Austin Multifamily Near UT
For Sale
$1,500,000
1903 E 20th St, Austin, TX 78722
12-unit apartment complex near UT, I-35, and downtown.
Property Size7,042 SF
Price / SF$213.01
Days on Market222
Property Features for 1903 E 20th St
General Information
Standard status
Active
Size
7,042 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$33,506
Listing Agency:
Evergreen Properties
(512) 331-1122
Listed By:
Ruth Hsu · License #279507
(512) 331-1122
Source:
Exprealty
Added: Jan 22
Changed: Aug 25
Last Checked: Aug 31 at 6:49PM
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 Evergreen Properties
Investment Insights
Based on property information with market context.
This 12-unit apartment complex is located behind Disch-Falk Field. Each unit features one bedroom and one bath. The location allows for convenient access to campus by foot or bicycle, with a shuttle stop one block away. Apartment features include a full kitchen and bath, ceiling fans, and a generously sized bedroom closet. The property is in a prime location near UT, I-35, and downtown. Additional amenities include central heat and air, on-site laundry, and gated access. An open parking lot is available. The bike score is 85, indicating it is very bikeable. The walk score is 81, indicating it is very walkable. The transit score is 58, indicating good transit options.
Key Highlights
- Prime location near UT, I‑35, and downtown
- 12‑unit apartment complex, each with one bedroom and one bath
- Very Bikeable (bikeScore: 85) and Very Walkable (walkScore: 81)
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
$95,611
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
6.37%
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%
$1,912,220
$1.9M
Cap Rate 7%
$1,365,871
$1.4M
Cap Rate 9%
$1,062,344
$1.1M
Market Conditions
NOI Build-Up for 7,042 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
$183.4K $26.04/SF
− Vacancy
−$9.5K −$1.35/SF
EGI
$173.8K $24.69/SF
− OpEx
−$78.2K −$11.11/SF
NOI
$95.6K $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%
$1,912,220
Cap Rate 7%
$1,365,871
Cap Rate 9%
$1,062,344
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.59M
NOI $95,611 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.76M
$2.41M – $3.22M
NOI $193,167 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,536
Businesses Nearby
Explore this area
Business Placement
Demographics for 78722, TX
6,618
Population
3,278
Households
2
Avg Household Size
35
Median Age
69%
College-Educated
98%
High-School Grad
1.4 sq mi
ZIP Area
4,727
Density / Sq Mi
$101,034
Median Household Income
$66,107
Median Earnings
$1,837
Median Rent
$661,600
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?
Apartment building - 12-unit apartment complex near UT, I-35, and downtown.
Where is this apartment building located?
The property is located at 1903 E 20th St Austin, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Prime location near UT, I‑35, and downtown; 12‑unit apartment complex, each with one bedroom and one bath; Very Bikeable (bikeScore: 85) and Very Walkable (walkScore: 81)
