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Gillis Place Apartments presents a rare value-add multifamily opportunity in the heart of South Austin, just minutes from St. Elmo, South Congress, and Downtown Austin. Offered at $98,958 per unit, the property is priced below the 2026 assessed value and includes an assumable fixed at 3.57% through August 2030, subject to lender approval. In today's financing environment, the ability to assume long-term agency debt at this rate provides a significant competitive advantage and meaningfully reduces the cost of capital. The property consists of 24 identical one-bedroom, one-bathroom units, each approximately 500 square feet, creating a highly efficient operating model with a single floor plan, consistent maintenance requirements, and straightforward renovation execution. The community is currently 87.5% occupied, with the next lease already signed. Based on the seller's underwriting, stabilized NOI is projected at approximately $182,000, representing an estimated 7.3% yield on total project cost in a market where comparable assets continue to trade near 5.5% capitalization rates. The existing loan balance of approximately $1.050 million represents roughly 43% leverage, requiring approximately $1.35 million of equity to complete the assumption. This structure is particularly attractive for 1031 exchange buyers, private investors seeking immediate financing certainty, and equity-rich operators looking to capitalize on below-market debt that is increasingly unavailable in today's lending environment. The OM, current rent roll, trailing financials, and loan assumption package are available upon execution of a Confidentiality Agreement. Property tours are available by appointment only. Offers will be reviewed as received. All information contained herein has been obtained from sources deemed reliable but has not been independently verified.
Property Type(s):
Commercial
| Last Updated | 7/12/2026 | Tract | Fritts Add |
|---|---|---|---|
| Year Built | 1973 | Community | Fritts Add |
| County | Travis |
Additional Details
| AIR | Wall/Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | 10N |
| CONSTRUCTION | HardiPlank Type, Stone |
| HEAT | Ductless, Electric |
| INTERIOR | High Speed Internet |
| LOT | 0.4336 acre(s) |
| PARKING | Asphalt |
| SEWER | Public Sewer |
| SUBDIVISION | Fritts Add |
| TAXES | 55000 |
| UTILITIES | Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected |
| WATER | Public |
Location
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Property listed by Taylor Sherwood, eXp Realty, LLC
Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 7/13/26 2:52 AM PDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
Information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
This IDX solution is (c) Diverse Solutions 2026.
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