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    303 Hill St Burnet, TX 78611

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    For Sale
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    15-unit Burnet, TX apartment building

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This 12,550-square-foot apartment building, located at 303 S Hill St, Burnet, TX 78611, presents a compelling value-add investment opportunity. The property, built in 1983, consists of a single, one-story building on a 1.06-acre lot and features 15 units with 100% occupancy. Currently zoned R-3 MF Residential, the property offers significant potential for increased profitability through various upgrades. These include modernizing interiors and appliances, enhancing common areas, and improving the exterior for increased curb appeal. The current owner covers water, sewer, and trash expenses for tenants, presenting an opportunity to implement a fee system or bill back to tenants, further boosting revenue. The Burnet, TX location, situated 50 miles northwest of Austin, benefits from a strong rental market with limited competing supply. Within a 10-mile radius, only 51 market-rate and 206 affordable rental units exist, serving a population exceeding 16,000. This lack of new construction ensures organic rent growth potential as the Austin metropolitan area continues to expand. Burnet itself offers a desirable lifestyle with access to outdoor recreation, excellent schools, a hospital, and a thriving community. The property's strategic location at the intersection of major highways (State Highway 29 and U.S. Highway 281) ensures high visibility and accessibility.

    Property Features for 303 Hill St

    General Information

    Property type
    Multifamily properties
    Class
    C
    Lot Size
    46,174 SF

    Building Details

    Year Built
    1983
    Buildings
    1
    Stories
    1
    Units
    15

    HighLights

    • 12,550 SF multifamily property, 15 units, 100% occupancy, Burnet, TX.
    • Significant value‑add opportunity: upgrade interiors, common areas, and exterior. Currently, owner pays water, sewer, and trash; potential to implement fee system.
    • Strong rental market with limited competition: only 51 market‑rate and 206 affordable units within a 10‑mile radius, serving a population exceeding 16,000. Organic rent growth potential due to Austin MSA expansion.
    • Desirable Burnet location: 50 miles northwest of Austin, at the intersection of major highways (SH 29 and US 281), offering high visibility and accessibility. Access to outdoor recreation, excellent schools, a hospital, and a thriving community.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Burnet
    County
    Burnet
    State
    Texas
    Longitude
    -98.2174216
    Latitude
    30.7582385

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    FAQs

    What type of property is this?
    Multifamily property - 15-unit Burnet, TX apartment building
    Where is this multifamily property located?
    The property is located at 303 Hill St Burnet, TX.
    What are key features of this property?
    This property features: 12,550 SF multifamily property, 15 units, 100% occupancy, Burnet, TX.; Significant value-add opportunity: upgrade interiors, common areas, and exterior. Currently, owner pays water, sewer, and trash; potential to implement fee system.; Strong rental market with limited competition: only 51 market-rate and 206 affordable units within a 10-mile radius, serving a population exceeding 16,000. Organic rent growth potential due to Austin MSA expansion.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    303 Hill St Burnet, TX 78611
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