611 Nelray Blvd Austin, TX 78751

Property Details for 611 Nelray Blvd

Lot size

0.56 lot acres

Property type

Commercial real estate

Description

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.