11409 Ptarmigan Austin TX 78758

Description

SVN | Angelic is pleased to present the exclusive offering of 11409-11427 Ptarmigan Drive (The "Property"), a unique, value add opportunity in Austin, TX. Constructed in 1987, the Property consists of twenty (20) total units comprised of ten (10) contiguous condo style duplex units averaging a spacious 1,002 square feet. There are several ways to add value to this property and capture extensive upside opportunity including but not limited to raising the majority of the rents to market in year one without improving the units, and/ or performing moderate interior renovations, to increase even rents even further, and/or selling off individually as four unit investments to take advantage of the residential price per units. The Average rents are $1,346/ unit, which are significantly less than comparable averages. The submarket has a strong occupancy rate of 93.2% and asking rents are up roughly 20% since the start of the pandemic, well above the national average (costar). The asset is in a prime location, situated less than 2 miles from the Domain, one of Austin's premier destinations for fashion, luxury, dining, and family fun with 100+ stores and restaurants, with plenty of nearby amenities including but not limited to Topgolf, Ascension Seton Northwest, and Dell Children's Medical Center of Central TX. Please email gabriel.silverstein@svn.com and alex.provost@svn.com for OM and additional info.