516 40Th StAustin, TX 78751

Property Details for 516 40Th St

Year built

1972

Construction

WOOD FRAME

Lot size

0.16 AC

Property size (Sq ft)

3,960 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

218061008

APU

218061008

Description

Exceptional investment opportunity in Austin, Texas, presents a 10-unit apartment building ideally situated at 516 E 40th St, 78751, within Travis County. This Class B, two-story building, constructed in 1972, boasts a total of 3,960 square feet. The property is currently configured with a mix of long-term and short-term rentals, offering diverse income streams. Six units operate as long-term rentals, while four units are licensed as short-term rentals (STRs) through the City of Austin, generating substantial revenue via platforms like Airbnb and boasting excellent guest reviews. Financial documentation, including a 2023 income statement for both the STR and long-term rental units, and a comprehensive rent roll, are available upon request. The asking price is $1,960,000, translating to $196,000 per unit. This presents a compelling opportunity for 1031 exchange investors. The property's proximity to the Hancock Golf Course adds to its desirability. Note that recent leasing activity includes two units transitioning to year-long leases, with two additional units available for year-long leases starting January 1st. This property offers a blend of stable long-term income and the potential for high returns from short-term rentals.

• CAP approach

  CAP return

  Valuation

  6%

  $1,765,493

  6.5%

  $1,629,686

  7%

  $1,513,280

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,837,656

  Geo Method

  $1,837,656

• Alternative Use

  Use

  Valuation

  Residential

  $1,629,686

  Hospitality

  $1,492,784

  Educational

  $1,241,978

  Medical

  $1,284,692

  Retail

  $1,931,966

Location Insight

City

Austin

County

Travis

State

Texas

Latitude

30.3011

Longitude

-97.727

CBSA code

12420

CBSA name

AUSTIN-ROUND ROCK, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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