505 7th St Austin, TX 78701-3318
Property profile & analytics
505 7th St Austin, TX 78701-3318
- Warehouses
- 5,888 SF
- 0.14 lot acres
Property ID
US82-3384746
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.
Location Intelligence
Current Use by Public Records
- Posada del Rey / Professional Services / Apartment Building
- Near2Me Self Storage Units / Storage Facility
- 505 East 7th St. / Hotel & Motel / Resort
- Downtown Condo | GuestSpaces / Hotel & Motel
- ATX Inspection Systems / Environmental Consultant
Property Details for 505 7th St
- Year built
- 1961
- Construction
- CONCRETE
- Lot size
- 0.14 lot acres
- Property size
- 5,888 SF
- Property type
- Warehouses
- APN
- 206040602
- APU
- 206040602
Description
This exceptional Austin, TX property (505 E 7th St, 78701) offers a unique investment opportunity. Currently housing Kingdom Nightclub, the 6,334 sq ft, two-story building sits on a 5,924 sq ft lot and boasts a 15-foot ceiling height. The property features a 10-year NNN lease (commencing January 1, 2021, expiring December 31, 2030) with a current NOI of $40,236 and a 1.49% cap rate. However, a pro-forma analysis, projecting a January 1, 2031 lease at $70/sq ft, reveals a significantly higher NOI of $443,380 and a 16.45% cap rate. The current lease includes 4% annual rent bumps. The asking price is $2,695,000, translating to $425.48/sq ft for the building and $556.21/sq ft for the land. While the current lease is below market value, the property's location in the Austin CBD, one block from the 6th Street revitalization project, presents substantial long-term appreciation potential. The significant difference between current and pro-forma NOI highlights the substantial upside upon lease expiration. This presents a compelling opportunity for investors seeking a long-term hold with significant future returns. The property is zoned for CBD use. Built in 1961 and renovated in 2021, this asset is priced well below market value, considering the land's potential alone. The seller is open to lease income supplementation concessions. Note: This property is not suitable for owner-occupancy due to the existing lease term.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Austin
- County
- Travis
- State
- Texas
- Longitude
- -97.7375
- Latitude
- 30.2673
- 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
$1,030,400
$49,486
$1,079,886
-
$1,030,400
$49,486
$1,079,886
