2904 Sweeney Ln Austin, TX 78723
- Commercial real estate
- 4,060 SF
Current Use by Public Records
- Commercial real estate
Property Details for 2904 Sweeney Ln
- Year built
- 1972
- Property size
- 4,060 SF
- Property type
- Commercial real estate
- APN
- 217263
Description
This exceptional investment opportunity presents a four-unit apartment building located at 2904 Sweeney Ln, Austin, TX 78723. The property, built in 1972 and renovated in 2022, offers 4,060 square feet of net rentable space across two stories, situated on a 7,434 square foot lot zoned MF-3 (Medium Density Multifamily). Currently boasting 100% occupancy, the property generates a Net Operating Income (NOI) of $40,981, resulting in a 6.66% cap rate. A pro-forma NOI of $59,173 is projected, yielding a 9.62% pro-forma cap rate, based on a potential 25% rent increase. The asking price is $615,000, translating to $151.48 per square foot and $153,750 per unit. The property includes eight parking spaces. This value-add investment presents significant upside potential due to its location in a rapidly gentrifying area of East Austin and the potential for increased rental income. The land value alone is $87 per square foot. This is a Class C multifamily property with significant potential for appreciation. The Travis County APN is 217263. This is a buy-and-hold opportunity ideal for investors seeking strong cash flow and long-term growth.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Austin
- County
- Travis
- State
- Texas
- Longitude
- -97.679206464551
- Latitude
- 30.306034567688
