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    Property profile & analytics

    2823 Martin Luther King Jr Blvd Austin, TX 78702

    • Apartment buildings
    • 294,623 SF
    • 8.31 lot acres
    For Lease
    View listing
    $32 SF/Yr
    Value Estimations
    $1,035,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-9167480
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • GreenEarth Photography / Photographer
    • Power Spot Climbing / Rock Climbing Gym
    • Platform Apartments / Apartment Rental Agency / Apartment Complex
    • Kasa East Austin / Hotel
    • Flower Moon Collective / Eyelash Salon / Eyebrow Bar

    Property Details for 2823 Martin Luther King Jr Blvd

    Year built
    2016
    Lot size
    8.31 lot acres
    Property size
    294,623 SF
    Property type
    Apartment buildings
    APN
    212121401
    APU
    212121401

    Description

    The Platform, located at 2823 E Martin Luther King Jr Blvd in Austin, Texas (zip code 78702), offers exceptional retail space for lease in Travis County. This commercial property totals 2,724 square feet and features multiple tenancies, providing flexibility for various business needs. Three spaces are currently available, ranging in size from a minimum of 679 square feet to a maximum contiguous space of 2,045 square feet. The total vacant space available for lease is 3,601 square feet. This presents a unique opportunity for businesses seeking a prominent location in a vibrant Austin neighborhood. The property's address provides excellent visibility and accessibility, making it an ideal location for attracting customers. The diverse range of available space sizes caters to a wide array of potential tenants, from smaller startups to established businesses requiring larger footprints. This prime retail location in Austin offers a compelling opportunity for growth and success. Interested parties are encouraged to inquire about lease terms and availability. The property is situated at latitude 30.2808681 and longitude -97.7099338.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,035,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Austin
    County
    Travis
    State
    Texas
    Longitude
    -97.7101
    Latitude
    30.2807
    CBSA code
    12420
    CBSA name
    AUSTIN-ROUND ROCK, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $0.00
    $28,943,006
    $79,056,994
    $108,000,000
    -
    $28,943,006
    $79,056,994
    $108,000,000

    Comparable in this City

    • Value Estimation
      $570,000
      128,700 SF

      1600 3rd St

      APARTMENT HOUSE (100+ UNITS) • 128,700 SF
      1600 3rd St, Austin, TX 78702-4418
      View Details
    • Value Estimation
      $1,420,000
      145,288 SF

      2011 6th St

      APARTMENT HOUSE (100+ UNITS) • 145,288 SF
      2011 6th St, Austin, TX 78702-3473
      View Details
    • Value Estimation
      $420,000
      24,808 SF

      1100 11th St

      APARTMENT HOUSE (100+ UNITS) • 24,808 SF
      1100 11th St, Austin, TX 78702-1909
      View Details
    • Value Estimation
      $170,000
      274,521 SF

      901 5th St

      APARTMENT HOUSE (100+ UNITS) • 274,521 SF
      901 5th St, Austin, TX 78702-4075
      View Details
    • Value Estimation
      $750,000
      188,480 SF

      300 Chicon St

      APARTMENT HOUSE (100+ UNITS) • 188,480 SF
      300 Chicon St, Austin, TX 78702-4658
      View Details
    • Value Estimation
      $310,000
      5,592 SF

      605 Allen St

      APARTMENT HOUSE (5+ UNITS) • 5,592 SF
      605 Allen St, Austin, TX 78702-4966
      View Details

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    • Contact for pricing
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      Retail Space in East Austin

      Retail space available in a multi-family property in Austin, TX.
      2832 E Martin Luther King Jr Blvd, Austin, TX 78702
      View Details
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    Austin, TX 78702
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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