2411 5Th StAustin, TX 78704

Property Details for 2411 5Th St

Year built

1960

Construction

WOOD FRAME

Lot size

0.35 AC

Property size (Sq ft)

4,760 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

402040412

APU

402040412

Description

This exceptional six-unit apartment building, located at 2411 S 5th St, Austin, TX 78704, presents a compelling value-add investment opportunity. Built in 1960 and renovated in 2022, the property boasts 4,760 square feet of net rentable space across two stories, situated on a 0.349-acre lot. Currently operating at 100% occupancy, the property generates a strong NOI of $55,376, representing a 3.36% cap rate at the asking price of $1,650,000 ($346.64/sq ft). The property includes 10 parking spaces and is zoned MF-4, allowing for potential expansion. Engineering reports indicate the feasibility of adding six more units to the existing structure, significantly increasing the property's value. Furthermore, a study by a major short-term rental company suggests substantial income growth potential through conversion to short-term rentals. Alternatively, the property's prime location in the Bouldin Creek district, minutes from downtown and SoCo, makes it ideal for conversion into condominiums. All potential buyers are encouraged to independently verify all information prior to closing. The land value alone is estimated at $45 per square foot. This property offers a unique blend of immediate cash flow and significant long-term upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,693,713

  6.5%

  $1,563,427

  7%

  $1,451,754

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,208,900

  Geo Method

  $2,208,900

• Alternative Use

  Use

  Valuation

  Residential

  $1,563,427

  Hospitality

  $1,432,091

  Educational

  $1,191,483

  Medical

  $1,232,460

  Retail

  $1,853,418

Location Insight

City

Austin

County

Travis

State

Texas

Latitude

30.243

Longitude

-97.7642

CBSA code

12420

CBSA name

AUSTIN-ROUND ROCK, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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