Renovated Duplex with Fenced
For Sale
$550,000
601 E Covington Dr Unit A & B, Austin, TX 78753
Two updated units offer durable finishes, fireplaces, private outdoor space, and converted garage areas.
Property Size1,223 SF
Lot Size0.34 Acres
Price / SF$449.71
Days on Market16
Property Features for 601 E Covington Dr Unit A & B
General Information
Standard status
Active
Size
1,223 SF
Lot size
0.34 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$42,600
Amenities
private fenced backyards
patio space
mature oak trees
new cedar fence
Building Details
Year Built
1969
Listing Agency:
Landmark Properties
Listed By:
Chris Ricker (512) 255-8873 · License #574801
(512) 663-8961
Source:
Seeaustinareahouses
Added: Aug 24
Changed: Sep 7
Last Checked: Sep 8 at 8:40AM
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 includes two 2-bedroom, 1-bath residences on an approximately 0.34-acre corner lot in a predominantly single-family neighborhood. Both units have been renovated with wood-plank porcelain tile flooring, granite countertops, contemporary lighting, and Samsung stainless-steel appliances. Large living rooms feature floor-to-ceiling brick fireplaces, while converted garage areas add flexible space for an office, studio, game room, or additional living area.
Each residence has a private fenced backyard with patio space, mature oak trees, and substantial shade. A cedar fence was installed in 2025, and the roof was fully replaced in 2024. The property was built in 1969 and has been professionally maintained by the same owner for more than 20 years. Located near major roadways, employment centers, shopping, and dining, the duplex is at 601 E Covington Dr in Austin’s 78753 ZIP code.
Each residence has a private fenced backyard with patio space, mature oak trees, and substantial shade. A cedar fence was installed in 2025, and the roof was fully replaced in 2024. The property was built in 1969 and has been professionally maintained by the same owner for more than 20 years. Located near major roadways, employment centers, shopping, and dining, the duplex is at 601 E Covington Dr in Austin’s 78753 ZIP code.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- Approximately 0.34‑acre corner lot
- Full roof replacement completed in 2024
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 units offer durable finishes, fireplaces, private outdoor space, and converted garage areas.
Where is this duplex located?
The property is located at 601 E Covington Dr 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; Approximately 0.34‑acre corner lot; Full roof replacement completed in 2024
