708 W 15th St
Georgetown, TX 78626
The Rail at Georgetown - Under Contract · Multifamily Property For Sale · 113 Units

Just 1 block from the South San Gabriel River Trail, and one-half mile from the downtown square, The Rail was built in 1986 and has seen both interior and exterior renovations throughout the property. The community is within close proximity to a GoGeo transit stop, about 1 mile from Southwestern University, and easy access to Interstate 35, TX-29, TX-130, Round Rock, and Downtown Austin. Consisting of one and two-bedroom apartments, The Rail offers unique floorplans designed to provide easy living through maximum efficiency, with surface parking just steps away from residents’ front doors. Residents benefit from options like valet trash in-unit washer/ dryer connections, complimentary high-speed internet, and private back yards (in some units). Fifty-seven units have been rehabbed (as of 4/19), of which forty-four are 1-Bedroom / 1-Bath and thirteen are 2-Bedroom / 1-Bath. Owner continues to upgrade as units turn. Several buildings have also received new siding and paint. See Agents for summary of renovated units and Cap Ex details. Currently, renovated one-bedroom units lease for $900, while traditional units lease for $815. There is an additional $10/month charge for the Property Protection Plan. The PPP that is offered to residents is an easy alternative to renter’s insurance. PPP provides $2K of reimbursement protection in case of fire only. As of January 2019, all of the units are charged $20 per month for cable/internet. Future Income and NOI could be increased by implementing any of the following: Finish interior upgrades (about 49% left), increase cable charges ($70 value and property currently charging only $20/ unit), start renting washer/dryer machines in units, create private pet parks and/or fenced-in areas on first floor units (50% of property), self-manage laundry room and revenues for machines, convert Units #U1 from leasing office and #P2 from laundry room into two Rental units.