4314 Gillis St, Austin, TX 78745
sale
$1,850,000
|
Apartment
Courtesy Of eXp Realty, LLC
Gillis Place Apartments presents a rare value-add multifamily opportunity in the heart of South Austin, just minutes from St. Elmo, South Congress, and Downtown Austin. The property consists of 24 identical one-bedroom, one-bathroom units, each approximately 500 square feet, creating a highly efficient operating model with a single floor plan, consistent maintenance requirements, and straightforward renovation execution. The community is currently 87.5% occupied, with the next lease already signed. Based on the seller's underwriting, stabilized NOI is projected at approximately $182,000, representing an estimated 7.3% yield on total project cost in a market where comparable assets continue to trade near 5.5% capitalization rates. The existing loan balance of approximately $1.050 million represents roughly 43% leverage, requiring approximately $1.35 million of equity to complete the assumption. This structure is particularly attractive for 1031 exchange buyers, private investors seeking immediate financing certainty, and equity-rich operators looking to capitalize on below-market debt that is increasingly unavailable in today's lending environment. The OM, current rent roll, trailing financials, and loan assumption package are available upon execution of a Confidentiality Agreement. Property tours are available by appointment only. Offers will be reviewed as received. All information contained herein has been obtained from sources deemed reliable but has not been independently verified.
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Property Features
- Age: Over 50 Years Old
- Amenities: Cable Ready
- Amenities: Security System
- Cooling System: Window Unit(s)
- Cooling System: Wall/Window Unit(s)
- Exterior Type: Stone
- Exterior Type: HardiPlank Type
- Floor Covering: Vinyl
- Floor Covering: Tile
- Heating System: Electric (Heating)
- Heating System: Ductless (Heating)
- Legal Description: LOT 2A&1A LESS E5 FT FRITTS ADDN
- MLSID: 7697685
- Parking Spaces: 26
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