GARDENS AT WESTGATE in Austin, TX

 PROVEN VALUE-ADD IN PRIME SOUTH
CENTRAL AUSTIN
Gardens at Westgate is an 18-unit multifamily
community well-located near South Lamar within the
Westgate neighborhood. The property has recently
undergone significant renovations including full
exterior and 56% of interiors (10 units), which are
currently achieving above $450 rent premiums above
current rents in classic units.
ADJACENT TO WESTGATE SHOPPING CENTER
Next door to the Westgate Shopping Center, residents
of Gardens at Westgate are within short walking
distance to high end entertainment and shopping. The
Westgate Shopping Center is home to name brands
including Central Market, Regal Westgate movie
theater, JuiceLand, Black Swan Yoga, Austin Bouldering
Project, Amy’s Ice Cream, and El Alma.

Year Built：1971
Buildings：3
Stories：2
Total Units：18
Net Rentable Area：12,582 SF
Average Unit Size：699 SF
In-Place Rent - Average：$1,385 / $1.96
In-Place Rent - Classic Units：$1,277 / $1.67
In-Place Rent - Renovated Units：$1,493 / $1.85
Occupancy：88.9% (as of Feb 2024)
SITE DETAILS
Lot Size：0.48 Acres / 20,909 SF

推荐理由：

Gardens at Westgate 位于Austin的中南方向，是一个比较好的出租市场，房价和租金都有持续上升。社区以西裔与白人为主，家庭平均收入在$74,000, 属于很适合投资的中等社区。

当前的业主对这个物业已经做了很多主要的翻修，包括新房顶，新空调，新热水器，新窗户，并粉刷了所有外墙，并且已经翻新了10个单元（其中六个是部分翻新），全部都有了大幅度的租金提升。新业主只需要继续翻新剩下的单元就可以稳定地取得进一步的租金提升。

这个物业适合个人或几个合伙人一起拥有，并长期持有。感兴趣的朋友还可以考虑同时购买上一个推荐项目Gardens at Anderson Squaare。两者相距不远。