Two-Unit Duplex with Private
New
For Sale
$469,000
7004 Ivory Key CT, Austin, TX 78745
Fully leased duplex with two-bedroom residences, in-unit laundry, off-street parking, and private outdoor space.
Property Size1,968 SF
Price / SF$238.31
Days on Market3
Property Features for 7004 Ivory Key CT
General Information
Standard status
Active
Size
1,968 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Road Access
Yes
Amenities
in-unit laundry
private backyard
Building Details
Year Built
1982
Buildings
1
Tenancy
Multi
Listing Agency:
Harrison-Pearson Assoc. Inc
(512) 472-6201
Listed By:
Longhorn Realty
(512) 289-2121
Source:
Longhornrealty
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 22 at 5:29PM
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 Harrison-Pearson Assoc. Inc
Investment Insights
Based on property information with market context.
Built in 1982, this 1,968-square-foot duplex contains two private residences, each with two bedrooms and two full bathrooms. Both units include living, kitchen, and dining areas, along with dedicated in-unit laundry rooms. Each residence also provides two off-street parking spaces and a private backyard.
The property is fully leased to long-term tenants and sits on a quiet cul-de-sac at 7004 Ivory Key Court in South Austin. Downtown Austin is approximately 20 minutes away, while Sprouts, Sunset Valley, LeRoy and Lewis Barbecue, and other South Austin dining, shopping, and entertainment destinations are located minutes from the property.
The property is fully leased to long-term tenants and sits on a quiet cul-de-sac at 7004 Ivory Key Court in South Austin. Downtown Austin is approximately 20 minutes away, while Sprouts, Sunset Valley, LeRoy and Lewis Barbecue, and other South Austin dining, shopping, and entertainment destinations are located minutes from the property.
Key Highlights
- Two‑unit duplex with 1,968 square feet
- Fully leased to long‑term tenants
- Each residence includes 2 bedrooms and 2 full bathrooms
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
$28,992
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
6.18%
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%
$579,840
$579.8K
Cap Rate 7%
$414,171
$414.2K
Cap Rate 9%
$322,133
$322.1K
Market Conditions
NOI Build-Up for 1,968 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
$43.7K $22.20/SF
− Vacancy
−$2.3K −$1.15/SF
EGI
$41.4K $21.05/SF
− OpEx
−$12.4K −$6.31/SF
NOI
$29.0K $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 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%
$579,840
Cap Rate 7%
$414,171
Cap Rate 9%
$322,133
Alternative Uses
Best Use
Multifamily LT 5
$414.2K
$362.4K – $483.2K
NOI $28,992 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$382.5K
$334.7K – $446.3K
NOI $26,776 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$822.7K
$719.8K – $959.8K
NOI $57,587 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
687
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with two-bedroom residences, in-unit laundry, off-street parking, and private outdoor space.
Where is this duplex located?
The property is located at 7004 Ivory Key CT Austin, TX.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,968 square feet; Fully leased to long‑term tenants; Each residence includes 2 bedrooms and 2 full bathrooms
