4314 GILLIS STREET
GILLIS PLACE
The Asset
UNIFORM PLATE.
EASY TO OPERATE.
Gillis Place ApartmentsTwenty-four identical 1BR/1BA units at ~500 SF each in the workforce-housing belt of South Austin. No floorplan complexity, no mixed unit mix to underwrite. One rent comp, one renovation scope, one operating playbook.
Currently 87.5% occupied, 21 of 24 doors leased, three vacant for lease-up. The in-place roll averages ~$866 against a $995 stabilized comp. Every dollar of upside traces to a specific unit number, not a speculative market bump.
Price
$2,375,000
$98,958 / door
Doors
24
All 1BR/1BA · ~500 SF
Rentable
12,000 SF
$198 / SF
Submarket
78745
South Austin · Class C
Unit Floor Plan
PHOTO GALLERY
Asset Views
Click any image to open the full gallery.
3D Tour
Investment Thesis
Class C is winning. This is how you enter the trade.
01
Uniform Plate
Twenty-four identical 1BR/1BA units at ~500 SF each. One rent comp, one renovation scope, one operating playbook. Model in an afternoon, close in 60 days.
02
Documented NOI Lift
+$111K of upside (157% lift), in-place to stabilized. Lease three vacant doors and bring the twenty-one in-place tenants (avg ~$866) to the $995 stabilized comp via ~$5,000/door of refresh as leases turn.
03
BASIS IS THE PLAY
$98,958/door against an Austin small-multifamily average of $130K to $180K/door. Every basis-screened buyer surfaces this asset.
Assumable Debt
3.57% Fixed
Freddie Mac SBL on a $1,025,619 balance through August 2030.
~$19,300
Year 1 Savings
~$80,000
Cumulative Savings
~190 bps below current agency pricing. Equity value injected from day one.
The Math
$71K floor.
$182K stabilized.
Lease three vacants, lift the in-place roll (avg ~$866) to the $995 comp via ~$5K/door of refresh as leases turn, grow utility reimbursement, and layer in ancillary income. Five moves, not one assumption.
NOI Lift
+$111,000
Annual · ~$71K in-place to ~$182K stabilized · documented lever-by-lever
Stabilized YoC on Total Basis
~7.3%
$182K NOI on $2.495M all-in · vs 5.5% to 6.0% Austin Class C cap
Pro Forma Build · Annual
Excerpt · OM · The Math
Valuation Thesis
$182K stabilized NOI ÷ 5.5% Class C cap = $3.31M. Buy at $2.375M, stabilize, refinance or sell into a compressed cap environment.
In-place reflects the trailing twelve months (July 2025 to June 2026) as actually operated under third-party management with four units vacant. Owner-paid utilities are the prior manager's actual figure, annualized. Stabilized assumes the executed plan: lease-up to a $995 market, full RUBS, ancillary income, 4% management with leasing internalized, and lower post-renovation R&M. Total basis $2.495M includes ~$5K/door ($120K) refresh executed as leases turn. Underwritten to basis, debt, and yield, not in-place cap.
Valuation Frame
$99K / door is the search filter.
Every Austin multifamily buyer screens by price-per-door. At $98,958 against a $130K to $180K market average, this asset surfaces in every search. The basis is the hook that gets the deal to underwriting.
List Price
$2,375,000
$98,958/door · $198/SF
Stabilized Pro Forma
$3,310,000
$182K NOI ÷ 5.5% cap
Implied Spread
$816,000
Value capture at stabilization, net of ~$120K refresh CapEx
Stabilized YoC
~7.3%
$182K NOI on $2.495M total basis · vs 5.5% to 6.0% Austin Class C cap
Demographics · 78745 Submarket
A renter-majority pocket of South Austin.
Within three miles: 191,640 residents, $94,557 median household income, and 1.6 renters for every homeowner. The demand pool sits squarely inside the 25 to 45 age cohort that anchors 1BR absorption.
Population (3-mi)
191,640
434,557 at 5 miles
Median HH Income (3-mi)
$94,557
$96,656 at 5 miles
Median Age (3-mi)
35.2
Prime renter cohort
Daytime Employees (3-mi)
164,969
375,691 at 5 miles
Household Income · 3-Mile Radius
Income distribution skews professional.
<$25K
10,502
$25K to $50K
13,785
$50K to $100K
26,582
$100K to $150K
16,281
>$150K
29,428
Age Cohort · 3-Mile Radius
25 to 45 dominates the rental pool.
<20
32,974
20 to 25
13,258
25 to 45
83,319
45 to 65
41,975
65+
16,387
Tenure Mix · 3-Mile
61% renters.
A 1.6:1 renter-to-owner ratio inside three miles, widening to 2:1 at the one-mile ring. Sustained rental demand underwrites the lease-up of the remaining vacant units.
Renters
59,181 · 61%
Homeowners
37,397 · 39%
Source: 2024 demographic estimates · 1, 3, and 5-mile radii from 4314 Gillis Street. Provided by Crexi.com
Location Read
Why 78745 is the zip code.
- South of Ben White, minutes from St. Elmo, South Congress, and Brodie Oaks
- Workforce-housing belt for South Austin's tech, hospitality and service base
- Austin Class C posted 5.38% rent growth in 2025 while Class A stayed flat
- 1031 volume picked up materially in Q4 2025 · Sunbelt buyers returning
4314 Gillis Street · Austin, TX 78745
Process & Diligence
From LOI to close in 60 days.
Seller is responsive. Financials are organized. Deferred maintenance is disclosed. The diligence package is staged and available on signed CA.
- Trailing 12 financial statement
- YTD P&L through 06/22/2026
- Active rent roll · all 24 units · 06/22/2026
- Unit-by-unit lease summaries
- Tax bills · last 2 years · insurance loss runs
- Mortgage assumption package · 3.57% loan
- Work order history · deferred maintenance log
- Phase I Environmental available pre-LOI on request
Day 0
LOI Accepted
Terms agreed · earnest money posted · diligence opens
Day 1 to 14
Property Diligence
Unit walkthroughs · vendor inspections · roof, foundation, HVAC
Day 14 to 30
Financial & Legal
Tax / insurance verification · title commitment · estoppels
Day 45
Loan Commitment
Lender approval finalized · assumable debt path confirmed
Day 60
Close
Funds wired · keys & rent roll transfer · operations handoff
Presented By
Taylor Sherwood
Echelon Property Group · eXp Commercial
Echelon Property Group
Represented by the Investment Properties team
Tours by appointment only.
CA required for full diligence package and seller financials. Offers reviewed as received.
ECHELONPROPERTYGROUP.COM · (512) 661-3843
