New 9-Unit Apartment
New
For Sale
$4,275,000
7920 Mullen Dr 1-9, Austin, TX 78757
Brand-new condo community with three-level residences, private garages, balconies, and short-term rental flexibility.
Property Size13,725 SF
Days on Market4
Property Features for 7920 Mullen Dr 1-9
General Information
Standard status
Active
Size
13,725 SF
Property subtype
Commercial
Building Details
Building Size
13,725 SF
Year Built
2026
Listing Agency:
Luisa Mauro Real Estate
(512) 633-8220
Listed By:
Luisa Mauro · License #0494334
(512) 633-8220
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 7:22AM
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 Luisa Mauro Real Estate
Investment Insights
Based on property information with market context.
This brand-new apartment community includes 9 condo units, with all 9 currently available. Unit #5 offers three levels of living, beginning with an entry connected to a private attached 2-car garage. The second floor combines an open kitchen and living area with a guest bedroom and full bath. Two additional bedrooms occupy the third level, including a primary suite and en-suite full baths for both bedrooms. A covered balcony patio and private fenced small yard provide outdoor space.
The property is located at 7920 Mullen Dr in Austin, halfway between the Domain and Downtown Austin. WalkScore is 76, BikeScore is 87, and TransitScore is 56. The community is identified as short-term-rental friendly, supporting flexible use for investors or homeowners.
The property is located at 7920 Mullen Dr in Austin, halfway between the Domain and Downtown Austin. WalkScore is 76, BikeScore is 87, and TransitScore is 56. The community is identified as short-term-rental friendly, supporting flexible use for investors or homeowners.
Key Highlights
- 9‑unit condo community with all 9 units currently available
- Unit #5 features three‑level living and a private attached 2‑car garage
- Open‑concept kitchen and living area with 3 bedrooms and 3 full baths
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
$186,348
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
4.36%
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%
$3,726,960
$3.7M
Cap Rate 7%
$2,662,114
$2.7M
Cap Rate 9%
$2,070,533
$2.1M
Market Conditions
NOI Build-Up for 13,725 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
$357.4K $26.04/SF
− Vacancy
−$18.6K −$1.35/SF
EGI
$338.8K $24.69/SF
− OpEx
−$152.5K −$11.11/SF
NOI
$186.3K $13.58/SF
Area
Austin, TX
Vacancy
5.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$3,726,960
Cap Rate 7%
$2,662,114
Cap Rate 9%
$2,070,533
Alternative Uses
Best Use
Apartment 5plus
$2.66M
$2.33M – $3.11M
NOI $186,348 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.38M
$4.71M – $6.27M
NOI $376,486 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,669
Businesses Nearby
Explore this area
Business Placement
Demographics for 78757, TX
23,847
Population
11,930
Households
2
Avg Household Size
37
Median Age
68%
College-Educated
97%
High-School Grad
5.0 sq mi
ZIP Area
4,769
Density / Sq Mi
$104,946
Median Household Income
$65,886
Median Earnings
$1,661
Median Rent
$629,500
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?
Apartment building - Brand-new condo community with three-level residences, private garages, balconies, and short-term rental flexibility.
Where is this apartment building located?
The property is located at 7920 Mullen Dr 1-9 Austin, TX.
What is the asking price?
The asking price for this property is $4,275,000.
What are key features of this property?
This property features: 9‑unit condo community with all 9 units currently available; Unit #5 features three‑level living and a private attached 2‑car garage; Open‑concept kitchen and living area with 3 bedrooms and 3 full baths
