5800 Wellington Dr
Austin, TX 78723
Flats at Wellington · Multifamily Property For Sale · 86 Units

- Outstanding value-add opportunity in convenient Central Austin location - Minutes from the Mueller Redevelopment, one of the fastest growing areas in Austin; Mueller Place will benefit from the continued gentrification and improvement in demographics of the immediate area - Affordability factor: renters are being pushed out of urban Austin due to the $1,600+ per month rental rates; Mueller Place has an excellent position in the market providing clean, comfortable living at roughly $950 per month - Current owner has spent over $750k upgrading common areas and curing deferred maintenance - Exterior and common area rehab has included extensive landscaping work and grounds improvements, new signage, 50% of roof replaced, parking lot seal/stripe, and new boilers and HVAC work - Unit interiors remain mostly untouched and present an investor with a tremendous opportunity to add value - 7 units (8%) have been upgraded to the “Designer” level which includes faux wood vinyl plank flooring throughout, stainless steel appliances, two-inch blinds, and brushed nickel fixtures; these units are achieving monthly premiums of $100-$175 - Opportunity to take upgrades to the next level and capture higher rents from a higher income tenant base with granite counters, modern tile backsplashes, framed bathroom mirrors, private patio dog yards, addition of covered parking, etc.