|
Ruchi Mithal, Broker |
113 Holmstrom St - Fully Renovated Home near $200B Samsung Plant 2,965 SF Specialty Building Offered at $499,000 at a 6.03% Cap Rate in Hutto, TX 78634
INVESTMENT HIGHLIGHTS
- Fully Renovated
- 30 minutes from TESLA HQ
- Close to Dell HQ, Apple, & existing Samsung Plant (among other major tech companies)
- New Roof 2019 & New HVAC 2018
- 5 minutes from potential new $200B Samsung Plant
- Only 30 minutes to Downtown Austin
EXECUTIVE SUMMARY
***Full House Renovation Completed JANUARY 2023***
Rare opportunity to acquire a fully renovated, 6 bed/3.5 bath (plus game room), massive (~3k sqft) single fam home in one of the hottest real estate markets in the country. Either purchase to occupy, or rent for ~$3,100/mo. CAP rate comes out to ~5.5%.
New Water Heater (2023), newer roof (2019), and newer HVAC (2018).
Full renovations include but not limited to: All new LVT flooring, bathroom tile, and bedroom carpet, brand new interior paint throughout (including master bath cabinets, doors/trim, back deck, and exterior garage), re-staining of all kitchen cabinets, new microwave, all new ceiling fans, light fixtures, and door hardware, all new quartz countertops with kitchen backsplash, all new toilets, all new sinks and plumbing fixtures (sink and shower fixtures), one brand new bath tub, new water heater (Jan 2023), newer roof (2019) and newer HVAC (2018). Foundation leveled in 2021 with lifetime warranty (transferable). Only 2 miles away from $100B Samsung Development, upcoming EVO Entertainment Center, and many more developments.
https://www.bizjournals.com/austin/news/2022/12/23/hutto-megasite-economic-development-projects.html
Williamson County just approved new site for Samsung's $17B plant, one of the largest plants in the world, creating an estimated 6,000+ jobs and bolstering the Austin/Hutto metro economy: https://austin.culturemap.com/news/innovation/11-23-21-samsung-17-billion-dollar-chip-plant-taylor-economic-tsunami/
https://www.bizjournals.com/austin/news/2023/01/04/hutto-incentives-entertainment-retail-jobs.html
198k sqft Industrial Park is 100% leased 1 year before construction completion. Just broke ground in November 2021: https://rebusinessonline.com/titan-development-breaks-ground-on-197621-sf-industrial-project-in-metro-austin/
750+ Acre RCR Logistics Park under construction: https://taylor.rcrrailco.com/park-details/
https://www.huttotx.gov/CivicAlerts.aspx?AID=143
Within a few miles of all major employers and retailers (Walmart, Costco, Home depot ,Kohls, Target, Chick-Fil-A, etc.) and still affordable compared to other homes that are easily $500k+. It is nearly impossible to find a home in updated condition with 5+ bedrooms for under $500k. This area will continue to boom due to affordability and many other attractions: https://aquilacommercial.com/learning-center/guide-to-hutto-texas/
Subject property is alongside US-79 (~35,000 AADT) and benefits from affluent demographics in an established suburb of Austin with a population of ~89,000 and average household income of ~$123k within 5 mile radius. Annual population growth rate within 1 mile radius is ~4.2%.
In close proximity to Dell Diamond and Kalahari Resort (2nd largest indoor waterpark in the nation alongside a 975 room hotel): https://en.wikipedia.org/wiki/Kalahari_Resorts#Round_Rock
Rare opportunity to acquire a fully renovated, 6 bed/3.5 bath (plus game room), massive (~3k sqft) single fam home in one of the hottest real estate markets in the country. Either purchase to occupy, or rent for ~$3,100/mo. CAP rate comes out to ~5.5%.
New Water Heater (2023), newer roof (2019), and newer HVAC (2018).
Full renovations include but not limited to: All new LVT flooring, bathroom tile, and bedroom carpet, brand new interior paint throughout (including master bath cabinets, doors/trim, back deck, and exterior garage), re-staining of all kitchen cabinets, new microwave, all new ceiling fans, light fixtures, and door hardware, all new quartz countertops with kitchen backsplash, all new toilets, all new sinks and plumbing fixtures (sink and shower fixtures), one brand new bath tub, new water heater (Jan 2023), newer roof (2019) and newer HVAC (2018). Foundation leveled in 2021 with lifetime warranty (transferable). Only 2 miles away from $100B Samsung Development, upcoming EVO Entertainment Center, and many more developments.
https://www.bizjournals.com/austin/news/2022/12/23/hutto-megasite-economic-development-projects.html
Williamson County just approved new site for Samsung's $17B plant, one of the largest plants in the world, creating an estimated 6,000+ jobs and bolstering the Austin/Hutto metro economy: https://austin.culturemap.com/news/innovation/11-23-21-samsung-17-billion-dollar-chip-plant-taylor-economic-tsunami/
https://www.bizjournals.com/austin/news/2023/01/04/hutto-incentives-entertainment-retail-jobs.html
198k sqft Industrial Park is 100% leased 1 year before construction completion. Just broke ground in November 2021: https://rebusinessonline.com/titan-development-breaks-ground-on-197621-sf-industrial-project-in-metro-austin/
750+ Acre RCR Logistics Park under construction: https://taylor.rcrrailco.com/park-details/
https://www.huttotx.gov/CivicAlerts.aspx?AID=143
Within a few miles of all major employers and retailers (Walmart, Costco, Home depot ,Kohls, Target, Chick-Fil-A, etc.) and still affordable compared to other homes that are easily $500k+. It is nearly impossible to find a home in updated condition with 5+ bedrooms for under $500k. This area will continue to boom due to affordability and many other attractions: https://aquilacommercial.com/learning-center/guide-to-hutto-texas/
Subject property is alongside US-79 (~35,000 AADT) and benefits from affluent demographics in an established suburb of Austin with a population of ~89,000 and average household income of ~$123k within 5 mile radius. Annual population growth rate within 1 mile radius is ~4.2%.
In close proximity to Dell Diamond and Kalahari Resort (2nd largest indoor waterpark in the nation alongside a 975 room hotel): https://en.wikipedia.org/wiki/Kalahari_Resorts#Round_Rock
FINANCIAL SUMMARY (PRO FORMA - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$42,000
|
$14.17
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$42,000
|
$14.17
|
| Taxes |
$10,400
|
$3.51
|
| Operating Expenses |
$1,500
|
$0.51
|
| Total Expenses |
$11,900
|
$4.01
|
| Net Operating Income |
$30,100
|
$10.15
|
FINANCIAL SUMMARY (PRO FORMA - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $42,000 |
| Annual Per SF | $14.17 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $42,000 |
| Annual Per SF | $14.17 |
| Taxes | |
|---|---|
| Annual | $10,400 |
| Annual Per SF | $3.51 |
| Operating Expenses | |
|---|---|
| Annual | $1,500 |
| Annual Per SF | $0.51 |
| Total Expenses | |
|---|---|
| Annual | $11,900 |
| Annual Per SF | $4.01 |
| Net Operating Income | |
|---|---|
| Annual | $30,100 |
| Annual Per SF | $10.15 |
PROPERTY FACTS
| Price | $499,000 | Building Class | B |
| Price Per SF | $168.30 | Lot Size | 0.18 AC |
| Sale Type | Investment or Owner User | Building Size | 2,965 SF |
| Cap Rate | 6.03% | No. Stories | 2 |
| Property Type | Specialty | Year Built/Renovated | 2002/2023 |
| Property Subtype | Residential Income |
| Price | $499,000 |
| Price Per SF | $168.30 |
| Sale Type | Investment or Owner User |
| Cap Rate | 6.03% |
| Property Type | Specialty |
| Property Subtype | Residential Income |
| Building Class | B |
| Lot Size | 0.18 AC |
| Building Size | 2,965 SF |
| No. Stories | 2 |
| Year Built/Renovated | 2002/2023 |
MAP
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