Newly Renovated Multifamily
For Sale
$2,500,000
3138 Manor RD, Austin, TX 78723
Newly renovated community with 1- and 2-bedroom units, stainless appliances, off-street parking, and a private courtyard.
Property Size11,311 SF
Days on Market224
Property Features for 3138 Manor RD
General Information
Standard status
Active
Size
11,311 SF
Property subtype
Apartment
Additional Details
Business Included
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$47,683
Building Details
Building Size
11,311 SF
Year Built
1968
Tenancy
Multi
Listing Agency:
JSB-Austin, LLC
Listed By:
Graham Carter
(512) 942-2245
Source:
Zellteam
Added: Jan 27
Changed: Sep 8
Last Checked: Sep 8 at 10:07AM
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 JSB-Austin, LLC
Investment Insights
Based on property information with market context.
Manor Flats is a newly renovated multifamily community featuring a collection of spacious 1- and 2-bedroom units. Interiors include contemporary finishes such as granite countertops, white cabinetry, and full stainless steel appliance packages. Units are designed with open-concept living and laminate or hardwood-style flooring. Select units include in-unit washer/dryer hookups, and additional common-area laundry is available on-site. The property also offers dedicated off-street parking, covered parking options, and a private community courtyard.
Located at 3138 Manor Road in East Austin, the community is positioned for convenient access to local dining and entertainment, with multiple named spots described within walking or biking distance. The Mueller District is stated to be about one mile away, including access to the HEB flagship store, the Thinkery, and nearby jogging trails. The remarks also note a short commute to UT Austin and Downtown, along with proximity to public transit and major highways.
BikeScore is listed at 84 (very bikeable), walkScore is 74 (very walkable), and transitScore is 47 (some transit).
Located at 3138 Manor Road in East Austin, the community is positioned for convenient access to local dining and entertainment, with multiple named spots described within walking or biking distance. The Mueller District is stated to be about one mile away, including access to the HEB flagship store, the Thinkery, and nearby jogging trails. The remarks also note a short commute to UT Austin and Downtown, along with proximity to public transit and major highways.
BikeScore is listed at 84 (very bikeable), walkScore is 74 (very walkable), and transitScore is 47 (some transit).
Key Highlights
- Manor Flats at 3138 Manor Road built in 1968, offering 1- and 2‑bedroom units in a newly renovated community
- Units include granite countertops, white cabinetry, and a full stainless steel appliance package
- Select units have in‑unit washer/dryer hookups, plus common‑area laundry facilities on‑site
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
$153,572
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
6.14%
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%
$3,071,440
$3.1M
Cap Rate 7%
$2,193,886
$2.2M
Cap Rate 9%
$1,706,356
$1.7M
Market Conditions
NOI Build-Up for 11,311 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
$294.5K $26.04/SF
− Vacancy
−$15.3K −$1.35/SF
EGI
$279.2K $24.69/SF
− OpEx
−$125.7K −$11.11/SF
NOI
$153.6K $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%
$3,071,440
Cap Rate 7%
$2,193,886
Cap Rate 9%
$1,706,356
Alternative Uses
Best Use
Apartment 5plus
$2.19M
$1.92M – $2.56M
NOI $153,572 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.43M
$3.88M – $5.17M
NOI $310,268 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
782
Businesses Nearby
Explore this area
Business Placement
Demographics for 78723, TX
34,522
Population
17,065
Households
2
Avg Household Size
35
Median Age
56%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
4,862
Density / Sq Mi
$87,978
Median Household Income
$54,769
Median Earnings
$1,478
Median Rent
$513,500
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?
Multifamily property - Newly renovated community with 1- and 2-bedroom units, stainless appliances, off-street parking, and a private courtyard.
Where is this multifamily property located?
The property is located at 3138 Manor RD Austin, TX.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Manor Flats at 3138 Manor Road built in 1968, offering 1- and 2‑bedroom units in a newly renovated community; Units include granite countertops, white cabinetry, and a full stainless steel appliance package; Select units have in‑unit washer/dryer hookups, plus common‑area laundry facilities on‑site
