2411 5th St Austin, TX 78704-5393
- Apartment buildings
- 4,760 SF
- 0.35 lot acres
Feb 28, 2022
Current Use by Public Records
- Apartment buildings
Property Details for 2411 5th St
- Year built
- 1960
- Construction
- WOOD FRAME
- Lot size
- 0.35 lot acres
- Property size
- 4,760 SF
- Property type
- Apartment buildings
- APN
- 402040412
- APU
- 402040412
Description
This exceptional six-unit apartment building, located at 2411 S 5th St, Austin, TX 78704, presents a compelling value-add investment opportunity. Built in 1960 and renovated in 2022, the property boasts 4,760 square feet of net rentable space across two stories, situated on a 0.349-acre lot. Currently operating at 100% occupancy, the property generates a strong NOI of $55,376, representing a 3.36% cap rate at the asking price of $1,650,000 ($346.64/sq ft). The property includes 10 parking spaces and is zoned MF-4, allowing for potential expansion. Engineering reports indicate the feasibility of adding six more units to the existing structure, significantly increasing the property's value. Furthermore, a study by a major short-term rental company suggests substantial income growth potential through conversion to short-term rentals. Alternatively, the property's prime location in the Bouldin Creek district, minutes from downtown and SoCo, makes it ideal for conversion into condominiums. All potential buyers are encouraged to independently verify all information prior to closing. The land value alone is estimated at $45 per square foot. This property offers a unique blend of immediate cash flow and significant long-term upside potential.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $310,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Austin
- County
- Travis
- State
- Texas
- Longitude
- -97.7642
- Latitude
- 30.243
- CBSA code
- 12420
- CBSA name
- AUSTIN-ROUND ROCK, TX METROPOLITAN STATISTICAL AREA
