18 UNIT MULTIFAMILY PROPERTY | MIDTOWN | AUSTIN, TX

2412 RICHCREEK RD | AUSTIN, TX 78757

Burnet Rd.

Burnet Rd. Richcreek Rd.Richcreek Rd.

Richcreek Rd.Richcreek Rd.

Burnet Rd.

Burnet Rd.

Burnet Rd.

Burnet Rd.

University of TexasAustin CBD

DANIEL ELAM512.343.2700 x4daniel@muskincommercial.com

ELLEN MUSKIN512.343.2700 x3ellenm@muskincommercial.com

SHOWN BY

APPOINTMENT ONLY

WITH LISTING AGENTS

Price: $2,495,000

# of Units: 18 Total

# of Buildings: 1 Total

Years Renovated: 2015 / 2019

Total NRSF: 6,120 ± (TCAD)

Land Area: 0.2698 ± ACRES (TCAD)

Zoning: CS - Commercial Services

Exterior: Brick and Wood

Roofs: Newest TPO (2015)

HVAC: Individual in Each Unit

Central Boiler: Rheem Gas 91-Gallon

Laundry Room: One On-Site (2W / 2D)

Common Area: 1 Picnic Table & 1 Grill

Parking: 18 ± Surface Spaces

Salient FactsAllandale Flats Apartments

Well-located in the much sought-after North Central submarket of Austin, Allandale Flats offers a unique opportunity for investors.

Exterior Capital Improvements Completed in 2019

· Re-paved and re-striped parking lot · New paint and trim for entire building facade · · New wood privacy fencing · New trash and recycling containers with newly built enclosure ·

· Enhanced landscaping · Community planter boxes for tenant use · Courtyard patio · · Picnic table, BBQ, and sun shades · Welded second floor metal railing with modern design ·

· Efficient exterior lighting fixtures · New eye-catching signage ·

Originally built in 1971 and renovated in 2015 and 2019, Allandale Flats is located at 2412 Richcreek Rd., Austin, TX, 78757 and consists of 18 units in one (1) two-story building, with 18 detached storage closets on-site as well. The property is in the Burnet Road Corridor, south of the intersection of Burnet and West Anderson Lane, with U.S. Hwy. 183 to the north, Loop 1 (MoPac) to the west, FM 2222 (Koenig Lane) to the south, and IH-35 to the East.

Quick access to the Austin Tech Corridor, The University of Texas, Austin CBD, and The Domain—”Austin’s Second Downtown,” makes this location extremely desirable. Burnet Road is benefiting from a resurgence of fresh life in an already desirable area that is very well established. The price of single-family homes sold within 0.5 miles of the property in the last 90 days average $687,500 per the Austin Multiple Listing Service.

Compelling location: Less than a mile from Northcross Mall and West Anderson Lane’s “Restaurant Row.” Less than 7 ± miles to the University of Texas and Downtown Austin.

Austin’s first Major League team “Austin FC” will play at the future 20,500-seat, privately-funded soccer stadium at McKalla Place.

(2.5 ± miles from Allandale Flats)

Apple recently broke-ground on their NEW $1 Billion ,133-acre Austin campus with room for up to 15,000 employees.

(6.5 ± miles from Allandale Flats)

Major companies like Dell, IBM, Microsoft, Facebook, Vrbo/HomeAway, Samsung, Amazon, and St. David’s North Austin Medical Center are a 10 ± minute commute.

MUSKINCOMMERCIAL

INVESTMENT OVERVIEW | ALLANDALE FLATS

Î Located in the quickly gentrifying Burnet Road Corridor in the Allandale neighborhood of Austin

Î Less than 7 miles to the State Capitol and Austin’s Downtown and CBD

Î Extensive exterior renovations include: NEW full exterior paint and trim, perimeter wood-fencing, landscape improvements, lighting fixtures, patio courtyard, and re-paved parking lot

Î Complex sits at entrance of the uber-popular single-family Allandale neighborhood with homes averaging $687,500 (according to the Austin MLS)

Î Recent Leases Signed at 18.75% Premium

INVESTMENT HIGHLIGHTS

Property Character

This community is comprised of all studio apartments, offering a spacious floor plan with recent renovations. The building sits on a land site of 0.269814 acres (11,753 +/- SF) with 6,120 +/- SF of living area according to the Travis County Appraisal District (TCAD) records. Community features include trendy remodeled apartments with new white appliances, double-basin stainless kitchen sinks, cabinet and drawer pulls, two variations of faux-wood flooring, gray and espresso stained cabinets, white subway ceramic tile backsplashes, new IKEA bathroom vanities and lighting, drop-down kitchen pendant lighting, gas stoves for cooking, and multiple closets. There is one central laundry facility on-site with two new commercial washers/dryers for tenant’s convenience. Allandale Flats offers one surface parking space per resident.

AUSTIN

NO. 1 Best Place To Live In The U.S.- U.S. News & World Report -

NO. 1 Market for Real Estate Investment

- PricewaterhouseCoopers / ULI -

6th Fastest Growing Rents in

the U.S.- Apartment List -

Since 2014, Rents Grew 15.7%, outpacing the

National Average of 11.3%

- Apartment List -

Median Rent is 23% Higher than National Average

- Apartment List -

MUSKINCOMMERCIAL

INVESTMENT OVERVIEW | ALLANDALE FLATS

INVESTMENT LOCATION

MUSKINCOMMERCIAL

Running north to south, the Burnet Road Corridor bisects the Allandale, Brentwood, and Crestview neighborhoods, bringing new development and business opportunities as well as a string of Austin’s homegrown favorite restaurants such as Torchy’s Tacos, Lucy’s Fried Chicken, The Peached Tortilla, Amy’s Ice Creams, El Chilito, Barley Swine, Ichiban, and Top Notch Hamburgers. On West Anderson Lane, you’ll find a mix of upscale, mid-level, ethnic, and fast-casual offerings, like Bartlett’s, Hopdoddy Burger Bar, Cover 3, Korea House, Madam Mam’s, Chipotle, and Phonatics. West Anderson Lane is also home to the Alamo Drafthouse Cinema: Village, part of Austin’s nationally famous dine-in movie theatre chain.

Located 0.5 miles ± to the north of Allandale Flats at the corner of Burnet Road and West Anderson Lane is Northcross Mall, a 280,099 ± SF shop-ping center anchored by a modern Walmart Supercenter. Renovated within the last decade, Northcross Mall is a shopping, eating,and entertainment complex home to Walgreens, Guitar Center, Norris Conference Center, School of Rock – Austin, Which-Wich, Tea Haus, GNC, Schlotzky’s, Dos Batos, Gamestop, Panda Express and more.

Allandale Flats sit behind commercial services fronting along Burnet Road to the east and well-maintained single-family homes to the west. Located within walking distance is the highly-acclaimed Read Elementary School (includes pre-kindergarten programs up to fifth grade), Lucy Read School Park, and the Beverly S. Sheffield Northwest Municipal District Park with an Olympic-sized swimming pool, splash pools, large picnic and open grassy areas, basketball and tennis courts and ample parking.

» Highland (formerly Highland Mall) - Austin’s new Education-hub consists of housing, diverse retail shops, offices, residential space, and a new high-tech campus for the Austin Community College (ACC). Only 2 ± miles southeast of Allandale Flats.

» The Domain - An “upscale” lifestyle center with high-density business, retail, and residential is within 3 ± miles of Allandale Flats. Retailers include Austin’s first Neiman-Marcus, Macy’s, Apple Store, Tesla, Aloft Hotel, Design Within Reach, Anthropologie, Coach, Tiffany & Co. and H&M. Office tenants now include: Facebook, Fidelity Investments, Amazon, and Vrbo/HomeAway.

The City of Austin anticipates investing around $50M from the 2016 Mobility Bond on improvements in the Burnet Road Corridor, currently in the design phase. Some of those goals will include:

• Improve access to employers, services, healthcare, af-fordable housing, businesses, schools, recreation, cultural centers, parks, and greenspaces

• Create livable, walkable, safe and transit-supportive corridors

• Make walking and cycling safer and more comfortable by enhancing bicycle network/provide links to routes

NOTABLE AREA DEVELOPMENTS

Burnet Rd.Burnet Rd.

Burnet Rd.Burnet Rd.

Richcreek Rd.

Richcreek Rd.

University of Texas

Austin CBD

Allandale Flats is conveniently situated in Midtown Austin, east of Loop 1 (MoPac) and south of U.S. Highway 183 (providing excellent access to all parts of Austin), and is centrally located between two of Midtown’s fastest growing food and eclectic shopping areas: The Burnet Road Corridor and West Anderson Lane.

Community Features

� 18 detached storage units | 18 surface parking spaces

� New shaded courtyard patio with picnic table and BBQ

� Laundry room on-site with new washers and dryers (2W/2D)

� New wooden perimeter privacy fence and exterior lighting fixtures

� Super easy access to major thoroughfares (Loop-1 Mopac, U.S. 183, Burnet Rd., N. Lamar Blvd., and W. Koenig Ln.)

� Close to local favorite restaurants and nightlife: Alamo Drafthouse Cinema, Bartlett’s, Hopdoddy Burger Bar, El Mercado, Tacodeli, Ichiban, The Local Post Pub, Lala’s Little Nugget, Growler Room, Yard Bar, Barley Swine, Pour House Pub

� Walking distance to the Northcross Mall redevelopment

� Two-story garden style walkups

� Desirable gas-fired ranges and ovens

� Modern gray cabinetry and white ceramic subway tile backsplashes

� Efficient bar counter island seating

� Faux wood-look vinyl flooring

� Upgraded lighting fixtures and hardware packages

� Pedestal-style sinks in bathrooms

� Pendant lighting in kitchens

Interior Features

PROPERTY DETAILS | ALLANDALE FLATS

MUSKINCOMMERCIAL

Average Studio Rents

=$1,240

Average Occupancy for Properties Built

Before 1980=

96.6%

Rent Growth for Past 12 Months

=

7.96%

NORTH CENTRAL SUBMARKETAUSTIN INVESTOR INTERESTS1st Quarter 2020 Trend Report

EXPENSES Per Unit

JUN '19 - APR '20Expenses

Annualized

Admin. & Advertising $50 $900 $218 $218

Repairs & Maintenance $350 $6,300 $3,225 $3,225

Management Fee 5.00% $598 $10,771 — —

Utilities $514 $9,250 $9,175 $9,175

Contracted Services $194 $3,500 $3,763 $3,763

Real Estate Taxes 2.196521% $2,436 $43,843 $18,972 $18,972

Insurance $400 $7,200 $7,502 $7,502

Total Expenses $81,763 $42,856 $42,856

NET OPERATING INCOME $133,653 $156,216 $148,490

INCOMEStabilized

Underwriting

Trailing - 3 Income(FEB - APR '20)

Annualized

June 2019 - April 2020Annualized

Scheduled Market Rent $215,784 — —

Less: Loss to Lease 1.00% ($2,158) — —

Less: Vacancy 4.00% ($8,631) — —

Less: Concessions 0.50% ($1,079) — —

Net Rental Income $203,916 $191,720 $186,720

Plus: Fee Income $500 — —

Plus: Laundry Income $2,000 $1,732 $1,773

Plus: RUBS Income $8,000 $5,620 $2,852

Plus: Other Income $1,000 — —

Total Operating Income (EGI) $215,416 $199,072 $191,346

MUSKINCOMMERCIAL

FINANCIAL ANALYSIS | ALLANDALE FLATS

UNIT MIX

Units TypeUnit SF±

Total SF±

Market Rent

Monthly Mkt. Rent

Annual Mkt. Rent

18 Studios 330 5,940 $999 $17,982 $215,784

�������������� ����� �������������������� !�"#$!�����!�����%�%��$&�'����%()$*�%+�,(��( $')$',(!-�%$('�.(#%.!(/�!�)���!*$&��%(0!(�0�&%$*�.#1�!�2%�'�'%�2�����!��'3��'3�(!3�456789:;<8=>895=58>?@8A98B:>C8<9DE =F<:G8<HIJKILMNIHOPKQMJRPPOJMSKJRTKRUVHWHVHKIXHNUPYZHNTRUVILKJQMJ[KZO\IRPKIRTKNVIILMNIMJKZO\V]KOJMSKJE =9=>89=_8A5[YIVOKILMNIMJKZO\ROJMSKJRNZ MJSI HV]UPHKNVIMNOK]RPQMQV]KOJMSKJ=F<:G8<a9b?A?bcbCc5?89<8dc?<8CF6>=ef=ghijklimlnjojpmqkqporplslnrllnjtpqujppjopjmjklmvDE wYVV]KHNVKJKIVIMQV]KUPHKNVROMWKRPPMV]KJIXHNUPYZHNTV]KOJMSKJxIM NHNVKJKIVIyE zNQMJ[V]KUPHKNVMQRN\[RVKJHRPHNQMJ[RVHMNROMYVV]KLJMLKJV\MJVJRNIRUVHMNJKUKHWKZO\V]KOJMSKJyE {NIKJV]KUPHKNVxI|YKIVHMNIRNZLJKIKNVRN\MQQKJVMMJUMYNVKJ}MQQKJQJM[V]KUPHKNVyRNZE ~JKRVRPPLRJVHKIVMRJKRPKIVRVKVJRNIRUVHMN]MNKIVP\RNZQRHJP\=>?@8A98B:>C8<@=A<87<898A5=7=<56?A=<8=>895=585<=A9=@5?:AD=9=_8A5;:<:eA8<f98>>8<�>=AC>:<CvD~]KOJMSKJOKUM[KIV]KLJMLKJV\M NKJxIRTKNVV]JMYT]RNRTJKK[KNV HV]V]KM NKJXYIYRPP\HNR JHVVKNPHIVHNTVMIKPPMJLJMLKJV\[RNRTK[KNVRTJKK[KNV{NM NKJxIRTKNV[YIVLKJQMJ[ V]KOJMSKJxI[HNH[Y[ ZYVHKIROMWKRNZ[YIVHNQMJ[ V]K M NKJMQRN\[RVKJHRPHNQMJ[RVHMNROMYVV]KLJMLKJV\MJVJRNIRUVHMNSNM NO\V]KRTKNVXHNUPYZHNTHNQMJ[RVHMNZHIUPMIKZVMV]KRTKNVMJIYORTKNVO\V]KOY\KJMJOY\KJxIRTKNV=9=_8A5;:<Fc68<�58A=A5D~]KOJMSKJOKUM[KIV]KOY\KJ�VKNRNVxIRTKNVO\RTJKKHNTVMJKLJKIKNVV]KOY\KJXYIYRPP\V]JMYT]RJHVVKNJKLJKIKNVRVHMNRTJKK[KNV{OY\KJxIRTKNV[YIVLKJQMJ[ V]KOJMSKJxI[HNH[Y[ ZYVHKIROMWKRNZ[YIVHNQMJ[ V]KOY\KJMQRN\[RVKJHRPHNQMJ[RVHMNROMYVV]KLJMLKJV\MJVJRNIRUVHMNSNM NO\V]KRTKNVXHNUPYZHNTHNQMJ[RVHMNZHIUPMIKZVMV]KRTKNVO\V]KIKPPKJMJIKPPKJxIRTKNV=9=_8A5;:< F:5B �?A58<b8C?=<6D~MRUVRIRNHNVKJ[KZHRJ\OKVKKNV]KLRJVHKIV]KOJMSKJ[YIVQHJIVMOVRHNV]K JHVVKNRTJKK[KNVMQKRU]LRJV\VMV]KVJRNIRUVHMN ~]K JHVVKNRTJKK[KNV[YIVIVRVK ]M HPPLR\V]KOJMSKJRNZXHNUMNILHUYMYIOMPZMJYNZKJPHNKZLJHNVXIKVQMJV]V]KOJMSKJxIMOPHTRVHMNIRIRNHNVKJ[KZHRJ\{OJMSKJ ]MRUVIRIRNHNVKJ[KZHRJ\�E �YIVVJKRVRPPLRJVHKIVMV]KVJRNIRUVHMNH[LRJVHRPP\RNZQRHJP\yE �R\X HV]V]KLRJVHKIx JHVVKNUMNIKNVXRLLMHNVRZHQQKJKNVPHUKNIK]MPZKJRIIMUHRVKZ HV]V]KOJMSKJVMKRU]LRJV\�M NKJRNZOY\KJ�VMUM[[YNHURVK HV]XLJMWHZKMLHNHMNIRNZRZWHUKVMXRNZURJJ\MYVV]KHNIVJYUVHMNIMQKRU]LRJV\VMV]KVJRNIRUVHMNE �YIVNMVXYNPKIIILKUHQHURPP\RYV]MJH�KZHN JHVHNTVMZMIMO\V]KLRJV\XZHIUPMIK�� V]RVV]KM NKJ HPPRUUKLVRLJHUKPKIIV]RNV]K JHVVKNRISHNTLJHUKy� V]RVV]KOY\KJ�VKNRNV HPPLR\RLJHUKTJKRVKJV]RNV]KLJHUKIYO[HVVKZHNR JHVVKNMQQKJyRNZ� RN\ UMNQHZKNVHRPHNQMJ[RVHMN MJRN\ MV]KJHNQMJ[RVHMN V]RVR LRJV\ ILKUHQHURPP\ HNIVJYUVI V]K OJMSKJHN JHVHNT NMVVMZHIUPMIKXYNPKIIJK|YHJKZVMZMIMO\PR ^=99cF=_8A5D{PHUKNIK]MPZKJRUVIRIRIYORTKNV ]KNRHZHNTROY\KJHNRVJRNIRUVHMN HV]MYVRNRTJKK[KNVVMJKLJKIKNVV]KOY\KJ{IYORTKNVURNRIIHIVV]KOY\KJOYVZMKINMVJKLJKIKNVV]KOY\KJRNZ[YIVLPRUKV]KHNVKJKIVIMQV]KM NKJQHJIV5:=�:?CC?97c589�=>>=_<88b8A59F85e88A6:c=AC=F<:G8<9B:c>CF8?Ae<?5?A_=AC@>8=<>6895=F>?9BDE ~]KOJMSKJxIZYVHKIRNZJKILMNIHOHPHVHKIVM\MYXRNZ\MYJMOPHTRVHMNIYNZKJV]KJKLJKIKNVRVHMNRTJKK[KNVE �]M HPPLR\V]KOJMSKJQMJIKJWHUKILJMWHZKZVM\MYX ]KNLR\[KNV HPPOK[RZKRNZ]M V]KLR\[KNV HPPOKURPUYPRVKZ>?@8A98B:>C8<@:A5=@5?A;:<b=5?:AD~]HINMVHUKHIOKHNTLJMWHZKZQMJHNQMJ[RVHMNLYJLMIKIzVZMKINMVUJKRVKRNMOPHTRVHMNQMJ\MYVMYIKV]KOJMSKJxIIKJWHUKIwPKRIKRUSNM PKZTKJKUKHLVMQV]HINMVHUKOKPM RNZJKVRHNRUML\QMJ\MYJJKUMJZI��� ��� ����HUKNIKZ�JMSKJ��JMSKJ�HJ[�R[KMJ ��HUKNIK�M �����[RHP w]MNKwJH[RJ\{IIY[KZ�YIHNKII�R[K ��� ��� ����KIHTNRVKZ�JMSKJMQ�HJ[ ��HUKNIK�M �����[RHP w]MNK��� ��� ����HUKNIKZ�YLKJWHIMJMQ�RPKI{TKNV� ��HUKNIK�M �����[RHP w]MNK{IIMUHRVK ��� ��� ����RPKI{TKNV�{IIMUHRVKxI�R[K ��HUKNIK�M �����[RHP w]MNK����Y\KJ�~KNRNV��KPPKJ��RNZPMJZzNHVHRPI ����RVK<j��hrlj�tslnj5j�rm<jrh8mlrlj�@q��immiqk ���?k�qp�rliqkr�rihrthjrl����lpjg�lj�rm��q�~��}���� �����z{���}��RVK��w]MNK� ���R�� ��������wJMZYUKZ HV]�HL�MJ[�O\�HL�MTH����� ��HQVKKN�HPK�MRZX�JRIKJX�HU]HTRN¡���¢���` �HL�MTH�UM[

£¤¥¦§�©ª««¬­®§°±�²²© ³´µ¶· ¬°°¬«¸«¤¥¦§®ª««¬­®§°¹®ª« º·»µ¼½¾½¿µ¶´À°°¬�£¤¥¦§ ½½¾µ½Á ¬°°¬«¸«¤¥¦§®ª««¬­®§°¹®ª« º·»µ¼½¾½¿µ¶´À°°¬�£¤¥¦§ ½½¾µ½Á ¬°°¬«¸«¤¥¦§®ª««¬­®§°¹®ª« º·»µ¼½¾½¿µ¶´Â §¬°�À°« Á»ÁÁ¶Á à §¬° «¤¥¦§®ª««¬­®§°¹®ª« º·»µ¼½¾½¿µ¶´ÄÅÆÇÈÉ�ÊËÌÌÍÎÈÏÐÑÒ�ÓÓÊÒ�ÔÕÖ×�ØÙÈÏÍÚËËÛ�ØÙÎÈÉÜÆ�ÝÛÒ�ÞÔß×Ö×�àÅÆáÈÉÒ�âã�äåäæç èæ×éêëÔëßéäÖÖ èæ×éêëÔëßéäÖë ìÉáÈáÑÍÛíÑÑÍÉ�ÄÅÆÇÈÉ

Muskin Commercial, LLC has prepared this brochure to provide summary information to prospective purchasers and makes no warranty or representation about the content. While this information has been obtained from sources believed to be reliable; Muskin Commercial, LLC has not conducted any investigation regarding these matters and prospective purchasers should independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are examples only and do not necessarily represent the current or future performance of the property. This brochure does not constitute an offer of sale, but is merely an invitation to bid.

ELLEN MUSKIN512.343.2700 x3

ellenm@muskincommercial.com

DANIEL ELAM512.343.2700 x4

daniel@muskincommercial.com

4601 Spicewood Springs Road, Bldg 4, Suite 101, Austin, TX 78759

1

AUSTIN360

71

130

290

290

183

183

35

35

35

WWW.MUSKINCOMMERCIAL.COM/PROPERTY/ALLANDALE-FLATS-APARTMENTS