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    932 Gardner Rd Austin, TX 78721

    Sponsored
    For Sale
    $1,600,000

    Shovel-ready, 12-unit condo potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    Prime 0.59-acre corner lot in booming East Austin offers exceptional development potential. Building permits are in hand for a 12-unit condo project (23,026 sq ft), designed by Kipp Flores Architects, within a designated Opportunity Zone, providing significant tax advantages. This shovel-ready site is conveniently located 3 miles from downtown, near major transportation arteries, including Hwy 183 and toll 130, with easy access to ABIA and COTA. The GR-MU-NP zoning allows for diverse uses, including commercial, residential, multi-family, and hotel development. High market demand is evidenced by a 116% year-over-year increase in new condo closings, with average sales prices exceeding $720,000. Nearby developments include Trailhead/Trailhead East (530 units) and Libertad Austin (198 units). Owner financing is available with 50% down, a 6% interest-only loan, a two-year balloon payment, and no prepayment penalty. All feasibility studies, architectural plans, soil samples, and engineering reports are complete, significantly reducing project timelines. This exceptional opportunity combines prime location, entitled development plans, and attractive financing options. Detailed plans and documents are available upon request.

    Property Features for 932 Gardner Rd

    General Information

    Property type
    Land
    Lot Size
    25,744 SF

    HighLights

    • Entitled corner lot in East Austin with issued building permits.
    • 0.59‑acre site, three miles from downtown Austin, near major transportation.
    • Located in a federal Opportunity Zone.
    • High demand: new condo sales up 116% year‑over‑year, averaging over $720,000.
    • Potential owner financing: 50% down, 6% interest‑only, two‑year balloon, no prepayment penalty.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Austin
    County
    Travis
    State
    Texas
    Longitude
    -97.6853523
    Latitude
    30.255555

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    FAQs

    What type of property is this?
    Land - Shovel-ready, 12-unit condo potential
    Where is this land located?
    The property is located at 932 Gardner Rd Austin, TX.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: Entitled corner lot in East Austin with issued building permits.; 0.59-acre site, three miles from downtown Austin, near major transportation.; Located in a federal Opportunity Zone.
    Request Owner's contact information
    932 Gardner Rd Austin, TX 78721
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    Austin, TX 78721
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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
    932 Gardner Rd Austin, TX 78721
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