202 E 31st Street
Multifamily | 4.81% CAP | 3 Units
Marketing description
202 E 31st Street is one of the most compelling triplex opportunities available in the immediate UT Austin corridor — three income-producing units on 8,494 square feet of MF-1 ETOD-zoned land, literally two blocks from the heart of the University of Texas campus. At $955,000, this asset is priced below its independently estimated market value (CoreLogic AVM: $1,040,900) and offers a clear, proven path to value creation.
Two of the three units are fully renovated and leased through July 2027. Units A and C is Leased until July 2027: a buyer can begin improvements of unit C at rollover after Aug 2027. The ETOD overlay opens the door to expanded density, an ADU, or long-term redevelopment; a land-value kicker that most comparables in this corridor simply do not have.
202 E 31st Street is a three-unit income property on an 8,494 SF lot in Austin's North University neighborhood. The property consists of two structures: a front duplex (Units A and B) and a rear carport-top unit (Unit C), each with private outdoor space. Built in 1935 on a pier-and-beam foundation, two of three units have been fully renovated.
Investment highlights
- Below AVM Pricing: Offered at $955,000 vs CoreLogic RealAVM of $1,040,900 — a built-in 8.3% equity position from Day 1
- 2 Blocks to UT Austin: Walking distance to campus creates year-round tenant demand, near-zero structural vacancy, and a rental premium vs. properties half a mile away
- Two Fully Renovated Units: Units A & B are completely updated — commanding top-of-market rents with minimal near-term capex. Unit A is a large 1/1 and can get over $2095/mo. after Aug 2027 and unit B will be a 2 bed 1 bath, with a smaller 2nd bedroom that can be leased at $2,395/mo.
- Unit B Remodel Underway: $8,400 in total rent upside; Unit B remodel underway — ready in 30 days.
- ETOD Land Value Kicker: MF-1 + ETOD overlay = pathway to 4th unit, ADU, or redevelopment — locked-in land optionality in a supply-constrained corridor
- $1.22M+ In 5 Years: At 5% annual rent growth and appreciation which is conservative vs. UT area history. The property crosses $1.22M by Year 5
- 25+ Years of UT Expertise: Offered by Tony Lazarov, who has invested in and brokered UT-corridor properties for over 25 years
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