Listed by Muskin | Elam Group
Unpriced
Park Plaza
Details
APN 239727
Property Type Multifamily
Sub Type Apartment Building
Square Footage 40,162
Net Rentable (SqFt) 40,157
Units 100
Cap Rate 6.00%
Occupancy 82%
Tenancy Multi
Class C
Year Built 1982
Acreage 31777.000
Investment Type Value Add
ATX Multifamily | 62 Units
Marketing description
Park Plaza consists of 62 units and is located at 829 Park Plaza Dr in Austin, Texas, on a large, low density site just over 3 acres. Community amenities include a swimming pool, on-site laundry, park and playground with BBQ & picnic area, and ample surface parking.
Strong workforce housing located just of IH-35 and public transit routes. Nearby retail, office, parks, and schools create a true sense of community.
Investment highlights
- Value-Add Opportunity, Under Performing Asset in Central Location With Potential to Reduce Taxes by Partnering With a CHDO
- Out-of-State Owner Since 2019 With Recent Management Change
- Occupancy in the Northeast Submarket is 92% vs Park Plaza’s Occupancy of around 80%
- Low Basis < $95K per door
- Low Density Site, providing Upside With Favorable Zoning for Redevelopment
Listing Contacts
Listed by Muskin | Elam Group
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