Triplex with Two Garage
For Sale
Contact for pricing
5115 Avenue F, Austin, TX 78751
A 1938 triplex with original interior features and two garage-level apartments, offered with month-to-month tenants.
Property Size2,804 SF
Price / SF$427.96
Days on Market56
Property Features for 5115 Avenue F
General Information
Standard status
Active
Size
2,804 SF
Total Parking Spaces
3
Property subtype
Multifamily
Building Details
Year Built
1938
Units
2
Listing Agency:
eXp Realty
Listed By:
Cheryl Fowlkes · License #574464
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 10 at 6:34AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 1938 triplex includes a main house and two apartments located in the garage area. The main house is configured as 3 bedrooms and 1 bath, and the two additional units are each 2 bedrooms and 1 bath, with one apartment on the main level and one upstairs. The property retains multiple original details, including wood floors and a built-in dining hutch with a scalloped top wood feature. The home needs work, and the listing notes that value is primarily land-based.
The estate sale offers access from two streets and an alleyway, and the property is described as having four long lots, each 25 feet wide. The home sits on a corner at 5115 Avenue F in Austin, TX 78751. The remarks also state it is within walking distance to Whitaker fields and a short drive or bus ride to downtown Austin.
For buyers, developers, or investors, the current structure provides income-producing potential with month-to-month tenants in the garage-area apartments. The remarks further indicate that, based on new zoning laws, the property could be attractive for multi-family redevelopment. A potential tenant or buyer should plan for renovations and consider the site’s multiple access points and lot configuration as part of the redevelopment planning.
The estate sale offers access from two streets and an alleyway, and the property is described as having four long lots, each 25 feet wide. The home sits on a corner at 5115 Avenue F in Austin, TX 78751. The remarks also state it is within walking distance to Whitaker fields and a short drive or bus ride to downtown Austin.
For buyers, developers, or investors, the current structure provides income-producing potential with month-to-month tenants in the garage-area apartments. The remarks further indicate that, based on new zoning laws, the property could be attractive for multi-family redevelopment. A potential tenant or buyer should plan for renovations and consider the site’s multiple access points and lot configuration as part of the redevelopment planning.
Key Highlights
- 1938 triplex on 4 long lots, each 25' wide, with access from 2 streets and an alley
- Main house: 3BR/1BA; additional apartments: 2BR/1BA each (one on the main level and one garage‑level)
- Garage area includes two apartments with month‑to‑month tenants
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
$41,422
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
3.45%
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%
$828,440
$828.4K
Cap Rate 7%
$591,743
$591.7K
Cap Rate 9%
$460,244
$460.2K
Market Conditions
NOI Build-Up for 2,804 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
$62.2K $22.20/SF
− Vacancy
−$3.1K −$1.10/SF
EGI
$59.2K $21.10/SF
− OpEx
−$17.8K −$6.33/SF
NOI
$41.4K $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%
$828,440
Cap Rate 7%
$591,743
Cap Rate 9%
$460,244
Alternative Uses
Best Use
Multifamily LT 5
$591.7K
$517.8K – $690.4K
NOI $41,422 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$543.9K
$475.9K – $634.5K
NOI $38,071 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$1.10M
$961.5K – $1.28M
NOI $76,916 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,210
Businesses Nearby
Explore this area
Business Placement
Demographics for 78751, TX
17,071
Population
9,966
Households
1.7
Avg Household Size
30
Median Age
77%
College-Educated
98%
High-School Grad
2.4 sq mi
ZIP Area
7,113
Density / Sq Mi
$81,657
Median Household Income
$53,330
Median Earnings
$1,627
Median Rent
$700,500
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?
Triplex - A 1938 triplex with original interior features and two garage-level apartments, offered with month-to-month tenants.
Where is this triplex located?
The property is located at 5115 Avenue F Austin, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 1938 triplex on 4 long lots, each 25' wide, with access from 2 streets and an alley; Main house: 3BR/1BA; additional apartments: 2BR/1BA each (one on the main level and one garage‑level); Garage area includes two apartments with month‑to‑month tenants
