Three-Unit Triplex with Private Outdoor
For Sale
Contact for pricing
202 E 31st Street, Austin, TX 78705
Triplex with two renovated units leased through July 2027, plus a carport-top unit on ETOD-zoned land.
Property Size1,847 SF
Lot Size0.20 Acres
Price / SF$517.05
Days on Market72
Property Features for 202 E 31st Street
General Information
Standard status
Active
Size
1,847 SF
Lot size
0.20 Acres
Property subtype
Multifamily
Zoning
MF-1-NCCD-ETOD-DBETOD-NP
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$45,944
Additional Details
Multifamily Units
3
Amenities
private outdoor space
Building Details
Year Built
1935
Buildings
2
Units
3
Tenancy
Multi
Listing Agency:
REspace LLC
Listed By:
Tony Lazarov · License #TX 9005423
(512) 762-8669
Source:
Crexi
Added: Jun 29
Changed: Aug 27
Last Checked: Sep 6 at 10:44PM
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 REspace LLC
Investment Insights
Based on property information with market context.
This three-unit triplex includes two separate structures: a front duplex with Units A and B, and a rear carport-top unit (Unit C). Each unit has private outdoor space. Built in 1935 on a pier-and-beam foundation, the property benefits from renovations to two of the three units, with Units A and C fully renovated and leased through July 2027.
The land is MF-1 ETOD-zoned and sits in Austin’s North University area, about two blocks from the University of Texas campus.
Available for purchase as an income-producing asset, the layout supports either continued tenancy or future unit improvements after the July 2027 lease period referenced for Units A and C.
The land is MF-1 ETOD-zoned and sits in Austin’s North University area, about two blocks from the University of Texas campus.
Available for purchase as an income-producing asset, the layout supports either continued tenancy or future unit improvements after the July 2027 lease period referenced for Units A and C.
Key Highlights
- Triplex at 202 E 31st St with 3 income‑producing units on an 8,494 SF MF‑1 lot
- Two of the three units (Units A and B) and Unit C have been fully renovated and are leased through July 2027
- Property includes two structures: a front duplex (Units A and B) and a rear carport‑top unit (Unit C), each with private outdoor space
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
$27,284
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
2.86%
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%
$545,680
$545.7K
Cap Rate 7%
$389,771
$389.8K
Cap Rate 9%
$303,156
$303.2K
Market Conditions
NOI Build-Up for 1,847 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
$41.0K $22.20/SF
− Vacancy
−$2.0K −$1.10/SF
EGI
$39.0K $21.10/SF
− OpEx
−$11.7K −$6.33/SF
NOI
$27.3K $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%
$545,680
Cap Rate 7%
$389,771
Cap Rate 9%
$303,156
Alternative Uses
Best Use
Multifamily LT 5
$389.8K
$341.1K – $454.7K
NOI $27,284 @ 7.0% cap · market cap 2.86%
Second Best
Apartment 5plus
$358.2K
$313.5K – $418.0K
NOI $25,077 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$723.8K
$633.3K – $844.4K
NOI $50,664 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,858
Businesses Nearby
Explore this area
Business Placement
Demographics for 78705, TX
36,535
Population
12,519
Households
2.9
Avg Household Size
23
Median Age
80%
College-Educated
99%
High-School Grad
2.1 sq mi
ZIP Area
17,398
Density / Sq Mi
$30,336
Median Household Income
$10,994
Median Earnings
$1,520
Median Rent
$627,900
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 - Triplex with two renovated units leased through July 2027, plus a carport-top unit on ETOD-zoned land.
Where is this triplex located?
The property is located at 202 E 31st Street Austin, TX.
What is the asking price?
The asking price for this property is $955,000.
What are key features of this property?
This property features: Triplex at 202 E 31st St with 3 income‑producing units on an 8,494 SF MF‑1 lot; Two of the three units (Units A and B) and Unit C have been fully renovated and are leased through July 2027; Property includes two structures: a front duplex (Units A and B) and a rear carport‑top unit (Unit C), each with private outdoor space
