- Irreplaceable in-fill real estate in centrally located Hyde Park, which is the oldest neighborhood in Austin and only two miles from the University of Texas at Austin
- Convenient location provides residents easy access to major retail, dining, and entertainment – less than a ½ mile from The Triangle, less than two miles from the Mueller Redevelopment, and less than two miles from the Burnet Road corridor
- Turning over the rent roll to the highest in place rental rate by unit type would gain a new owner $49,000+ in additional annual income, assuming a 5% vacancy factor
- 45 Flats has a Land Use Restriction Agreement (LURA) – 21 total units must be rented to tenants below certain income thresholds
- 12 units must be rented to Very Low Income persons – current maximum allowable rents are $693 for a studio and $795 for a 1 BR
- 9 units must be rented to Low Income persons – current maximum allowable rents are $1,000 for a studio and $1,145 for a 1 BR
- Current owner has done the heavy lifting, spending over $325k to cure deferred maintenance and upgrade exteriors and common areas
- Outstanding value-add opportunity
- Unit interiors are primed for a new owner to provide a modern finish out and increase rental rates
- Future interior upgrades may include cherry wood cabinets, granite/quartz countertops, black/stainless steel appliances, vinyl wood flooring throughout, installation of Euro washer/dryers, updated lighting and plumbing fixtures, and modern kitchen backsplashes
- Other upgrade possibilities include: private patio dog yards, bike storage lockers, outdoor BBQ grills, covered parking, etc.
