About This Home

Rare dual-lot portfolio sale. Exceptional opportunity to acquire 218 W 51st St and 5101 Leralynn St, Austin, TX 78751 together as a single package. These properties are being sold as one with the other, and the list price reflects both parcels. The 51st St property includes a vacant 1,968 sq ft duplex featuring original wood floors and a sprawling backyard. Positioned in prime Koenig Place Annex right across from neighborhood tennis courts, this package is perfect for a premium multi-unit redevelopment or a high-yield rental portfolio.

At $686/sqft, this home is priced 75% above the Austin active market average of $392/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

218 W 51st St, Austin, TX 78751

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Property Details

Price $1,350,000

Status Active Listing

Beds ,

Full Baths ,

Half Baths ,

Living Area 1,968 sqft

Lot Size 0.19 acres (8,463.71 sqft)

Year Built 1942

Garage ,

Stories ,

Type Residential Income · Duplex

Subdivision Koenig Place Annex

County Travis

Zip Code 78751

$/sqft $686/sqft

Days on Market ,

HOA None / verify with agent

Annual Tax Est. $13,424.18

Pool ,

Waterfront ,

New Construction ,

MLS # ACT242937976

List Date August 13, 2026

Elementary School Ridgetop

Middle School Lamar (Austin ISD)

High School McCallum

School District ,

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Investment Analysis

Rental Income Potential

The numbers below use conservative Austin-market assumptions. They are estimates, not a guarantee. Actual rents vary by condition, timing, and management. Read our full Austin rental property guide →

Est. Monthly Rent

$6,480/mo

0.48% rule · conservative Austin est.

Gross Yield

5.76%

Annual rent ÷ purchase price

Cap Rate (est.)

3.46%

NOI after 40% vacancy + expenses

Down Payment

$270,000

20% conventional investment loan

Monthly Cash Flow Breakdown (20% down · 7.25% rate)

Estimated Gross Rent+$6,480

Principal + Interest−$7,368

Property Tax (~2.1% TX avg)−$2,363

Insurance (~0.5%)−$563

Est. Monthly Cash Flow $-3,814

At current rates and prices, many Austin luxury properties run neutral or slightly negative on pure cash flow, appreciation and equity paydown are the primary return drivers. BRRRR and off-market acquisitions can improve day-one cash flow. Learn about the BRRRR method in Austin →

Commute & Employment

Major Employers Near Austin, TX

Austin sits within commuting range of Austin's major tech, manufacturing, and corporate campuses. Approximate drive times from this area:

Tesla Gigafactory 15-25 min E

Apple Campus (Domain) 20-30 min N

Google / Meta / Indeed 10-15 min downtown

Dell Medical School / UT Austin 10-20 min

Samsung Austin Semiconductor 25 min N

About the Author

Luke Allen

Licensed Austin TX Realtor · TREC #788149 · Full-time since 2019

★★★★★ 5.0 on Google · 30 Reviews

Luke Allen is a full-time Austin TX Realtor with the Austin Marketing + Development Group brokerage. He works with buyers, sellers, and investors across every Austin ISD and the surrounding neighborhoods, from Downtown and East Austin to Round Rock, Cedar Park, and the Hill Country. Every page on this site is written and maintained by Luke. This page was last updated on August 17, 2026.

📞 (254) 718-2567 [email protected] More about Luke →

218 W 51st St

Location

Property Details

Rental Income Potential

Major Employers Near Austin, TX

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