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2412 Richcreek Rd. | Austin , T X 7875718 UNIT MULTIFAMILY PROPERT Y | MIDTOWN | AUSTIN
DANIEL ELAM512.343.2700 x4
ELLEN MUSKIN512.343.2700 x3
SHOWN BY
APPOINTMENT ONLY
WITH LISTING AGENTS
VIEWPROPERTY WEBSITE:
Richcreek Rd.
Richcreek Rd.
Richcreek Rd.
Burnet Rd.
Burnet Rd.
Burnet Rd.
University of Texas | 5.8 ± MilesAustin (CBD) | 6.4 ± Miles
ALLANDALE FLATS
AERIAL VIEW ALLANDALE FLATS
Apple recently broke ground on their NEW $1 Billion ,133- acre Austin campus with room for 15,000 additional employees. (6.5 ± miles from Allandale Flats)
Major companies like Dell, IBM, Microsoft, Facebook, Samsung, Amazon, and St. David’s North Austin Medical Center are about a 10 minute commute.
Austin’s first Major League Team “Austin FC” will play at the new, 20,500-seat, privately-funded soccer stadium opening in 2021. (2.5 ± miles from Allandale Flats)
Less than a mile from Northcross Mall and West Anderson Lane’s “Restaurant Row.” Less than 7 ± miles to the University of Texas and Downtown Austin.
Allandale Flats ApartmentsWell-located in the much sought-after North Central submarket of Austin, Allandale Flats offers a unique opportunity for investors.
Originally built in 1971 and renovated in 2015 and 2019, Allandale Flats is 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 Road and West Anderson Lane, with U.S. Highway 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, The University of Texas, Austin CBD, and The Domain — “Austin’s Second Down-town” — makes this location extremely desirable. Burnet Road is benefiting from 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 $687,500 per the Austin Multiple Listing Service.
Price: $2,495,000
# of Units: 18 Total
# of Buildings: 1 Total
Years Renovated: 2015 / 2019
Total NRSF: 6,120 ± (TCAD)
Land Area: 0.2698 ± ACRES (TCAD)
Zoning: CS - Commercial Services
Exterior: Brick and Wood
Roofs: Newest TPO (2015)
HVAC: Individual in Each Unit
Central Boiler: Rheem Gas 91-Gallon
Laundry Room: One On-Site (2W & 2D)
Common Area: 1 Picnic Table & 1 Grill
Parking: 17 ± Surface Spaces
SALIENT FACTS
INVESTMENT OVERVIEW ALLANDALE FLATS
Æ Located in the quickly gentrifying Burnet Road Corridor in the Allandale neighborhood of Austin
Æ Less than 7 miles to the State Capitol and Austin’s Downtown and CBD
Æ Extensive exterior renovations include: NEW full exterior paint and trim, perimeter wood-fencing, landscape improvements, lighting fixtures, patio courtyard, and re-paved parking lot
Æ Complex sits at entrance of the uber-popular single-family Allandale neighborhood with homes averaging $687,500 (according to the Austin MLS)
Æ Recent Leases Signed at 18.75% Premium
INVESTMENT HIGHLIGHTS
Exterior Capital Improvements Completed in 2019
• Re-paved and re-striped parking lot • New wood privacy fencing • New paint and trim for entire building facade • • New trash and recycling containers with newly built enclosure • New eye-catching signage • Enhanced landscaping •
• Picnic table, BBQ, and sun shades • Community planter boxes for tenant use • Efficient exterior lighting fixtures • • Welded second floor metal railing with modern design • Efficient exterior lighting fixtures • Courtyard patio •
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.
Property Character
Community features include trendy remodeled apartments with new white appliances, double-basin stain-less kitchen sinks, cabinet and drawer pulls, two variations of faux-wood flooring, gray 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 central laundry facility on-site with two new commercial washers/dryers for tenant’s convenience. Allandale Flats offers one surface parking space per resident.
This community is comprised of all studio apartments, offering a spacious floor plan with recent renovations.
INVESTMENT OVERVIEW ALLANDALE FLATS
COMMUNITY FEATURES
n New shaded courtyard patio with picnic table and BBQ
n Laundry room on-site with new washers and dryers (2W/2D)
n New wooden perimeter privacy fence and exterior lighting fixtures
n Super easy access to major thoroughfares (Loop-1 Mopac, U.S. 183, Burnet Rd., N. Lamar Blvd., and W. Koenig Ln.)
n Walking distance to the Northcross Mall redevelopment
n 18 ± detached storage units
n 17 ± surface parking spaces
n Close to local favorite restaurants and nightlife: Alamo Drafthouse Cinema, Bartlett’s, Hopdoddy Burger Bar, El Mercado, Tacodeli, Ichiban, The Local Post Pub, Lala’s Little Nugget, Growler Room, Yard Bar, Barley Swine, Pour House Pub
INTERIOR FEATURES
n Two-story garden style walkups
n Desirable gas-fired ranges and ovens
n Modern gray cabinetry and white ceramic subway tile backsplashes
n Efficient bar counter island seating
n Faux wood-look vinyl flooring
n Upgraded lighting fixtures and hardware packages
n Pedestal-style sinks in bathrooms
n Pendant lighting in kitchens
PROPERTY DETAILS ALLANDALE FLATS
EXPENSES Per Unit
T-12 Expensesfrom
June 2020Admin. & Advertising $50 $900 $100 $100Repairs & Maintenance $350 $6,300 $3,706 $3,706Management Fee 5.00% $598 $10,771 — —Utilities $514 $9,250 $9,246 $9,246Contracted Services $194 $3,500 $3,870 $3,870Real Estate Taxes 2.196521% $2,436 $43,843 $22,613 $22,613Insurance $400 $7,200 $7,502 $7,502Total Expenses $81,763 $47,036 $47,036
Net Operating Income $133,653 $153,735 $147,490
INCOMEStabilized
Underwriting
Trailing - 3 Income (APR - JUN 2020)
Annualized
Trailing - 12from
June 2020Scheduled Market Rent $215,784 — —
Less: Loss to Lease 1.00% ($2,158) — —Less: Vacancy 4.00% ($8,631) — —Less: Concessions 0.50% ($1,079) — —
Net Rental Income $203,916 $193,120 $189,075
Plus: Fee Income $500 —Plus: Laundry Income $2,000 $1,160 $1,720Plus: RUBS Income $8,000 $6,491 $3,731Plus: Other Income $1,000 — —
Total Operating Income (EGI) $215,416 $200,771 $194,526
UNIT MIX
Units TypeUnit SF±
Total SF±
Market Rent
Monthly Mkt. Rent
Annual Mkt. Rent
18 Studios 330 5,940 $999 $17,982 $215,784
FINANCIAL ANALYSIS ALLANDALE FLATS
Disclaimer: Information shown on this map is compiled from numerous sources and may not be complete or accurate. Muskin Commercial, LLC provides this map without any warranty of any kind whatsoever, either express or implied.
DESS
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T E C HCENTER
INNOVATIONCENTER
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State of TexasUniversity of TexasH-E-B (Grocery Chain)City of AustinDell TechnologiesFederal GovernmentAustin ISDSt. David's HealthCareAscension SetonSamsung Austin SemiconductorAppleRound Rock ISDIBM Corp.U.S. Internal Revenue ServiceTravis CountyTexas State UniversityLeander ISDNXP SemiconductorsAmazonAustin Community College
62,85323,92513,75613,53113,00012,79512,22710,309
9,9478,9357,0006,3456,0005,7005,3094,8734,6984,0003,9003,553
AUSTIN’SLARGEST
EMPLOYERS
ALLANDALE FLATSEMPLOYERPROXIMITY
MAP
Richcreek Rd.
Richcreek Rd.
Burnet Rd.Burnet Rd.
Burnet Rd.Burnet Rd.
University of Texas | 5.8 ± Miles
Austin (CBD) | 6.4 ± Miles
Located 0.5 miles ± to the north of Allandale Flats at the corner of Burnet Road and West Anderson Lane is Northcross Mall, a 280,099 ± SF shopping center anchored by a modern Walmart Supercenter. Renovated within the last decade, Northcross Mall is a shopping, eating,and entertainment complex home to Walgreens, Guitar Center, Norris Conference Center, School of Rock – Austin, Which-Wich, Tea Haus, Tino's Greek Cafe, Schlotzky’s, Dos Batos, Gamestop, Panda Express and more.
Allandale Flats sit behind commercial services fronting along Burnet Road to the east and well-maintained single-family homes to the west. Located within walking distance is the highly-acclaimed Read Elementary School (includes pre-kindergarten programs up to fifth grade), Lucy Read School Park, and the Beverly S. Sheffield Northwest Municipal District Park with an Olympic-sized swimming pool, splash pools, large picnic and open grassy areas, basketball and tennis courts and ample parking.
Allandale Flats is conveniently situated in Mid-town Austin, east of Loop 1 (MoPac) and south of U.S. Highway 183 (providing excellent access to all parts of Austin), and is centrally located between two of Midtown’s fastest growing food and eclec-tic shopping areas: The Burnet Road Corridor and West Anderson Lane.
ALLANDALE FLATS
INVESTMENT LOCATION ALLANDALE FLATS
The Domain
CampMabry
GatewayCenter
NorthcrossMall
Arboretum
Universityof Texas
U.T. JJ PickleResearchCampus
HighlandACC
BURN
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NORTHLOOP BLVD W
PERRY LN
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183
1
1
1About 6 ± miles to the south of Allandale Flats is The University of Texas main campus. With current enrollment of 51,800 ± students, U.T. is consistently ranked one of the best public universities in the country, with top ranked programs in Business, Engineering, Law, and Medicine. U.T. is also a major center for academic research that includes seven muse-ums and seventeen libraries.
The University of Texas J.J. Pickle Research Campus, a satellite research facility, is only 2.2 ± miles north of Allandale Flats.
Only 2 ± miles from Allandale Flats is Highland — a sustainable mixed-use development trans-forming the former Highland Mall into a new 3.29M ± SF community featuring a public plaza, a common area, ground-floor retail, office and commercial space, and residential space.
Anchoring Highland is the new 1.3M ± SF high-tech campus for the Austin Community College (ACC). This campus features the ACCelerator learning lab, VA Resource Center, Bioscience Incubator, and the Texas A&M Chevron Engi-neering Academy.
Running north and south, the Burnet Road Corridor bisects the Allandale, Brentwood, and Crestview neighbor-hoods, bringing new development and business opportunities as well as a string of Austin’s homegrown favor-ite restaurants such as Torchy’s Tacos, Lucy’s Fried Chicken, The Peached Torti-lla, Amy’s Ice Creams, El Chilito, Barley Swine, Ichiban, and Top Notch Hamburg-ers. On West Anderson Lane, you’ll find a mix of upscale, mid-level, ethnic, and fast-casual offerings, like Bartlett’s, Hopdoddy Burger Bar, Cover 3, Korea House, Madam Mam’s, Chipotle, and Phonatics. West Anderson Lane is also home to the Alamo Drafthouse Cinema: Village, part of Austin’s nationally famous dine-in movie theatre chain.
The City of Austin anticipates invest-ing around $50M from the 2016 Mobil-ity Bond on improvements in the Burnet Road Corridor. Currently in the design phase, construction is anticipated between 2021 and 2024.
Learn more about these improvements at the City of Austin website.
Area Character
Improvements
First Class Education OpportunitiesBurnet Road Corridor
ALLANDALE FLATS
INVESTMENT LOCATION ALLANDALE FLATS
AUSTIN INVESTOR INTERESTS 1st Quarter 2020 Trend Report
NORTH CENTRAL SUBMARKET
Average Studio Rents
$1,240
Average Occupancy forProperties Built Before 1980
96.6%
Rent Growth for past 24 months
11.07%
Area Highlights
n Darrell K. Royal Memorial Stadium n Harry Ransom Center n Bass Concert Hall n LBJ Presidential Library n Bob Bullock History Museum n Frank Erwin Center n Blanton Museum n Alamo Drafthouse Cinema n High 5 - Bowling / Arcade n Chaparral Ice Rink n Pinballz Arcade n Regal Gateway & IMAX
ENTERTAINMENT
n Lucy Read School Park n Bev. S. Sheffield NW District Park n Wooten Neighborhood Park n Brentwood Neighborhood Park n Bull Creek Preserve n Mount Bonnell n Emma Long Metropolitan Park n Zilker Metropolitan Park
OUTDOORS
n Walmart Supercenter n HEB Grocery n Whole Foods Market n El Mercado n Tacodeli n Bartlett's n Hopdoddy Burger Bar n Panda Express n Top Notch Hamburgers n Ichiban n Barley Swine n Flyrite Chicken
FOOD / RESTAURANTS
n Interstate Highway 35 n Highway 183 n Highway 290 n Loop 1 (MoPac Expwy) n Metric Boulevard n Burnet Road n Rundberg Lane n North Lamar Boulevard
EASY ACCESS
n The Local Post Pub n Cover 3 n Lala's Little Nugget n Pour House Pub n Yard Bar n Aristocrat Lounge n The Little Longhorn Saloon n Nosh & Bevvy n Nigh Owl n Buddy's Place n Waterloo Ice House n The Common Interest
NIGHTLIFE
n The Domain n The Domain NORTHSIDE n Northcross Mall n The Village Shopping Mall n The Arboretum n The Shops at Arbor Walk n Gateway Shopping Center n Arboretum Crossing
RETAIL / SHOPPING
INVESTMENT LOCATION ALLANDALE FLATS
Muskin Commercial, LLC has prepared this brochure to provide summary information to prospective purchasers and makes no warranty or representation about the content. While this information has been obtained from sources believed to be reliable; Muskin Commercial, LLC has not conducted any investigation regarding these matters and prospective purchasers should independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are examples only and do not necessarily represent the current or future performance of the property. This brochure does not constitute an offer of sale, but is merely an invitation to bid.
4601 Spicewood Springs RoadBuilding 4, Suite 101Austin, TX 78759 WWW.MUSKINCOMMERCIAL.COM
DANIEL ELAM512.343.2700 x4
ELLEN MUSKIN512.343.2700 x3
For information on Multifamily Properties in Austin, Texas —please contact:
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