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AUSTIN, TX 78752 Ellen Muskin CROSLIN COURT 300 E. CROSLIN STREET | AUSTIN, TX 78752 20 UNITS | BUILT 1970 Shown By Appointment Only Daniel Elam - 512.343.2700 x4 Ellen Muskin - 512.343.2700 x3 [email protected] [email protected] Investment Highlights Price and Salient Data Compelling North Central Location less than a mile from the Price: Market Pricing Highland Redevelopment and the new ACC Highland Community College Central Campus Terms: All Cash or Third-Party Financed Very minimal MF Construction Activity in a 1.5-mile radius GRM: 10 Class B/C Properties in the North Central Submarket averaged 95- # of Units: 20 in One (1) Large Building 96% in the 2nd Quarter of 2018 (according to Austin Total NRSF: Investor Interests) 20,461 ± Completing renovations and stabilizing management could increase Land Area: 0.9541 ± ACR (TCAD) Rental Income: Majority Brick with small areas Exterior: Î Current In-Place Rents average $1.08 vs. current Market Rents of Siding at the property at $1.18 Roofs: Mansard Style Î Immediate Rent Comps show $1.38 and the North Central HVAC: Individual/Electric average is $1.62 Hot Water: Central Boiler System Oversized Townhome Units with 1,022 +/- SF Average Floorplans Washer/Dryer Laundry Room Distance to CBD: 6 miles (15 +/- minutes commute by car, 30 minutes by bike) Parking: 42 ± Spaces Well located in the much sought-after North Central submarket of Austin, Croslin Court Apartments offer a unique opportunity for investors. The property is just southwest of the intersection at Interstate 35 and U.S. 183 with N. Lamar Blvd to the West and Airport Blvd to the South. Access to some of Austin’s latest redevelopment initiatives makes this location extremely desirable to both tenants and for investment. Originally built in 1970, Croslin Court Apartments is located at 300 E. Croslin Street Austin, TX, 78752 and consists of one (1) building, separated by spacious breezeway areas. Surface parking wraps around building and public spaces are located along the front. This community offers 20 units of unique floorplans with two-story townhome style units averaging an overall unit size of 1,002+/- Sf which exceeds the average unit size (for properties of 1970’s & 1980’s at 711+/- SF) by almost 300+/- SF. Croslin Court’s three floorplans range from the smallest 1 bedroom–1 bath of 852 +/- SF up to the largest 3 bedroom–2.5 bath unit with 1,150 +/- SF. The buildings sit on a land site of 0.9514 acres or 41,445+/- SF according to the Travis County Appraisal District (TCAD) records. Community features include a few trendy remodeled apartments with new black or stainless steel appliances, faux wood flooring, refreshing paint color scheme, window seating, and new bathroom tiling and faucets*. Other units have “upside potential” with future value-add renovations allowing for positive rental rate increases. There is one centralized laundry facility on-site for tenant convenience. Unit interiors also feature large, walk-in closets, individual HVAC’s, ceiling fans and built-in closet shelving. In the remodeled units, bathrooms highlight white ceramic tile with glass tile accents and special sprayer shower faucets. Cooks’ kitchens have stainless steel vent hoods, tile backsplashes, accent walls and pantries. Croslin Court welcomes medium-sized pets in this friendly community with fenced-in patios on select first floor units. Tenants pay their electric bills directly to the utility company (City of Austin). There is a central hot water system shared among the units, and they are billed on a RUBS system for water/wastewater usage. * In Select Units AUSTIN, TX CROSLIN COURT CENTRAL BUSINESS DISTRICT HIGHLAND I.H.35 MIXED-USE COMMUNITY AUSTIN CC Twin Crest Drive CRESTVIEW STATION Duval Street E. Croslin Street 300 E. Croslin Street Austin, TX 78752 INVESTMENT LOCATION Croslin Court is conveniently situated in North Central Austin west of Interstate 35 and south of U.S. Highway 183 (providing excellent access to all parts of Austin.) To the west is North Lamar Blvd. and the Crestview Neighborhood, which is home to many eclectic shops, restaurants, brew pubs, and the Capital Metro Crestview Light Rail Station. To the south is Highland (formerly Highland Mall), Austin’s trendy redevelopment community housing diverse retail shops, offices, residential space, and a new high-tech campus for the Austin Community College (ACC). Located in very close proximity to Croslin Court is the Mueller Community redevelopment, a 700 +/- acre mixed-use urban site. Formerly home to the Robert Mueller Municipal Airport, the Mueller Master Plan includes a mix of commercial, residential, retail, parks and open space. The Thinkery Children’s Museum, Alamo Drafthouse, Texas Film Studios, the Rathgeber Children’s Shelter, AISD Performing Arts Center, H-E-B Grocery, Home Depot, Best Buy, and Old Navy also call this home. Within this same area is the Dell Children’s Medical Center of Central Texas, a level 1 pediatric trauma center with 1,400 +/- employees on a 32 +/- acre campus, and the Seton Hospital Administrative Office. Less than 10 miles to the Northwest is Austin’s Tech and Startup Corridor, home to many of Austin’s largest tech employers such as Dell, Apple, Samsung, IBM, Microsoft, National Instruments and HP. The Domain, an “upscale” high-density business, retail, and residential center operated by Simon Property Group and Endeavor Real Estate is within 6.4 +/- miles. Retailers include Austin’s first Neiman-Marcus, Macy’s, the Apple Store, Tesla, Aloft Hotel, Design within Reach, Anthropologie, Coach, Restoration Hardware, Tiffany & Co. and H&M. The second phase, The Domain Crossing, is located just south and adds an additional 350,000+/-SF of retail including a three-story Dillard’s, Westin Hotel, Lone Star Courts, Dick’s Sporting Goods and I-Pic Movie Theater. Domain Northside is now open with Whole Foods Market, Nordstrom, the “Rock Rose District,” and new boutique hotels and trendy and upper-end restaurants. Office tenants now include Facebook, We Work space, Fidelity Investments, Amazon, and HomeAway. The University of Texas main campus is about 5.5 miles to the south with current enrollment of 51,000 +/-. U.T. is consistently ranked one of the best public universities in the country, with top ranked programs in Business, Engineering, Law, and Medicine. Dell Medical School opened in summer 2016 and is a 211-bed teaching hospital. Nearby public schools for student attendance are Brown Elementary School, Webb Middle School, and Lanier High School (all within the Austin Independent School District) or AISD. FINANCIAL ANALYSIS | CROSLIN COURT MUSKIN COMMERCIAL UNIT MIX Unit Total Market Monthly Annual Rent/ Units Type SF± SF± Rent Mkt. Rent Mkt. Rent SF± 4 1 Bed / 1 Bath 852 3,408 $995 $3,980 $47,760 $1.17 14 2 Bed / 1.5 Bath 1,024 14,336 $1,195 $16,730 $200,760 $1.17 2 3 Bed / 2.5 Bath 1,150 2,300 $1,450 $2,900 $34,800 $1.26 20 1,002 20,044 $1,181 $23,610 $283,320 $1.18 INCOME Pro Forma Scheduled Market Rent $283,320 Less: Loss to Lease 1.00% ($2,833) Less: Vacancy 4.00% ($11,333) Less: Concessions 0.50% ($1,417) Net Rental Income $267,737 Plus: Pet Rent $2,000 Plus: Fee Income $3,000 Plus: RUBS Income $12,000 Plus: Other Income $1,000 Total Operating Income (EGI) $285,737 EXPENSES Per Unit Admin & Advertising $200 $4,000 Repairs & Maintenance $500 $10,000 Management Fee 6.00% $857 $17,144 Utilities $1,200 $24,000 Contracted Services $625 $12,500 Real Estate Taxes 2.213985% $2,945 $58,890 Insurance $300 $6,000 Total Expenses $132,534 Per Unit: $6,627 Per SF: $6.61 NET OPERATING INCOME $153,203 Real Estate Taxes are based on 2018 Assessed Value Property Available on All Cash or Third-Party Financed Basis Contact Agents for Actual Property Financials 512.343.2700 - [email protected] CROSLIN COURT DETAILS Property Features Community Features Two-Story Townhome Units Fenced Patios on Select First Floor Units * Huge Average Unit Size (1,002 ± SF) Laundry Room On-Site Black and Stainless Steel Appliances * Super Easy Access to Major Thoroughfares (IH-35, U.S. 183, U.S. 290, N. Lamar Blvd, and Airport Blvd) Desirable Gas Fired Ranges & Ovens Local Favorite Restaurants and Nightlife: Black Star Co-Op, Faux Wood-Look Vinyl Flooring Torchy’s Tacos, Fuzzy’s Taco Shop, BullFight, Kome Sushi, Ojos Upgraded Lighting Fixtures and Hardware Packages * Locos Sports Cantina, Buffalo Wild Wings, Whichcraft, and Halcyon Ample Resident Parking | Cul-De-Sac Street Walking Distance to Crestview Station Light Rail Stop (Servicing Window Seats and Designer Paint Colors * the Eastside and Downtown Austin) * In Select Units Croslin Court Apts. PROXIMITY MAP of AUSTIN Miles +/- to: ACC Highland Campus 1.0 mi. AUSTIN TECH and METRORAIL Crestview 1.0 mi. STARTUP CORRIDOR Mueller Community 3.0 mi. University of Texas 4.7 mi. 35 Round Austin CBD 6.2 mi. 183 Cedar Park Rock The Domain 6.4 mi. Samsung 7.7 mi. Apple 9.4 mi. MetroRail Lakeline Station 45 Lakeline Mall 45 620 1 183 35 Lake LABS Travis Arboretum The Domain 620 183 Croslin Court MetroRail Crestview Station Apartments 290 ACC 1 Highland Mueller University Community of Texas 35 State Capitol 183 CBD Lady Bird Lake 1 1 mi. 35 Information About Brokerage Services 11-2-2015 Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
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