lions Municipal Golf Course, Town Lake, Lake Austin, the new Lake Austin H-E-B, Deep Eddy Pool, and Mozart’s Coffee Roasters. Bike paths along Shoal Creek and MoPac provide access to downtown. The property has a track record of over 95% occupancy and growing rents. Zoned MF-3, the property is suited for a developer to build up to 16 units, or for an investor to live in one unit while benefiting from rental income. The owner is open to creative partnerships with established builders who can fund and execute the construction of new units on the site. Each of the four units includes 2 bedrooms, 1 bathroom, in-unit washer/dryer, a covered carport with storage, and separate water, electric, and gas meters. The foundation has been recently warrantied, with extra piers added.
Key Highlights
- Prime Old Enfield location (78703) with easy access to Downtown Austin, Town Lake, and major thoroughfares (MoPac).
- Strong investment property with a 7+ year track record of over 95% occupancy and growing rents.
- MF‑3 zoning allows for significant development potential (up to 16 units).
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
$58,262
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
3.53%
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%
$1,165,240
$1.2M
Cap Rate 7%
$832,314
$832.3K
Cap Rate 9%
$647,356
$647.4K
Market Conditions
NOI Build-Up for 3,944 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
$87.6K $22.20/SF
− Vacancy
−$4.3K −$1.10/SF
EGI
$83.2K $21.10/SF
− OpEx
−$25.0K −$6.33/SF
NOI
$58.3K $14.77/SF
Area
Austin, TX
Vacancy
4.94%
Lease Rate
$22.20 /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%
$1,165,240
Cap Rate 7%
$832,314
Cap Rate 9%
$647,356
Alternative Uses
Best Use
Multifamily LT 5
$832.3K
$728.3K – $971.0K
NOI $58,262 @ 7.0% cap · market cap 3.53%
Second Best
Apartment 5plus
$765.0K
$669.4K – $892.5K
NOI $53,549 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$1.55M
$1.35M – $1.80M
NOI $108,187 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,182
Businesses Nearby
Explore this area
Business Placement
Demographics for 78703, TX
22,194
Population
12,237
Households
1.8
Avg Household Size
38
Median Age
84%
College-Educated
99%
High-School Grad
5.6 sq mi
ZIP Area
3,963
Density / Sq Mi
$144,637
Median Household Income
$80,622
Median Earnings
$2,217
Median Rent
$1,353,500
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?
Quadplex - Classic 4-plex in desirable Austin location with development potential.
Where is this quadplex located?
The property is located at 1703 Summit Vw Austin, TX.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Prime Old Enfield location (78703) with easy access to Downtown Austin, Town Lake, and major thoroughfares (MoPac).; Strong investment property with a 7+ year track record of over 95% occupancy and growing rents.; MF‑3 zoning allows for significant development potential (up to 16 units).
