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1009 E 16th St 7 Unit Apartment Building $1,300,000 ($185,714/Unit) Austin, TX 78702
Investment Highlights
- Strong Rental Demand - Supported by proximity to UT, East Austin, Downtown and other employment centers
- Affordable Rents - Well below the Austin metro average
- Prime East Austin Location - E. 16th & Navasota, walkable to Dell Medical School, the Capitol, Moody Center, and East Austin dining and entertainment
- LR-MU-NP - This is Limited Retail zoning combined with Mixed Use overlay
- Austin Beginning to Rebound - Multifamily constructions starts at 10 year low. Austin boasts the lowest Rent to Income Ratio in the country (18%)
Executive Summary
Seize a rare opportunity to own a multifamily property in the coveted Swede Hill neighborhood of Inner East Austin. Swedish Hill Apartments is a 7-unit multifamily community built by the current owner in 1985. We have the original blueprints in hand!
From a design and architectural perspective, 1009 East 16th Street is a distinctive example of a mid-1980s multi-level infill residential design. It features a bold, three-story vertical massing with a prominent front-facing gabled roofline. On the top floor (the third level), the design features loft-style bedrooms creat-ing an airy and spacious feel.
1009 E 16th St represents a compelling opportunity for investors and developers to secure a foothold in one of Austin’s top-performing neighborhoods. The current improvements provide holding income and / or the opportunity to remodel to increase rents. The lot’s proximity to downtown and views make it an attractive immediate or long-term redevelopment option.
From a design and architectural perspective, 1009 East 16th Street is a distinctive example of a mid-1980s multi-level infill residential design. It features a bold, three-story vertical massing with a prominent front-facing gabled roofline. On the top floor (the third level), the design features loft-style bedrooms creat-ing an airy and spacious feel.
1009 E 16th St represents a compelling opportunity for investors and developers to secure a foothold in one of Austin’s top-performing neighborhoods. The current improvements provide holding income and / or the opportunity to remodel to increase rents. The lot’s proximity to downtown and views make it an attractive immediate or long-term redevelopment option.
Property Facts
| Price | $1,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $185,714 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Sale Condition | Redevelopment Project | Building Size | 5,600 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1985 |
| Property Subtype | Apartment |
| Price | $1,300,000 |
| Price Per Unit | $185,714 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,600 SF |
| No. Stories | 3 |
| Year Built | 1985 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 410 |
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
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1009 E 16th St
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