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1305 Lorrain St

Austin, TX 78703
  • $3,995,000
  • STATUS: Active
  • ID#: 6783527
UPDATED: 53 min ago
$3,995,000
  • 0
    BEDS
  • 0.46
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1918
County:
Area:

School Ratings & Info

Description

Large 0.5ac in Clarksville which is impossible to come by. Alley access. MF3 zoned. Sits right outside the Clarksville historic district so no limits on Historical status or historical committee involvement in redevelopment. 6246 sqft rentable space, currently getting ~14k/month in rents for 2022 - 2023 year. Consists of: a. Main House that is a 6 bed 3 bath currently getting $6,500 per mo but would fetch $10,500 to $11,500/mo on Summer to Summer rotation. b. A Duplex consisting of two, 2 bed 1 bath units, unit D and unit C and a 3rd building that has another 2 bed 1 bath, Unit E, all of of them get about $2,495 per mo rent. Owner occupant, investment rental, or prime redevelopment opportunity. Could sell back half as condos and keep front half as a residence. Multiple options for breaking up the lot with multiple uses. On the Development side: Would be key for a developer as there are significant profits to be unlocked if everything is scraped and redeveloped into townhomes, housing communities etc (similar to the Westline and Blanco St developments, pretty much sold out at $1000+/sqft, see links here https://www.westlineaustin.com/ And https://www.zillow.com/homedetails/706-Blanco-St-Austin-TX-78703/2067694602_zpid/ ) . Sale prices for newly remodeled or new construction in Clarksville ranging from 1000 - >1200 per sq ft. Even if a buyer keeps it as is and just remodels the units nicely you're easily looking at $850+/sqft so there is still good large profit with just a remodel, but the real profit is in redevelopment.

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© 2022 Austin Board of REALTORS® (alternatively, from ACTRIS). All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied.The information 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. Data last updated: 2022-06-30T09:00:17.43.
www.elevateaustingroup.com/homes/129749131
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1305 Lorrain St Austin, TX 78703

  • Price: $3,995,000
  • Status: Active
  • On Site: Days
  • Updated: 53 min ago
  • ID#: 6783527
0
Beds
0
Baths
0
½ Baths
0.46
Acres
1918
Built
Neighborhood:
Enfield A
County:
Travis
Area:
Austin
Property Description
Large 0.5ac in Clarksville which is impossible to come by. Alley access. MF3 zoned. Sits right outside the Clarksville historic district so no limits on Historical status or historical committee involvement in redevelopment. 6246 sqft rentable space, currently getting ~14k/month in rents for 2022 - 2023 year. Consists of: a. Main House that is a 6 bed 3 bath currently getting $6,500 per mo but would fetch $10,500 to $11,500/mo on Summer to Summer rotation. b. A Duplex consisting of two, 2 bed 1 bath units, unit D and unit C and a 3rd building that has another 2 bed 1 bath, Unit E, all of of them get about $2,495 per mo rent. Owner occupant, investment rental, or prime redevelopment opportunity. Could sell back half as condos and keep front half as a residence. Multiple options for breaking up the lot with multiple uses. On the Development side: Would be key for a developer as there are significant profits to be unlocked if everything is scraped and redeveloped into townhomes, housing communities etc (similar to the Westline and Blanco St developments, pretty much sold out at $1000+/sqft, see links here https://www.westlineaustin.com/ And https://www.zillow.com/homedetails/706-Blanco-St-Austin-TX-78703/2067694602_zpid/ ) . Sale prices for newly remodeled or new construction in Clarksville ranging from 1000 - >1200 per sq ft. Even if a buyer keeps it as is and just remodels the units nicely you're easily looking at $850+/sqft so there is still good large profit with just a remodel, but the real profit is in redevelopment.
Exterior Features

Attached Garage YN Yes Bays 0 Construction Materials FrameHardiplank Type Foundation Details Pillar/Post/Pier Garage YN Yes Other Structures OutbuildingSecond ResidenceShed(S)Storage Parking Features Alley AccessAttachedAttached CarportCoveredDrivewayGarage Faces RearOff StreetStorage Road Surface Type Apavd Topography Flat View None Waterfront YN No

Interior Features

Building Area Total 6245 Cooling Central Air Flooring ConcreteTileWood Heating Central

Property Features

Accessibility Features None Additional Parcels YN No Building Features AppliancesElectric Dryer ConnectionsKitchen EquipmentWasher Dryer Connections Current Use Multi-Family Estimated Taxes 42000 Horse YN No Listing Terms CashConventional1031 ExchangeOwner May Carry New Construction YN No Property Condition Updated/Remodeled Property Sub Type Multi Family Sewer Public Sewer Special Listing Conditions Standard Tax Annual Amount 42000 Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Water Source Public

Property listed by Respace Llc.


© 2022 Austin Board of REALTORS® (alternatively, from ACTRIS). All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied.The information 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. Data last updated: 2022-06-30T09:00:17.43.
 
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Elevate Austin Realty Group | Realty One Group Prosper
4021 S Capital of Texas Hwy Suite C
Austin TX, 78704