Address: 4500-4501 Witham Ln, Austin, Texas, US
Created date: September 21, 2023
Date last updated: September 21, 2023
- Opportunity to raise existing market rents through interior cosmetic updates.
- Management inefficiencies in play as current owner lives out of state and has no other multifamily assets to create management and operational synergies.
- Invest in a strong asset class in a growing trade area of Austin. St. Elmo has attracted thousands of people with new apartments, restaurants, retail, and creative office opportunities. Most notably, St. Elmo has become a hot spot for breweries to plant their flag.
- Strong rent delta of about $400/month between the SoCo Flats market rent ($1095) and Class A rents in the area ( $1550 avg)
SoCo Flats is being offered as one of the only existing 70’s and 80’s vintage properties in proximity to the St. Elmo Community. This property gives investors the opportunity to invest in a major economic trade area currently dominated by industrial, office and retail in one of the hottest cities in the country. The potential buyer can step into a property where the current owner has not fully capitalized on market rent increases.