Multi-Family For Sale: East Austin Apartments€¦ · East Austin Apartments. This information supplied herein is from sources we deem reliable. It is provided without any representation,

Multi-Family For Sale: East Austin Apartments2612 ROGERS AVE, Austin, TX 78722

24537286Listing ID:Status: Available

Multi-FamilyProperty Type:Space Type: Multi-Family

5,756 SFSize:Sale Price: $1,200,000.00

Price Per SF:Terms:Lot Acres:

$208.48 Per SF

0.17 Acres

This is a stable asset well managed by local Austinites located in a residential East Austin neighborhood in walkable distance from restaurants, coffee shops and the fast developing Manor Road corridor. Owned by the same family for several years, many capital improvements have been recently completed such as Hardie Plank siding, full TPO roof, double pane windows, etc. The majority of tenants have been there for over 5 years enjoying below-market rents. Shown by appointment.

Overview/Comments

General InformationTax ID/APN: 204018

Multi-FamilyType:Zoning:Building Name: East Austin Apartments

Gross Building Area: 5,756 SF

Building/Unit Size (RSF):Usable Size: 5,756 SF

Available SpaceFloor/Suite:Space Available:Minimum Divisible:Maximum Contiguous:

Date Available: Now

Lease Rate: 5,756 SF

Lease Type:Parking Total:

Condo: No Parking Ratio:

Building RelatedTotal Number of Buildings: 1

Number of Stories:Typical SF / Floor:Year Built: 1972 Parking Ratio:

Parking Total:

Investment: Yes

Elevators:

Year Renovated: 1972

Sprinklers:

Construction:

Condo:

Building Status: EXISTING

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other prof. advisor.

Dave Bair

[email protected]

Berkshire Hathaway Texas Realty 3303 Northland Dr. Austin, TX 78731 | 512-423-0456

East Austin Apartments

Land Related

Sewer Type:

Land Area SF: 7,427 SFWater Service:

Zoning:

Investment Information

Gross Rental Income:Vacancy Factor: 0

Income Parking:Income Other:

Cap Rate:Total Income:

Net Operating Income:Total Expenses:

Investment: Yes

Location

2612 ROGERS AVE

TravisCounty:

Address:

Property Contacts

Dave Bair512-423-0456

[email protected]


Dave Bair

[email protected]




Dave Bair

[email protected]




Dave Bair

[email protected]



2612 Rogers

Major Improvements: New thermoplastic polyolefin (TPO) roof New double planed windows installed throughout and wood trim replaced where needed New exterior siding (Hardiplank) installed Complete exterior paint Xeriscaping installed New gutters installed New privacy fence and gate Water lines to meter replaced 3 HVAC replacements 3 hot water heater replacements 2 Units updated upon turnover with new kitchen cabinets, counters, sinks 2 Units updated with complete bathroom remodels upon turnover Removed Saltillo tile in 3 units

Income Potential: Five of the eight current tenants have leased units for 5+ years. Several tenants pre-date current owners. Current owners have slowly increased rents while focusing on major exterior and some interior improvements.

The current average rent for a 2-bedroom, 1 bath at 2612 Rogers is below market at $1,050/month.

There is potential for increasing rents. Similarly sized 2-bedroom, 1 bath apartments located nearby and built during the same time period have been remodeled. The average rent for these units is $1,400/month. (Feb 2020)

Updating only the 2-bedroom units and increasing rents would result in additional income of $18,000/year. ($250 x 6 units x 12 months)

Dave Bair

From the Seller:

8 Units

Unit Name, Bed-Bath, Approx SqFt Expiration Term Move-in RentRent Rogers_A, 2-1, 850 7/31/2020 12 7/1/2013 $1,050Rents Receivable Rogers_B, 2-1, 850 5/31/2020 12 1/3/2013 $1,050Total Gross Potential / Tenant Rent Rogers_C, 2-1, 850 7/31/2020 12 7/1/2013 $1,050Total Rental Income Rogers_D, 2-1, 850 7/31/2020 12 12/15/2014 $1,100Miscellaneous Income - Tenant Fees Rogers_E, 2-1, 850 9/30/2020 12 10/21/2019 $995Late Fee Charge Rogers_F, 2-1, 850 12/31/2019 MTM 11/15/2018 $1,050Total Miscellaneous Income - Tenant Fees Rogers_G, Studio, 400 7/31/2020 12 7/13/2018 $695Total Non-Rental Income Rogers_H, Studio, 400 7/31/2020 12 4/1/2008 $410

Total Sqft: 5,900 $7,400

Maintenance Air Conditioning

Building Maintenance

Electrical Maintenance

Pest Control/Exterminator

Plumbing

Windows/Blinds/Drapes

Total Maintenance

Utilities Trash Removal

Total Utilities

Administrative Office supplies

Total Administrative

Net Property Income $25,597.63

Rent Roll as of 5/29/2020

$162.88

Total Operating Expense $4,267.37

$162.88

$935.32

$935.32

$3,169.17

$1,786.94

$100.00

$414.60

$96.34

$72.00

$699.29

Operating Expense

$265.00

Total Income $29,865.00

$265.00

$265.00

$29,600.00

$29,600.00

$29,600.00

$0.00

Year to DateIncome

Jan - April 2020

By Category By YearFence Total $3,753 2016 Total $9,943 Income: 2019 2018 2017 2016Gutters Total $5,200 2017 Total $10,071 Rental Income $84,558 $79,275 $79,367 $75,446HVAC Total $12,666 2018 Total $29,026 Non Rental Income $1,075 $800 $266 $145New Roof Total $18,104 2019 Total $5,304 $85,633 $80,075 $79,633 $75,591Water Heater Replacement Total $1,666 Grand Total $54,345Water Line Repair Total $4,255 Expense*Xeriscaping Total $8,700 Utilities $3,176 $2,540 $2,079 $2,948Grand Total $54,345 Insurance $5,673 $5,409 $5,408 $5,705

Property Taxes $15,443 $15,299 $15,062 $11,553Administrative $1,517 $1,013 $1,393 $1,102

Unit Name, Bed-Bath, Approx SqFt Expiration Term Move-in Rent Maintenance $10,016 $10,224 $8,566 $7,778Rogers_A, 2-1, 850 7/31/2020 12 7/1/2013 $1,050 $35,825 $34,485 $32,508 $29,086Rogers_B, 2-1, 850 7/31/2020 12 1/3/2013 $1,050Rogers_C, 2-1, 850 7/31/2020 12 7/1/2013 $1,050 Net Property Income: $49,808 $45,590 $47,125 $46,505Rogers_D, 2-1, 850 7/31/2020 12 12/15/2014 $1,100Rogers_E, 2-1, 850 9/30/2020 12 10/21/2019 $995 # Move-ins that year 1 2 1 1 Rogers_F, 2-1, 850 12/31/2019 MTM 11/15/2018 $1,050Rogers_G, Studio, 400 6/30/2020 12 7/13/2018 $695Rogers_H, Studio, 400 7/31/2020 12 4/1/2008 $410 *Expenses not included: Total Sqft: 5,900 $7,400 Major Improvements $5,304 $29,026 $10,071 $9,943

Major Improvements 2016-2019 Profit and Loss 2016-2019

Rent Roll as of Feb 2020

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Documents

Multi-Family For Sale: East Austin Apartments€¦ · East Austin Apartments. This information supplied herein is from sources we deem reliable. It is provided without any representation,