1505 & 1509 Oreilly Ct

Description

A 9 unit property across 2 lots over 2.6 acres consisting of a 4-plex, duplex, commercial shop, a tiny house, and a yurt within 1200 feet of highway 620.. The tiny house and yurt are successful short term rentals that generated $88k last year. They both back up to a wet weather creek and a heavily wooded area that makes for a true oasis with hot tubs on elevated decks and a barrel sauna. The 4-plex is two stories and has two 2/1s on the first floor and two 1/1s upstairs. Unit D was just updated with fresh paint, new stove, vent hood, light fixtures, new luxury vinyl in the kitchen and bathroom, carpet professionally cleaned and stretched, and a new toilet. This unit rents for $1300 a month and the other three rent for $1200. The duplex units are both 2/1s. Unit B has just been completely remodeled. All new paint inside and outside, all new floors, new cabinets, countertops, appliances, shower, vanities, toilet, interior doors, plugs and switches, and light fixtures. This unit can either be rented long term for $1995 a month or more, or would make a great addition to the short term rentals as it backs to the wooded area and could easily generate $3-$4k a month as an STR. The commercial shop is 2112 sq ft and has a full kitchen, full bathroom and a loft room. It has two large garage doors. It's currently rented out for $2200 a month. There are two septics on the property and one water well serving the property with several water storage tanks. This property has lots of different possibilities and also does have access to Water district 17 water. Being right outside of Lakeway and in the ETJ of Austin and having no HOA or restrictions with surrounding commercial businesses gives you so many options for this property. One of the owners is a licensed Real Estate Broker in the the state of Texas. 2022 Financials Gross revenue $180k (Two vacancy remodels during 2022) 2023 Projected Gross $205k NOI $110k 5% cap rate