Updated Two-Unit
New
For Sale
$475,000
603 Thelma DR, Austin, TX 78745
Separate entrances, fireplaces, laundry areas and off-street parking serve both residences.
Property Size2,326 SF
Lot Size0.26 Acres
Price / SF$204.21
Days on Market4
Property Features for 603 Thelma DR
General Information
Standard status
Active
Size
2,326 SF
Lot size
0.26 Acres
Property subtype
Duplex
Zoning
SF-3
Site & Location
Neighborhood
Dittmar--Slaughter
Highway Access
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$9,303
Amenities
fireplace
laundry area
Building Details
Building Size
2,326 SF
Year Built
1980
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Deal Smith Realty LLC
Listed By:
Derek Smith · License #0714810
(512) 784-1945
Source:
Denpg
Added: Nov 3
Changed: Nov 4
Last Checked: Nov 4 at 12:53PM
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 Deal Smith Realty LLC
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Investment Insights
Based on property information with market context.
Built in 1980 and renovated since, this 2,326-square-foot duplex contains two residences on a 0.26-acre SF-3 lot. Each unit has its own entrance, fireplace, laundry area and off-street parking. Both feature luxury vinyl plank flooring, white shaker cabinets, stainless appliances and tiled showers, along with central heat and air. Unit A offers two bedrooms and two full bathrooms; its lease runs through year-end. The three-bedroom, two-bath Unit B is occupied month-to-month and may be delivered vacant at closing or retained with the tenant.
South 1st Street and William Cannon Drive are nearby, with William Cannon providing connections to I-35 and MoPac. Pleasant Hill Elementary is less than a mile away, and Bedichek Middle School is approximately one-tenth of a mile from the property. The backyard may accommodate an additional unit, subject to City of Austin requirements and approvals.
South 1st Street and William Cannon Drive are nearby, with William Cannon providing connections to I-35 and MoPac. Pleasant Hill Elementary is less than a mile away, and Bedichek Middle School is approximately one-tenth of a mile from the property. The backyard may accommodate an additional unit, subject to City of Austin requirements and approvals.
Key Highlights
- 2,326‑square‑foot duplex on a 0.26‑acre SF‑3 lot
- Two‑bedroom, two‑bath Unit A leased through year‑end
- Unit B has three bedrooms and two full baths; month‑to‑month occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,266
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$685,320
$685.3K
Cap Rate 7%
$489,514
$489.5K
Cap Rate 9%
$380,733
$380.7K
Market Conditions
NOI Build-Up for 2,326 SF
Gross rent
$51.6K $22.20/SF
− Vacancy
−$2.7K −$1.15/SF
EGI
$49.0K $21.05/SF
− OpEx
−$14.7K −$6.31/SF
NOI
$34.3K $14.73/SF
Area
ZIP 78745
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 Rate 5%
$685,320
Cap Rate 7%
$489,514
Cap Rate 9%
$380,733
Alternative Uses
Best Use
Multifamily LT 5
$489.5K
$428.3K – $571.1K
NOI $34,266 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$452.1K
$395.6K – $527.5K
NOI $31,647 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$972.3K
$850.8K – $1.13M
NOI $68,063 @ 7.0% cap · market cap 14.33%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
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Business Placement
Demographics for 78745, TX
59,843
Population
31,246
Households
1.9
Avg Household Size
36
Median Age
54%
College-Educated
93%
High-School Grad
13.7 sq mi
ZIP Area
4,368
Density / Sq Mi
$84,529
Median Household Income
$56,551
Median Earnings
$1,655
Median Rent
$459,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Separate entrances, fireplaces, laundry areas and off-street parking serve both residences.
Where is this duplex located?
The property is located at 603 Thelma DR Austin, TX.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2,326‑square‑foot duplex on a 0.26‑acre SF‑3 lot; Two‑bedroom, two‑bath Unit A leased through year‑end; Unit B has three bedrooms and two full baths; month‑to‑month occupancy
