ellen muskin daniel elam shown by appointment …
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1007 E. Rundberg Ln. | Austin, TX 78753
Northeast Austin Submarket112UNITS
DANIEL ELAM512.343.2700 x4
ELLEN MUSKIN512.343.2700 x3
SHOWN BY
APPOINTMENT ONLY
WITH LISTING AGENTS
VIEWPROPERTY WEBSITE:
NORTH PLAZA
NORTH PLAZA
E. RUNDBERG LANEE. RUNDBERG LANE
University of Texas | 5.2 ± Miles
Interstate Highway 35 | 0.3 ± Miles
Austin (CBD) | 6.3 ± Miles
HERITAGE HILLSNEIGHBORHOOD
Gus GarciaDistrict Park
LookingSOUTH
AERIAL VIEW CENTER POINT
35
35
35
Gus GarciaDistrict Park
DOBIE MIDDLE SCHOOLDOBIE MIDDLE SCHOOL
NORTHVIEW BUSINESS CENTERNORTHVIEW BUSINESS CENTER
HENNA CHEVROLETHENNA CHEVROLET
HARMONY SCIENCE ACADEMYHARMONY SCIENCE ACADEMYRUNDBERG SQUARERUNDBERG SQUARESHOPPING CENTERSHOPPING CENTER
NORTH
AERIAL VIEW CENTER POINT
The NE Submarket is currently 94.6% occupied and has seen 15.11% rent growth year-over-year.
Austin Investor Interests 2nd Quarter 2021 Trend Report
Center Point Apartments112 Units | Thriving "Upper Eastside" Pocket of Austin
Center Point Apartments is a unique investment opportunity due to its very large average unit sizes, close-in location and abundance of washer/dryer connections. This 1972-built apartment community is just east of the city’s major thoroughfares: IH-35 North, and close to Highways 183, U.S. Highway 290, Loop 1 (Mopac), and Toll Roads 130 and 45 making this a very desirable location. Given its proximity to many major employers, the Samsung Austin Semiconductor campus, the new Austin FC Soccer Q2 Stadium (about 3 miles away), Austin’s Downtown, and AISD schools, Center Point Apartments is well-positioned within this improving submarket. The daily traffic count along IH-35 (211,000 ± vehicles / day per TxDOT) creates a tremendous amount of “drive-by” exposure and allows tenants easy access to all parts of Austin.
Community features include low-density of only 22.6 units per acre, wrought iron and privacy perimeter fencing, large central swim-ming pool, Astroturf surfaces throughout, resident business center with internet access, AISD bus pickup and drop-off on-site, BBQ grilling areas and pet areas. Center Point sits on 4.94 acres, directly across the street from the acclaimed Harmony Science Academy and abuts the popular Gus Garcia District Park (47-acres) with its 20,000 ± SF recreational center. Unit interiors feature the conve-nience of washer/dryer connections in most units and are well designed with the majority of 2- and 3-bedroom floorplans (86%), spacious living areas, walk-in closets, large kitchens with breakfast bars, black appliances*, faux wood-plank vinyl flooring*, chair railing, and two-tone paint colors (*in select units). HVACs are individually metered (electric), and residents pay for their own electric usage. There are individual water heaters in each unit and residents pay for water/wastewater through a RUBS system.
Price: Market Pricing
Terms: All Cash or 3rd Party Financed
# of Units: 112 Total
# of Buildings: 9 Total
Avg. Unit Size: 989 ± Square Feet
Year Built: 1972
Total NRSF: 110,784 ± (TCAD)
Land Area: 4.9400 ± ACRES (TCAD)
Zoning: GR-MU-V-NP
Exterior: Brick and Siding
Roofs: Flat with Comp. Shingle Mansards
HVAC: Individual (Electric)
Water Heater: Individual (40-Gallon - Electric)
Wiring: Has been Colared
Laundry Room: 1 On-Site (6 Washers | 6 Dryers)
W/D Connects. 96 Total Units (86%)
Parking: 235 ± Surface Spaces
Swimming Pool: One Centrally Located
SALIENT FACTS
INVESTMENT OVERVIEW CENTER POINT
Æ Excellent Value-Add Opportunity – Uniquely Large 2 and 3-Bedroom Units (989 ± SF)
Æ 3.0 ± miles to Samsung Austin Semiconductor Manufac-turing Facility (8,000 ± employees | 2.4 ± Million SF)
Æ Only 3.0 ± miles to Austin’s NEW 20,500-seat, $260 Million-dollar, Austin FC Q2 Soccer Stadium
Æ 6.3 ± Miles to Austin’s Exploding CBD – Easy Access via Major Highways
Æ Extra Large Units / Well Suited for Area Demographics
Æ Majority of Units have Washer/Dryer Connections (96 Total)
Æ Central Swimming Pool, Children’s Playground and Well-Appointed Management & Leasing Office
Æ Directly Across from Harmony Science Academy, Abuts Gus Garcia District Park
INVESTMENT HIGHLIGHTS
Located only 3 ± miles from Center Point Apartments is Samsung's largest semiconductor chip manufacurting facility in the U.S. The facility is 2.4 ± Million square feet sitting on 230 ± Acres of land and employs roughtly 8,000 ± employees.
AUSTIN SEMICONDUCTOR
Value-Add Opportunity
Center Point Apartments is a prime candidate to benefit from a continued value-add program and the explo-sive growth around Northeast Austin. The property has enjoyed historically unprecedented occupancy (often at 100%) due to the large unit sizes, an abundance of washer/dryer connections. Most units currently have wood-look vinyl flooring and 15 units have been upgraded with quartz countertops and new cabinets; however, rental rates could rise with additional interior upgrades. Other rental premiums could include: $25 for built-in microwaves, $50 for reserved parking spaces, $40 for washer/dryer equipment rentals, and $50-$150 for general unit upgrades.
Common area value-add improvements could include finishing-out a business/fitness center (a perfect loca-tion is the large breezeway abutting the current management office), remodeling and upgrading the leasing office, addition of privacy fenced-in patios on select units, improving the dedicated dog “bark park,” new pool furniture, and WIFI hotspot at pool, etc. Center Point might be eligible for some favorable “green financing” or City of Austin incentive programs in exchange for lowering utility usage.
*in select units
Predominately Two and Three-Bedroom Units
INVESTMENT OVERVIEW CENTER POINT
INTERIOR FEATURES � Updated Lighting Packages*
� Large Private Balconies and Patios*
� New Kitchen Appliances*
� Refinished Cabinets and Resurfaced Countertops*
� Washer / Dryer Connections in All but 16 Units
� Large Walk-in Closets and Exterior Storage Closets
� Ceiling Fans in Living Areas*
� Large Open Floor Plans
� Updated Ceramic Bathtub Surrounds*
* in select units
PROPERTY DETAILS CENTER POINT
COMMUNITY FEATURES � Resealed Parking Lot (July 2021)
� 2 New Roofs (2021)
� New Monument Signs (2021)
� Exterior Painting (2018)
� Abuts Gus Garcia District Park – featuring Walking Trails, Sports Facilities and Gardens
� Refreshing Swimming Pool Area
� On-Site Laundry Room
� Barbeque and Picnic Areas
� Astroturf Outdoor Surfaces Throughout
� Near Austin Metro & AISD Bus Stops
� Convenient to CBD and Major Employers
PROPERTY DETAILS CENTER POINT
EXPENSESPer Unit
T-12 Expenses from June 2021
Administrative $150 $16,800 $14,631 $26,030Advertising & Promotion / Locators $75 $8,400 $4,796 $4,953Payroll $1,100 $123,200 $127,688 $121,782Repairs & Maintenance 3.00% $500 $56,000 $42,790 $33,987Management Fee $536 $60,082 $60,947 $65,516Utilities $1,473 $165,000 $164,767 $147,112Contracted Services (Incl. Trash) $300 $33,600 $40,938 $26,904Real Estate Taxes 2.226665% $3,549 $397,460 $253,738 $230,635Franchise Tax — $5,000 $4,752 —Insurance $450 $50,400 $52,980 $44,868Total Expenses $915,942 $768,027 $701,787
Per Unit: $8,178 $6,857 $6,266Per SF: $8.27 $6.93 $6.33
Net Operating Income $1,086,787 $939,349 $941,399
INCOMEStabilized
Underwriting
T-3 Rental Income(Apr. - Jun. 2021)
AnnualizedYearend
2019Scheduled Market Rent $1,922,400 $1,571,930 $1,531,708
Plus: Gain (Loss) to Lease 3.00% $57,672 — —Less: Vacancy 5.00% ($96,120) — —Less: Concessions 1.00% ($19,224) ($2,400) ($26,369)
Net Rental Income $1,864,728 $1,569,530 $1,505,339
Plus: Fee Income $20,000 $18,304 $18,304Plus: Laundry Income $3,000 $860 $860Plus: RUBS Income $100,000 $99,634 $99,634Plus: Other Income $15,000 $19,048 $19,048
Total Operating Income (EGI) $2,002,728 $1,707,376 $1,643,186
Units TypeUnit SF±
Total SF±
Market Rent
Monthly Mkt. Rent
Annual Mkt. Rent
Rent/ SF
16 1 Bed / 1 Bath 750± 12,000± $1,050 $16,800 $201,600 $1.4036 2 Bed / 1 Bath* 917± 33,012± $1,325 $47,700 $572,400 $1.4436 2 Bed / 2 Bath* 1,027± 36,972± $1,395 $50,220 $602,640 $1.3624 3 Bed / 2 Bath* 1,200± 28,800± $1,895 $45,480 $545,760 $1.58
112 989± 110,784± $1,430 $160,200 $1,922,400 $1.45
UNIT MIX
*96 units at Spanish Palms have full-size Washer/Dryer Connections.Rent Roll as of 06/14/2021 = 97% Occupied.
FINANCIAL ANALYSIS CENTER POINT
2-BED / 1-BATH
—
917 ± SF
3-BED / 2-BATH
—
1,200 ± SF
1-BED / 1-BATH
—
750 ± SF
2-BED / 2-BATH
—
1,027 ± SF
FLOOR PLANS CENTER POINT
Best Place To Live In Texas— U.S. News & World Report —
— ApartmentList —— Bankrate —
Best State Capital to Live In— WalletHub —
No. 1 Destination City for Relocating Households
— Allied Van Lines —
Top Metro for Tech Professionals and
Businesses— CompTIA —
Fastest Growing Large Metro Since 2010
— U.S. Census Bureau —
n The Linc at Highland n Northgate Shopping Center n Mueller Regional Retail Center n Mueller District Shops n Capital Plaza Shopping Center n Target n Home Depot n Walmart Supercenter
RETAIL / SHOPPING
n Interstate Highway 35 n U.S. Highway 183 n U.S. Route 290 n Loop 1 (Mopac) n Toll Road 130 n Toll Road 45 n East Braker Lane n East Parmer Lane
EASY ACCESS
n Gus Garcia District Park (47-Acres) n Mueller Lake Park (30-Acres) n Walnut Creek Metro Park n Walnut Creek Greenbelt n North Acres Neighborhood Park n Walter E. Long Metro Park n Nelson Park n Big Walnut Creek Nature Preserve
OUTDOORS
n Mueller - Aldrich Street District n Cover 3 n Kerbey Lane Cafe n BD Riley's Irish Pub
NIGHTLIFE
n Hart Elementary School (AISD) n Cedars Int'l Academy (Charter) n Dobie Middle School (AISD) n Northeast High School (AISD) n Harmony Science Academy
SCHOOLS
n Walmart Supercenter n H-E-B Grocery Store n Tortilla La Sabrocita n Ken's Tacos n Buddy's Burgers n Fugian Grand China Buffet n Wendy's n Little Caesar's Pizza n McDonald's n Whataburger n Seoulju Korean Kitchen and Bar n Local Slice II
FOOD / RESTAURANTS
n Austin FC Q2 Stadium n Darrell K. Royal Memorial Stadium n Alamo Drafthouse - Mueller n Travis County Expo Center n Harry Ransom Center n Bass Concert Hall n LBJ Presidential Library n Bob Bullock History Museum n Frank Erwin Center n Blanton Museum n Paramount Theater n ZACH Theatre
ENTERTAINMENT
Center Point Area AmenitiesNOTABLE AREA EMPLOYERS
Samsung Austin Semiconductor • Applied Materials • Dell Technologies HQ • Hewlett Packard Enterprise • IBM HQ • Facebook Indeed • Vrbo • Infosys • 3M Science Center • General Motors IT Center • Home Depot Tech Center • BAE Systems • Hostgator • Amazon
Distribution Center • Emerson Automation Systems • St. David's Performance Center • Blue Apron • Natera • Enterprise Remarketing Laird Plastics • Mobotrex • ASML US Inc. • University of Texas at Austin • Austin Community College Highland Campus
Texas State Capitol Complex • mid-sized to large retailers • medical offices • business offices • local neighborhood hotspots
AUSTIN
INVESTMENT LOCATION CENTER POINT
+
The University of Texas main campus is about 5.2 ± miles to the south of Center Point Apartments. With current enrollment at 51,800 ± students, U.T. is consis-tently ranked one of the best public universities in the country. Top ranked programs include: Business, Engi-neering, Law, and Medicine
The J.J. Pickle Research Campus, a University of Texas satellite research facility, is only 3.2 ± miles west of Center Point Apartments.
Only 2.5 ± miles southwest of Center Point Apart-ments is Highland (formerly Highland Mall) — Austin’s new Education-hub. This mixed-use community consists of housing, diverse retail shops, offices, resi-dential space, and a new high-tech campus for the Austin Community College (ACC).
About 3.6 ± miles northeast of of Center Point is the Austin Community College Northridge Campus, home to creative design technologies, radio-television-film, and technical communications programs.
The Domain/Domain Northside is an “upscale” lifestyle center with high-density business, retail, and residential within 3.7 ± miles of Center Point Apartments. Retailers include Austin’s first Neiman-Marcus, Macy’s, Apple Store, Tesla, Aloft Hotel, Design Within Reach, Anthro-pologie, Coach, Tiffany & Co. and H&M. Office tenants now include: Facebook, Fidelity Invest-ments, Amazon, Vrbo, and Indeed.
Currently under construction, Amazon's four-and-a-half-story, 3.8 ± million SF fulfillment center in Pflugerville, TX is just 7.2 ± miles northeast of Center Point Apartments. Expected to be completed in fall 2021, this facility will consist of approximately 780,000 ± SF of warehouse space, 43,000 ± SF of office space, 3 ± million SF of robot-ics space, and 1,000 ± new full-time jobs.
The new state-of-the-art training facility for the "Austin FC" recently opened in north Austin and consists of four full-size soccer fields, spectator stands, a kitchen serving meals to staff and play-ers, and cutting-edge technology provided by St. David’s Healthcare, the team’s first founding part-ner. The 23-acre facility had a $45 million price tag, was privately funded, and is located only 4.0 ± miles from Center Point Apartments.
Fulfillment Center St. David's Performance CenterLifestyle Center
INVESTMENT LOCATION CENTER POINT
Disclaimer: Information shown on this map is compiled from numerous sources and may not be complete or accurate. Muskin Commercial, LLC provides this map without any warranty of any kind whatsoever, either express or implied.
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State of TexasUniversity of Texas at AustinDell TechnologiesH-E-B (TX Grocery Store Chain)City of AustinFederal GovernmentAustin ISDSt. David's HealthCareAscension SetonSamsung Austin SemiconductorWalmart Store Inc.AppleAmazonRound Rock ISDIBM Corp.U.S. Internal Revenue ServiceTravis CountyTeslaTexas State UniversityNXP Semiconductors
63,90023,92514,03013,90113,53113,19911,10110,66510,513
8,9357,3507,0006,6006,3116,0005,6945,3095,0004,8734,000
AUSTIN’SLARGEST
EMPLOYERS
EmployersProximity Map
Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov
Muskin Commercial, LLCLicensed Broker / Broker Firm Name or Primary Assumed Business Name
9000275License No.
(512) 343-2700Phone
Ellen MuskinDesignated Broker of Firm
334236License No.
(512) 343-2700Phone
Ellen MuskinLicensed Supervisor of Sales Agent / Associate
334236License No.
(512) 343-2700Phone
Buyer / Tenant / Seller / Landlord Initials Date
Daniel ElamSales Agent / Associate’s Name
616676License No.
(512) 343-2700Phone
TYPES OF REAL ESTATE LICENSE HOLDERS: y A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. y A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): y Put the interests of the client above all others, including the broker’s own interests; y Inform the client of any material information about the property or transaction received by the broker; y Answer the client’s questions and present any offer to or counter-offer from the client; and y Treat all parties to a real estate transaction honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: y Must treat all parties to the transaction impartially and fairly; y May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice
to, and carry out the instructions of each party to the transaction. y Must not, unless specifically authorized in writing to do so by the party, disclose:
- that the owner will accept a price less than the written asking price; - that the buyer/tenant will pay a price greater than the price submitted in a written offer; and - any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: y The broker’s duties and responsibilities to you, and your obligations under the representation agreement. y Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
Information About Brokerage Services
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.
4601 Spicewood Springs RoadBuilding 4, Suite 101Austin, TX 78759 WWW.MUSKINCOMMERCIAL.COM
DANIEL ELAM512.343.2700 x4
ELLEN MUSKIN512.343.2700 x3
For information on Multifamily Properties in Austin, Texas —please contact:
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www.muskincommercial.com/property/center-point-apartments