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1305 Lorraine St

Austin, TX 78703
  • $3,995,000
  • STATUS: Active
  • ID#: 7732493
UPDATED: 38 min ago
$3,995,000
  • 0
    BEDS
  • 0.46
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 6,246
    SQFT
  • $640
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1918
County:
Area:

School Information

Elementary School:
Middle School:
High School:
School District:

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: 2022-07-07T09:00:47.113.
www.bristolpalin.com/homes/129769961
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1305 Lorraine St Austin, TX 78703

  • Price: $3,995,000
  • Status: Active
  • On Site: Days
  • Updated: 38 min ago
  • ID#: 7732493
0
Beds
0
Baths
0
½ Baths
0.46
Acres
6,246
SQFT
$640
$/SQFT
1918
Built
Neighborhood:
Enfield A
County:
Travis
Area:
Austin
Elementary School:
Mathews
Middle School:
O Henry
High School:
Austin
School District:
Austin ISD
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 Construction Materials Frame Covered Spaces 3 Direction Faces Nw Exterior Features Exterior StepsPrivate Yard Fencing FencedPartial Foundation Details Pillar/Post/Pier Garage Spaces 3 Garage YN Yes Levels Two Lot Features Back YardFront YardGentle SlopingInterior LotTrees-Medium (20 Ft - 40 Ft)Trees-Moderate Lot Size Dimensions 90 X 223 Other Structures OutbuildingSecond Residence Parking Features Alley AccessAttachedCarportCoveredGarageOff Street Patio And Porch Features DeckPatioPorch Roof Composition View None Waterfront Features None Waterfront YN No

Interior Features

Appliances DishwasherDisposalGas RangeOvenRangeRnghdWater Heater-Gas Cooling Central Air Fireplace Features None Fireplaces Total 1 Flooring ConcreteTileWood Heating Central Interior Features Ceiling Fan(S)High CeilingsVaulted Ceiling(S)Gas Dryer HookupEat-In KitchenInterior StepsMultiple Living AreasPantrySoaking TubStorageWalk-In Closet(S)Washer Hookup Laundry Location Common AreaMultiple Locations Unit Room Type Primary BedroomPrimary BathroomKitchenLiving Room Window Features ScreensWood Frames

Property Features

Accessibility Features None Association YN No Community Features Storage Estimated Taxes 42000 Horse YN No Listing Terms CashConventional New Construction YN No Pets Allowed Cats OkDogs Ok Pool Features None Property Condition Updated/Remodeled Property Sub Type Quadruplex Sewer Public Sewer Special Listing Conditions Standard 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: 2022-07-07T09:00:47.113.
 
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