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    611 Nelray Blvd Austin, TX 78751

    For Sale
    $1,950,000

    Prime Austin location, high ROI potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional Austin investment property, located at 607-611 Nelray Blvd, offers a unique blend of immediate income and significant redevelopment potential. The 0.56-acre lot, zoned MF-3, boasts three existing buildings: two duplexes and a single-family home, totaling five units. Currently 100% occupied, generating a Net Operating Income (NOI) of $51,385, this property provides a stable cash flow stream while you plan your future development. Built between 1936 and 1958, with renovations completed in 2019, the existing structures are well-maintained. Each unit enjoys two parking spaces. The property's prime location in the North Loop area, near N Lamar Boulevard, places it within a thriving commercial and residential growth zone. The flat land requires minimal site preparation, making it ideal for multifamily development. With excellent access to public transportation and major roadways, this property presents a rare opportunity to acquire a high-value asset with immediate returns and substantial long-term growth potential. The asking price is $1,950,000, representing a 2.64% cap rate and a price per unit of $390,000. The land value alone is assessed at $3,928,571 per acre. This is a truly exceptional opportunity for discerning investors and developers seeking a high-return investment in a rapidly appreciating Austin market.

    Property Features for 611 Nelray Blvd

    General Information

    Property type
    Multifamily properties
    Class
    B
    Lot Size
    24,394 SF

    Building Details

    Year Renovated
    2019
    Buildings
    3
    Stories
    1
    Units
    5

    HighLights

    • North Loop location near N Lamar, strong commercial & residential growth.
    • Three fully leased units (two duplexes, one single‑family home) generating immediate income.
    • MF‑3 zoning allows multifamily redevelopment.
    • Stable rental income stream while planning development.
    • Excellent access to public transit, major roads, and amenities.
    Property Profile Insight Report 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
    Austin
    County
    Travis
    State
    Texas
    Longitude
    -97.7266562
    Latitude
    30.3219398

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    FAQs

    What type of property is this?
    Multifamily property - Prime Austin location, high ROI potential.
    Where is this multifamily property located?
    The property is located at 611 Nelray Blvd Austin, TX.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: North Loop location near N Lamar, strong commercial & residential growth.; Three fully leased units (two duplexes, one single-family home) generating immediate income.; MF-3 zoning allows multifamily redevelopment.
    Request Owner's contact information
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    Austin, TX 78751
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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
    611 Nelray Blvd Austin, TX 78751
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