Bouldin Creek Multifamily Value-Add
For Sale
Contact for pricing
2411 S 5th St, Austin, TX 78704
Six-unit apartment complex in Austin's Bouldin Creek neighborhood.
Property Size4,760 SF
Lot Size0.35 Acres
Price / SF$294.12
Days on Market144
Property Features for 2411 S 5th St
General Information
Standard status
Active
Size
4,760 SF
Class
C
Total Parking Spaces
10
Lot size
0.35 Acres
Property subtype
Multifamily
Zoning
MF-4
Occupancy
83%
Building Details
Year Built
1960
Buildings
1
Stories
2
Units
6
Listing Agency:
ATX Properties
(512) 767-4254
Listed By:
Brett Silverman · License #TX 638589
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 12 at 7:33AM
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 ATX Properties
Investment Insights
Based on property information with market context.
This property features a six-unit apartment complex located in the Bouldin Creek area of Austin. Situated on a 0.35-acre lot, the property is zoned MF-4, which allows for the potential addition of six more units based on a feasibility study. The property size is 4760 square feet. The location is in a supply-constrained residential submarket.
Key Highlights
- Prime Bouldin Creek Location (78704)
- Value‑Add Opportunity
- 6‑Unit Apartment Complex
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
$72,967
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
5.21%
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%
$1,459,340
$1.5M
Cap Rate 7%
$1,042,386
$1.0M
Cap Rate 9%
$810,744
$810.7K
Market Conditions
NOI Build-Up for 4,760 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
$139.9K $29.40/SF
− Vacancy
−$7.3K −$1.53/SF
EGI
$132.7K $27.87/SF
− OpEx
−$59.7K −$12.54/SF
NOI
$73.0K $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%
$1,459,340
Cap Rate 7%
$1,042,386
Cap Rate 9%
$810,744
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$912.1K – $1.22M
NOI $72,967 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.74M – $2.32M
NOI $138,944 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,798
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 - Six-unit apartment complex in Austin's Bouldin Creek neighborhood.
Where is this apartment building located?
The property is located at 2411 S 5th St Austin, TX.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Prime Bouldin Creek Location (78704); Value‑Add Opportunity; 6‑Unit Apartment Complex
