TX > Austin > Block 065 Original City
Austin, TX 78701,505 E 7th ST
Austin, TX 78701,505 E 7th ST
Austin, TX 78701,505 E 7th ST
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$2,595,000
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6,361 SqFt
Active

505 E 7th ST Austin, TX 78701

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White Line Realty

White Line Realty

+1(210) 951-3478

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

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 N

Exterior

Utilities Available Electricity Available, Phone Available, Sewer Available, Water Available

View None

Accessibility See Remarks

Total Parking Spaces 1

Building

Story 2

Foundation Slab

Sewer Public Sewer

Water Public

Structure Type Brick,Concrete

New Construction No

Others

Restrictions City Restrictions,Deed Restrictions

Acceptable Financing Cash, Conventional

Tax Rate 1.809247

Listing Terms Cash, Conventional

Special Listing Condition Standard

Listed by Kuper Sotheby's Int'l Realty • Tarek Morshed

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White Line Realty

Broker | License ID: 2587

+1(210) 951-3478

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