Active
505 E 7th ST
Austin TX, 78701
$2,595,000
$407.95 per sqft
Active
6,361 sqft
Commercial
Built in 1961
Rare Investment Opportunity in the Heart of Austin's CBD. Discover an extraordinary chance to acquire a prime property in the vibrant Central Business District of Austin, TX, at an attractive price point. Spanning 6,361 sq. ft., this property, currently home to the Kingdom Nightclub, offers incredible future potential for investors & developers willing to take a long term view on the property. Key Highlights: Below-Market Lease: Secured during the pandemic, the current lease is only $43,512 base yearly rent NNN, with 4% annual increases until December 31, 2030. Comparable market rents for similar assets are $40-$45 per sq. ft., offering immense upside once the current lease expires. Exceptional Value: Priced at $408/sq. ft., this property is a rare gem in Austin's CBD. At market rents, the asset would deliver a strong 9% cap rate at the current asking price. Future Potential: While the current lease runs for another six years, this property presents incredible long-term opportunities for redevelopment or repositioning. With the ongoing revitalization of historic 6th Street, this area is poised for significant appreciation. Strategic Location: Just one block from 6th Street revitalization project, this property stands at the forefront of Austin's growth & cultural evolution. Why This Property? Unmatched Upside: Acquire today at a steep discount & benefit from future value appreciation as the lease nears its end. Prime Redevelopment Opportunity: Perfect for an end-user or developer looking to capitalize on Austin's explosive growth. Austin CBD Rarity: Properties at this price & location are exceedingly hard to find--seize this opportunity now. Conclusion: While not ideal for immediate owner-occupancy due to the existing lease, this property offers tremendous future cash flow & redevelopment prospects. With 6th Street's revitalization just around the corner, this is your chance to secure a foothold in one of Austin's most dynamic neighborhoods at an unbeatable price.
3008768
MLSⓇ ID
December 2, 2024
Listed
December 11, 2024
Updated
Map
505 E 7th ST
Austin TX, 78701
Interior Features
Total Stories
2
Floor Description
Concrete
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Central
Exterior/Building Features
Lot Size
0.14 Acres
Sewer
Public Sewer
Other Property Details
Area Name
DT
Taxes
$23,445
Tax Frequency
Annually
Garage
No
Parking
None
View
No
View Description
None
County
Travis
Water Source
Public
Pool
No
Courtesy of Kuper Sotheby's Int'l Realty
Listing Contact: (512) 799-8001
Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Buck McLamb shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Austin/Central Texas Realty Information Service.
Listings courtesy of ACTRIS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of ©2024 (date and time MLS GRID Data was obtained). All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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Database last updated 1:18 AM UTC, 12/11/2024