800 1St St Austin, TX 78704

Property Details for 800 1St St

Year built

1981

Lot size

1.00 lot acres

Property size

8,000 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents two 2-story, 4-unit apartment buildings totaling eight units, situated on approximately 1-1.5 acres in Austin, Texas. The property, built in 1981 and renovated six years ago, boasts 8,000-9,000 square feet of space, with each unit offering approximately 1,000 square feet of living area. Features include stainless steel appliances, Romeo and Juliet balconies, and private backyards. Currently operating as a successful vacation rental business with all necessary city licenses and permits, the property offers a strong net operating income (NOI) of $350,000, resulting in a 7% cap rate. The asking price is $5,000,000, or $625,000 per unit. Located at 708 & 800 S. 1st Street, this prime location is just a two-minute walk from the vibrant heart of South Austin, yet maintains a private and serene atmosphere. Within a five-minute walk, you'll find South Congress Avenue, Lady Bird Lake hike and bike trails, and an array of shops, boutiques, and restaurants. This property offers unique investment and usage possibilities, making it an ideal addition to any portfolio. The current 80% occupancy rate presents further upside potential. The property's zip code is 78704, and it is located in Travis County.