Renovated Duplex with Corner
New
For Sale
$550,000
601 E Covington DR # B Unit A & B, Austin, TX 78753
Two updated residences offer private fenced outdoor areas, flexible bonus spaces, and durable finishes in a predominantly single-family setting.
Property Size1,223 SF
Lot Size0.34 Acres
Days on Market3
Property Features for 601 E Covington DR # B Unit A & B
General Information
Standard status
Active
Size
1,223 SF
Lot size
0.34 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$42,600
Taxes and HOA fees
Annual Taxes
$10,700
Amenities
wood-plank porcelain tile flooring
granite countertops
modern lighting
Samsung stainless-steel appliances
brick fireplace
private fenced backyard
patio
mature oak trees
new cedar fence
Building Details
Building Size
1,223 SF
Year Built
1969
Listing Agency:
Landmark Properties
Listed By:
Chris Ricker · License #574801
(512) 663-8961
Source:
Zellteam
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 9:01PM
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 Landmark Properties
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 1-bath residences on an approximately 0.34-acre corner parcel in North Austin. Both units have been renovated with wood-plank porcelain tile, granite countertops, contemporary lighting, and Samsung stainless-steel appliances. Floor-to-ceiling brick fireplaces anchor the living rooms, while converted garages add flexible interior space that can serve as an office, studio, game room, or additional living area. Each residence also includes a fenced backyard with patio space and mature oak trees.
Capital improvements include a replacement roof completed in 2024 and a cedar privacy fence installed in 2025. The property was built in 1969 and is positioned within a predominantly single-family neighborhood, with access to major roadways, employment centers, shopping, and dining. The two-unit configuration and separate outdoor areas support continued residential rental use.
Capital improvements include a replacement roof completed in 2024 and a cedar privacy fence installed in 2025. The property was built in 1969 and is positioned within a predominantly single-family neighborhood, with access to major roadways, employment centers, shopping, and dining. The two-unit configuration and separate outdoor areas support continued residential rental use.
Key Highlights
- Two 2‑bedroom, 1‑bath units on an approximately 0.34‑acre corner lot
- Renovated interiors with porcelain tile, granite counters, modern lighting, and Samsung stainless‑steel appliances
- Converted garage areas provide flexible bonus space in both units
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
$18,017
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
3.28%
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%
$360,340
$360.3K
Cap Rate 7%
$257,386
$257.4K
Cap Rate 9%
$200,189
$200.2K
Market Conditions
NOI Build-Up for 1,223 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
$27.2K $22.20/SF
− Vacancy
−$1.4K −$1.15/SF
EGI
$25.7K $21.05/SF
− OpEx
−$7.7K −$6.31/SF
NOI
$18.0K $14.73/SF
Area
ZIP 78753
Vacancy
5.20%
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%
$360,340
Cap Rate 7%
$257,386
Cap Rate 9%
$200,189
Alternative Uses
Best Use
Multifamily LT 5
$257.4K
$225.2K – $300.3K
NOI $18,017 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$237.7K
$208.0K – $277.3K
NOI $16,640 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$479.3K
$419.4K – $559.1K
NOI $33,548 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 78753, TX
58,761
Population
25,345
Households
2.3
Avg Household Size
32
Median Age
35%
College-Educated
80%
High-School Grad
11.3 sq mi
ZIP Area
5,200
Density / Sq Mi
$62,334
Median Household Income
$38,278
Median Earnings
$1,447
Median Rent
$344,100
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?
Duplex - Two updated residences offer private fenced outdoor areas, flexible bonus spaces, and durable finishes in a predominantly single-family setting.
Where is this duplex located?
The property is located at 601 E Covington DR # B Unit A & B Austin, TX.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units on an approximately 0.34‑acre corner lot; Renovated interiors with porcelain tile, granite counters, modern lighting, and Samsung stainless‑steel appliances; Converted garage areas provide flexible bonus space in both units
