Swedish Hill Apartments
7-unit multifamily community walking distance to downtown Austin
Marketing description
Seize a rare opportunity to own a multifamily property in the coveted Swede Hill neighborhood of Inner East Austin. Swedish Hill Apartments is a 7-unit multifamily community built by the current owner in 1985. We have the original blueprints in hand!
From a design and architectural perspective, 1009 East 16th Street is a distinctive example of a mid-1980s multi-level infill residential design. It features a bold, three-story vertical massing with a prominent front-facing gabled roofline. On the top floor (the third level), the design features loft-style bedrooms creating an airy and spacious feel.
1009 E 16th St represents a compelling opportunity for investors and developers to secure a foothold in one of Austin's top-performing neighborhoods. The current improvements provide holding income and / or the opportunity to remodel to increase rents. The lot's proximity to downtown and views make it an attractive immediate or long-term redevelopment option.
Investment highlights
- Strong Rental Demand - Supported by proximity to UT, East Austin, Downtown and other employment centers
- LR-MU-NP - This is Limited Retail zoning combined with Mixed Use overlay which would allow for several development paths including residential, small scale retail, professional offices or pet services.
- Affordable Rents - Well below the Austin metro average
- Austin Beginning to Rebound - Multifamily constructions starts at 10 year low. Austin boasts the lowest Rent to Income Ratio in the country (18%), while ranking #1 in Job Growth
- Prime East Austin Location - E. 16th & Navasota, walkable to Dell Medical School, the Capitol, Moody Center, and East Austin dining and entertainment, with easy access to I-35 and E. 15th Street.
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