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$ 2,595,000
Est. payment /mo
Active
505 E 7th ST Austin, TX 78701
6,361 SqFt
UPDATED:
12/10/2024 11:26 PM
Key Details
Property Type Commercial
Sub Type Business
Listing Status Active
Purchase Type For Sale
Square Footage 6,361 sqft
Price per Sqft $407
Subdivision Block 065 Original City
MLS Listing ID 3008768
Originating Board actris
Year Built 1961
Annual Tax Amount $23,445
Tax Year 2023
Lot Size 5,889 Sqft
Acres 0.1352
Property Description
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.
Location
State TX
County Travis
Zoning CBD
Interior
Heating Central
Cooling Central Air
Flooring Concrete
Fireplace No
Exterior
Utilities Available Electricity Available, Phone Available, Sewer Available, Water Available
View None
Total Parking Spaces 1
Building
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
Structure Type Brick,Concrete
New Construction No
Others
Special Listing Condition Standard
Listed by Kuper Sotheby's Int'l Realty
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