2412 Richcreek Rd
Austin, TX 78757
Allandale Commons · Multifamily Property For Sale · 18 Units

Well located in the much sought-after Midtown submarket of Austin, Richcreek Studios offer a unique opportunity for investors. Originally built in 1971 and renovated in 2015, Richcreek Studios are located at 2412 Richcreek Rd., Austin, TX, 78757 and consists of 18 units in one (1) two-story building with 18 detached storage closets on-site as well. The property is in the Burnet Road Corridor, south of the intersection of Burnet and West Anderson Lane, with U.S. 183 to the north, Loop 1 (MoPac) to the west, FM 2222 (Koenig Lane) to the south, and IH-35 to the East. Quick access to the Austin Tech Corridor and the growing northwest redevelopment, The Domain, make this location extremely desirable. Burnet Road is benefiting with a resurgence of fresh life in an already desirable area that is very well established. The price of single-family homes sold within 0.5 miles of the property in the last 90 days average $616,264 (or $355 per SF) per the Austin Multiple Listing Service. This community is comprised of all studio apartments, offering a consistent floor plan with recent renovations. The building sits on a land site of 0.269814 acres (11,753 +/- SF) with 6,120 +/- SF of living area according to the Travis County Appraisal District (TCAD) records. Community features include trendy remodeled apartments with new white appliances, double-basin stainless kitchen sinks, cabinet and drawer pulls, two variations of faux-wood flooring, grey and espresso stained cabinets, white subway ceramic tile backsplashes, new Ikea bathroom vanities and lighting, drop-down kitchen pendant lighting, gas stoves for cooking, and multiple closets. There is one centralized laundry facility on-site with two commercial washer/dryers for tenant’s convenience. Richcreek Studios offers one surface parking space per resident. Tenants pay their electric bills directly to the utility company (City of Austin). There is a central hot water system (91-gallon) shared among the units, and they are currently not billed on a RUBS system for water/wastewater usage. There is currently no charge to residents for trash, gas, pest control or storage units allowing for additional upside to future owners.