South Austin Condo with
For Sale
$709,000
2312 Thornton Road #B, Austin, TX 78704
Charming 2-bedroom condo in South Austin with private balcony.
Property Size1,736 SF
Price / SF$408.41
Days on Market455
Property Features for 2312 Thornton Road #B
General Information
Standard status
Active
Size
1,736 SF
Property subtype
Condominium
Amenities
Fireplace
Central
Central Air
Electric
Dryer
Dishwasher
Gas Cooktop
Disposal
Gas Oven
Microwave
Refrigerator
Washer
Deck, Patio, Porch, Electricity Available, Natural Gas Available, Shingle
Building Details
Building Size
1,736 SF
Year Built
2005
Listing Agency:
Austin SW
Listed By:
Colten Justus · License #0779808
(480) 369-4394
Source:
Kw
Added: Jun 11, 2025
Changed: Sep 6
Last Checked: Sep 8 at 10:49AM
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 Austin SW
Investment Insights
Based on property information with market context.
Located in South Austin, this condo features 2 bedrooms and 2.5 bathrooms. The property offers an open-concept living and dining area filled with natural light. A private balcony provides views of a private yard. Each bedroom includes an ensuite bathroom. The property is located close to dining, shopping, and entertainment options, and is also located minutes from downtown Austin. Reserved parking is available. The property size is 1736 square feet.
Key Highlights
- Prime South Austin location, offering convenience to dining, shopping, and entertainment.
- Open‑concept living and dining area with abundant natural light.
- Two bedrooms, each with its own ensuite bathroom, ensuring privacy.
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
$26,611
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
3.75%
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%
$532,220
$532.2K
Cap Rate 7%
$380,157
$380.2K
Cap Rate 9%
$295,678
$295.7K
Market Conditions
NOI Build-Up for 1,736 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
$51.0K $29.40/SF
− Vacancy
−$2.7K −$1.53/SF
EGI
$48.4K $27.87/SF
− OpEx
−$21.8K −$12.54/SF
NOI
$26.6K $15.33/SF
Area
ZIP 78704
Vacancy
5.20%
Lease Rate
$29.40 /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%
$532,220
Cap Rate 7%
$380,157
Cap Rate 9%
$295,678
Alternative Uses
Best Use
Apartment 5plus
$380.2K
$332.6K – $443.5K
NOI $26,611 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$723.9K
$633.4K – $844.6K
NOI $50,674 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,758
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Charming 2-bedroom condo in South Austin with private balcony.
Where is this apartment building located?
The property is located at 2312 Thornton Road #B Austin, TX.
What is the asking price?
The asking price for this property is $709,000.
What are key features of this property?
This property features: Prime South Austin location, offering convenience to dining, shopping, and entertainment.; Open‑concept living and dining area with abundant natural light.; Two bedrooms, each with its own ensuite bathroom, ensuring privacy.
