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Jona Ten Eyck

jona@jonarealtor.com +1(512) 917-3767

$2,375,000

Est. payment - /mo

21,510 SqFt

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Key Details

Property Type Commercial

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 21,510 sqft

Price per Sqft $110

Subdivision Fritts Add

MLS Listing ID 7697685

Year Built 1973

Annual Tax Amount $55,000

Tax Year 2025

Lot Size 0.434 Acres

Acres 0.4336

Property Sub-Type Apartment

Source actris

Property Description

Gillis Place Apartments presents a rare value-add multifamily opportunity in the heart of South Austin, just minutes from St. Elmo, South Congress, and Downtown Austin. Offered at $98,958 per unit, the property is priced below the 2026 assessed value and includes an assumable fixed at 3.57% through August 2030, subject to lender approval. In today's financing environment, the ability to assume long-term agency debt at this rate provides a significant competitive advantage and meaningfully reduces the cost of capital.

The property consists of 24 identical one-bedroom, one-bathroom units, each approximately 500 square feet, creating a highly efficient operating model with a single floor plan, consistent maintenance requirements, and straightforward renovation execution. The community is currently 87.5% occupied, with the next lease already signed.

Based on the seller's underwriting, stabilized NOI is projected at approximately $182,000, representing an estimated 7.3% yield on total project cost in a market where comparable assets continue to trade near 5.5% capitalization rates.

The existing loan balance of approximately $1.050 million represents roughly 43% leverage, requiring approximately $1.35 million of equity to complete the assumption. This structure is particularly attractive for 1031 exchange buyers, private investors seeking immediate financing certainty, and equity-rich operators looking to capitalize on below-market debt that is increasingly unavailable in today's lending environment.

The OM, current rent roll, trailing financials, and loan assumption package are available upon execution of a Confidentiality Agreement. Property tours are available by appointment only. Offers will be reviewed as received.

All information contained herein has been obtained from sources deemed reliable but has not been independently verified.

Location

State TX

County Travis

Interior

Heating Ductless, Electric

Cooling Wall/Window Unit(s)

Flooring Tile, Vinyl

Fireplace No

Exterior

Utilities Available Cable Available, Electricity Connected, High Speed Internet, Natural Gas Connected, Phone Available, Sewer Connected

Total Parking Spaces 26

Building

Foundation Slab

Sewer Public Sewer

Water Public

Structure Type HardiPlank Type,Stone

New Construction No

Others

Special Listing Condition Standard

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Listed by eXp Realty, LLC

NEARBY SCHOOL & BUSINESS

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Jona Ten Eyck

+1(512) 917-3767

Agent | License ID: 556803

Agent License ID: 556803

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4314 Gillis ST Austin, TX 78745

Jona Ten Eyck

Key Details

Location

Interior

Exterior

Building

Others

NEARBY SCHOOL & BUSINESS

GET MORE INFORMATION