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18 UNITS // 3 DUPLEXES + 3 FOURPLEXES
NORTHEAST AUSTIN SUBMARKET
933, 919, 915, 909, 905 Park Plaza Drive | Austin, Texas 78753
1305 Dobie Drive | Austin, Texas 78753
Park Plaza Drive
Park Plaza Drive
Park Plaza Drive
Park Plaza Drive
Domain Tenants
Austin FCMLS
Stadium
Major Employers
Interstate Highway 35
DANIEL ELAM512.343.2700 x4
ELLEN MUSKIN512.343.2700 x3
SHOWN BY
APPOINTMENT ONLY
WITH LISTING AGENTS
VIEWPROPERTY WEBSITE:
Park Plaza Drive
Park Plaza Drive
Park Plaza Drive
Park Plaza Drive
Park Plaza Drive
Park Plaza Drive
North
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North
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Park Plaza II -933, 919, 915, 909, 905 Park Plaza Drive
(FOR ILLUSTRATION PURPOSES ONLY)
Henna Chevrolet
and Northview Business Center
AERIAL VIEW PARK PLAZA II
E. Rundberg Lane
E. Rundberg Lane
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E. Rundberg Lane
E. Rundberg Lane
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Park Plaza II -1305 Dobie Drive
Park Plaza II -933, 919, 915, 909, 905 Park Plaza Drive
HENNA CHEVEROLET
NORTHVIEWBUSINESS CENTER
DOBIE MIDDLE SCHOOL
HARMONY SCIENCE
ACADEMY
GUSTAVO "GUS"
L. GARCIA DISTRICT PARK
AERIAL VIEW PARK PLAZA II
Parmer is a 225 ± acre premier busi-ness park with over 671K ± SF of commercial, retail and office space. Tenants include 3M, Home Depot Tech Center, BAE Systems, Infosys, and GM Innovation Center.
(4 ± miles north of Park Plaza II)
Founded in Austin, the computer tech and equipment manufacturer, Dell Technologies, is anchored in Round Rock, TX, and is the Central Texas region's largest private com-pany with 14,000 ± employees.
(9 ± miles north of Park Plaza II)
A new 3.8M ± SF Amazon Fulfill-ment Center is under construction in Pflugerville, TX. Once completed, this four-and-a-half story, $250M, logistics and distribution facility will employ up to 1,000 ± people.
(8 ± miles north of Park Plaza II)
Park Plaza II18-Units | 6 Duplex and Fourplex Residential Multifamily Homes
These mostly contiguous properties offer great efficiencies and economies of scale in this well-located sector in Northeast Austin. Residents of Park Plaza II benefit from convenient access to major highways (IH-35 & Hwy 183), public transit and walking distance to other amenities like neighborhood parks and schools (both public and private). This opportunity is well positioned amongst Austin’s booming Northeast Austin submarket offering major employers nearby as well as being situated in between Austin’s vibrant CBD and the tech corridor stretching up to Round Rock (e.g. Dell’s World Headquarters).
Other exciting area highlights include the nearly completed 20,500-seat soccer stadium, which will be home to Austin’s first Major League sports team — Austin FC — whose games will be played approximately 3 ± miles from the subject property. The new Stadium borders The Domain, a major “live, work, play” lifestyle hub often referred to as Austin's Second Downtown — home to various commercial/office facilities, and retail amenities. Roughly 4 ± miles north of Park Plaza II lies Tech Ridge Center and Parmer Business Park, and the new Amazon Fulfillment Center will be about 8 ± miles to the north in Pflugerville. The desirability of this product type has been an increasing trend as we move into a new era of socially distancing and lower density due to the COVID-19 pandemic.
Price: Market Pricing
Terms: All Cash / Third-Party Financed
# of Units: 18 Total
Year Built: 1984 (5 bldgs.) | 1981 (1 bldg.)
Total NRSF: 14,748 ± (TCAD)
Land Area: 2.8361 ± ACRES (TCAD)
Zoning: GR-MU-NP (5) | SF-3-NP (1)
Exterior: Hardieboard, Siding, Stone
Roofs: Pitched Composition Shingle
HVAC: Individual Central Air
Fireplaces: All Units
Water Heater: Individual / Electric 30-Gallon
Water/Wastewater: 1 Meter per Building
W/D Connections: 100% of All Units
Parking: Off-Street / Dobie 2-Car Garage
SALIENT FACTS
INVESTMENT OVERVIEW PARK PLAZA II
Æ Northeast Austin location with easy access and visibility from Interstate Highway 35
Æ 6 ± miles to the Austin CBD, on Metro Bus Routes and walking distance to area schools
Æ 4 ± miles south of the Parmer Business Park (3M Science Center, BAE Systems, Infosys, Home Depot Tech Center, and GM Innovation Center)
Æ Only 3 ± miles to the new Austin FC Major League Soccer Stadium ($242 million | 20,500-seats), and 4 ± miles to the Austin FC Training Facility
Æ Less than 5 ± miles south of the Samsung Austin Semiconductor campus (8,000 ± employees)
Æ 9 ± miles south of the Dell Technologies Headquarters in Round Rock, TX (14,000 ± employees)
Æ Abundant Greenspace | Direct access to scenic Little Walnut Creek
INVESTMENT HIGHLIGHTS
AUSTIN is the Best Place to
Live in the U.S.- U.S. News & World Report —
Property CharacterThis grouping of three (3) duplexes and three (3) fourplexes, collectively known as Park Plaza II, is comprised of 2-Bed | 1-Bath units (Park Plaza Drive) and 2-Bed | 1.5-Bath units (Dobie Drive) with an average size of 819 ± SF. Five of the parcels are contiguous along Park Plaza Drive with some extra land on the east side backing up to Little Walnut Creek. Two of those units have been extensively remodeled and are notated as PMR on the unit mix. The standalone property on Dobie Drive is around the corner (0.9 ± miles) and has more of a 2-story townhome feel with a 2-car detached garage.
The current Owner has operated these properties long-term and there is pride of ownership with recent enhancements like new pitched, composition shingle roofs (installed spring 2020) and full exterior painting (summer 2020). However, interior updates have varied over time and could be upgraded with further renova-tion. The property currently does not charge back for utilities and all units have full-sized W/D connections. Each building is on its own water meter so they should be easy to adapt. It is also possible these properties could be sold off individually or may benefit from creating a condo regime over time.
This pocket in Northeast Austin has a quiet feel and great accessibility — by all forms of transit. Gustavo “Gus” Garcia District Park is a great amenity just around the block and it sits across the street from Dobie Middle School. Harmony Science Academy has a notable presence along this road as well. There is a sense of community here amongst residents who have called this area home for years.
INVESTMENT OVERVIEW PARK PLAZA II
EXPENSESPer Unit
Administrative $75 $1,350 $1,733Advertising & Promotion / Locators $83 $1,500 —Repairs & Maintenance $500 $9,000 $10,625Management Fee 6.00% $985 $17,735 —Utilities $722 $13,000 $12,026Real Estate Taxes 85% of ask price 2.226665% $3,996 $71,921 $34,415Insurance $450 $8,100 $7,452Total Expenses $122,606 $66,251
Per Unit: $6,811 $3,681Per SF: $8.31 $4.49
Net Operating Income $172,972 $155,719
INCOMEPro Forma
2019Actuals
Scheduled Market Rent $303,000 —Less: Loss to Lease 1.00% ($3,030) —Less: Vacancy 4.00% ($12,120) —Less: Concessions 0.50% ($1,515) —Less: Non-Revenue Units & Bad Debt 0.25% ($758) —
Net Rental Income $285,578 $221,970
Plus: Fee Income $2,000 —Plus: RUBS Income $5,000 —Plus: Other Income $3,000 —
Total Operating Income (EGI) $295,578 $221,970
UNIT MIX
Units TypeUnit SF±
Total SF±
Market Rent
Monthly Mkt. Rent
Annual Mkt. Rent
Rent/ SF
4 2 Bed / 1 Bath (905 PP Dr.) 814± 3,256± $1,375 $5,500 $66,000 $1.694 2 Bed / 1 Bath (909 PP Dr.) 814± 3,256± $1,375 $5,500 $66,000 $1.692 2 Bed / 1 Bath (915 PP Dr.) 792± 1,584± $1,375 $2,750 $33,000 $1.742 2 Bed / 1 Bath (919 PP Dr.) 792± 1,584± $1,375 $2,750 $33,000 $1.742 2 Bed / 1 Bath (933 PP Dr.) 792± 1,584± $1,375 $2,750 $33,000 $1.742 2 Bed / 1 Bath (933 PP Dr.) PMR 792± 1,584± $1,500 $3,000 $36,000 $1.892 2 Bed / 1.5 Bath (1305 Dobie) 950± 1,900± $1,500 $3,000 $36,000 $1.58
18 819± 14,748± $1,403 $25,250 $303,000 $1.71
3 Fourplexes and 3 Duplexes - 100% OccupiedSquare Footage based on Living Area shown on TCAD recordsAverage in-place Rents = $1,150
FINANCIAL ANALYSIS PARK PLAZA II
COMMUNITY FEATURES � New Roof (spring 2020) and Exterior Paint (summer 2020)
� Fresh Texas Native Landscaping
� 100% W/D Connections
� Barbecue and Picnic Areas
� Abuts Little Walnut Creek
� Close Proximity to Three Major Highways
� Near Austin Metro Bus Stops
� Convenient to Schools and Parks nearby
� Close to CBD and Major Employers
INTERIOR FEATURES � Central Air Conditioning (Individual inside Units)
� Ceiling Fans
� Spacious Bedrooms
� Refrigerators, Disposals, Dishwashers
� Ceramic Tile Bathroom Surrounds
� Individual Patios, Balconies or Yards
� Fireplaces in All Units
� Vaulted Ceilings*
� Walk-in Closets
� Flooring — Faux Wood Vinyl and 8″ x 8″ Ceramic Tile
* in select units
PROPERTY DETAILS PARK PLAZA II
+
The University of Texas main campus is about 4.8 ± miles to the south of Park Plaza II. With current enrollment of 51,800 ± students, U.T. is consis-tently ranked one of the best public universities in the country, with top ranked programs in Business, Engineering, Law, and Medicine.
The U.T. Pickle Research Campus, a satellite research facility part of the University of Texas, is only 3.3 ± miles northwest of Park Plaza II.
Austin Community College (ACC) Northridge, home to creative design technologies, radio-television-film, and technical communications programs, is about 3.5 ± miles west of Park Plaza II.
Highland (formerly Highland Mall)—Austin’s new Education-hub—consists of housing, diverse retail shops, offices, residential space, and a new high-tech campus for the Austin Community College (ACC). Only 2 ± miles southwest of Park Plaza II.
An “upscale” lifestyle center with high-density business, retail, and residential is within 3.8 ± miles of Park Plaza II. Retailers include Austin’s first Neiman-Marcus, Macy’s, Apple Store, Tesla, Aloft Hotel, Design Within Reach, Anthropologie, Coach, Tiffany & Co. and H&M. Office tenants now include: Facebook, Fidelity Investments, Amazon, and Vrbo/HomeAway.
Amazon recently announced a four-and-a-half-story, 7.9 ± million SF fulfillment center in Pflugerville, TX — just 8.5 ± miles northeast of Park Plaza II. Expected to be completed in July 2021, this facility will consist of approximately 780,000 SF of warehouse space, 43,000 SF of office space, 3 million SF of robotics space, and 1,000 new full-time jobs.
The new state-of-the-art training facility for the "Austin FC" will consist of four full-size soccer fields, spectator stands, a kitchen serving meals to staff and players, and cutting-edge tech-nology provided by St. David’s Healthcare, the team’s first founding partner. The 23-acre site in the Parmer Pond district will have a $45 million price tag, be privately funded, and located only 4.6 ± miles from Park Plaza II.
Fulfillment Center St. David's Performance CenterLifestyle Center
INVESTMENT LOCATION PARK PLAZA II
AUSTIN INVESTOR INTERESTS 4th Quarter 2020 Trend Report
Northeast Submarket Performance
Average Two Bedroom Rents:
$1,344
Rent PSF has increased over the last 24 months:
7.14%
Average Occ. for Stabilized Apartments:
95%
n The Domain n Whole Foods Market n Walmart Super Center n H-E-B Grocery n Target n Costco n Dillard’s n H&M n Neiman Marcus n Nordstrom n Macy’s n Academy Sports + Outdoors n Best Buy n DSW Designer Shoe Warehouse n Marshalls n Home Depot n Dick’s Sporting Goods
n Dell n Samsung n 3M Science Center n BAE Systems n GM Innovation Center n Home Depot Tech Center n Apple n Oracle n IBM n Microsoft n Hewlett-Packard n Blue Apron n National Instruments n Texas State Capitol n St. David’s Medical Center n Seton Family of Hospitals n UT Dell Medical School
n Whole Foods Market n H-E-B Grocery n Wingstop n Applebee’s Grill + Bar n Buffalo Wild Wings n Free Birds World Burrito n Ken’s Tacos n Ramen Tatsuya n Mod’s Pizza n The Rolling Rooster n O’daku Sushi n Spice Fine Indian Cuisine n Oakwood BBQ & Beer Garden n In-N-Out Burger n The Original Pancake House n Crawfish Shack and Oyster Bar n Papadeaux Seafood
n Interstate Highway 35 n Highway 183 n Highway 290 n Loop 1 (MoPac Expwy) n Texas State Highway 45 n Rundberg Lane n Parmer Lane n North Lamar
n Gus Garcia District Park n Walnut Creek Metro Park n Walnut Creek Greenbelt n Walter E. Long Metro Park n Quail Creek Neighborhood Park n Brownie Neighborhood Park n Cook School Park n Woolridge School Park
n 2.0 ± mi. to ACC - Highland Campus n 3.5 ± mi. to Mueller Community n 3.8 ± mi. to The Domain n 4.1 ± St. David’s Medical Center n 4.8 ± mi. to U.T. (Main Campus) n 6.8 ± mi to Austin CBD n 8.9 ± mi. to Austin-Bergstrom Interna-
tional Airport (ABIA)
Location Amenities
AREA EMPLOYERS
OUTDOORS
FOOD & DRINK
EASY ACCESS
RETAIL / SHOPPING
DISTANCES
AUSTIN
INVESTMENT LOCATION PARK PLAZA II
UNIVERSITYof TEXAS
AUSTIN-BERGSTROM
INT’L AIRPORT
DOWNTOWNCBD
South Austin
West Austin
North Austin
Round Rock
Eastside
35
35
35
35
183
183
183
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183
290
290290
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360
45
45
71
7171
71
71
130
130
130
130
620
620
620
INNOVATIONCENTER
TECHCENTER
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.
DISTANCESfrom Park Plaza II
Gus Garcia District Park 0.1ACC Highland Campus 2.0Austin FC Stadium 3.0Dell Children’s Medical Center 3.1IBM Campus 3.4Indeed (Domain) 3.4ACC Northridge Campus 3.5Mueller Development 3.5Samsung Austin Semiconductor 3.6Amazon (Domain) 3.8The Domain 3.8Facebook (Domain) 3.9St. David’s Medical Center 4.1Austin FC Training Facility 4.6Texas State Capital 4.8University of Texas 4.8General Motors Tech Center 4.9Oracle Campus (south) 6.1Apple Campus 6.3Austin CBD 6.8Apple Campus (future) 7.6Amazon Fulfillment Center 7.9Tesla Gigafactory (future) 8.0Austin-Bergstrom Int'l Airport 8.9Dell Headquarters Campus 9.0
Miles ±
Park Plaza IIProximity 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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