1612 S Congress Ave
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1612 S Congress Ave
5,280 SF Retail Building Austin, TX 78704 £10,665,135 (£2,020/SF) 1.17% Net Initial Yield
Investment Highlights
- Best Italian Restaurant in Austin
- Seven (7) reserved covered parking spaces plus surface parking.
Executive Summary
1610-1612 S. Congress Avenue is prominently located in the heart of the South Congress Business District, at the northwest corner of South Congress & W. Milton Street. The Property is best known as home to Vespaio Italian Restaurant & Chapulin Cantina. The Buildings are 1935 vintage, one-story, free-standing, masonry, single Tenant occupied, and contain a rentable area of 5,280+/- sq. ft. The Land area totals 13,813+/- sq. ft. or .3171 acre. The two legal lots have a combined frontage of 98.3'+/- along S. Congress Avenue & 1612 S. Congress has 140'+/- of frontage along W. Milton. The Land Area, not covered with buildings, is paved and provides 20 off-street parking spaces. An alley runs north/south adjacent to the Property's western perimeter. The Lease with Vespaio & Chapulin Cantina expires April 30, 2025; but the Lease grants Tenant two (2) options to extend the Lease Term to March 31, 2035. The Property is located outside all 500-year flood zones.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Sale Condition
Development Sale
Property Type
Retail
Property Subtype
Building Size
5,280 SF
Building Class
C
Year Built
1935
Price
£10,665,135
Price Per SF
£2,020
Net Initial Yield
1.17%
NOI
£125,138
Tenancy
Single
Number of Floors
1
Building FAR
0.38
Land Acres
0.32 AC
Zoning
Commercial Service - Property ID's: 04000013180000 or 302172
Legal: LOT 5 & 6, BLOCK 22, SWISHER ADDITION, AUSTIN, TRAVIS COUNTY, TX
Zoning allows 60'+/- Building Height
Parking
20 Spaces (3.79 Spaces per 1,000 SF Leased)
Frontage
Amenities
- 24 Hour Access
- Bus Route
- Corner Lot
- Restaurant
- Signage
- Signalised Intersection
- Wheelchair Accessible
- Air Conditioning
Walk Score ®
Walker's Paradise (96)
Bike Score ®
Biker's Paradise (91)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 302172 | Total Assessment | £1,933,050 |
| Land Assessment | £1,933,050 | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £0 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
302172
Land Assessment
£1,933,050
Improvements Assessment
£0
Total Assessment
£1,933,050
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
-
Don Heimbecker -
Sam Calliham -
Harrison-Pearson Associates, Inc.
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1612 S Congress Ave
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