1305 Lorraine ST

Austin, TX, 78703

$3,995,000

$639 per ft²
$3,995,000
$639 per ft²
Active
Active
 - For Sale
carpenters-square
6,246 ft²
property_type
Multi-family
calendar
Built 1918
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.
MLS® ID:
7732493
Listed:
6/11/22
Updated:
6/25/22

Interior Features

Kitchen Appliances
Dishwasher, Disposal, Gas Range, Oven, Range, RNGHD, Water Heater-Gas
Total Bedrooms
0
Total Bathrooms
0
Interior Features
Ceiling Fan(s), High Ceilings, Vaulted Ceiling(s), Gas Dryer Hookup, Eat-in Kitchen, Interior Steps, Multiple Living Areas, Pantry, Soaking Tub, Storage, Walk-In Closet(s), Washer Hookup
Floor Description
Concrete, Tile, Wood
Fireplace
None
Cooling
Central Air
Heating
Central

Exterior/Building Features

Lot Size
0.46 acres lot
Exterior Features
Exterior Steps, Private Yard
Lot Details
Back Yard, Front Yard, Gentle Sloping, Interior Lot, Trees-Medium (20 Ft - 40 Ft), Trees-Moderate
Roof
Composition
Sewer
Public Sewer

School Information

School District
Austin ISD
High School
Austin
Middle/Jr High
O Henry
Elementary School
Mathews

Other Property Details

Area Name
1B
HOA Amenities
Storage
Attached Garage
Yes
Garage Spaces
3
Parking
Alley Access, Attached, Carport, Covered, Garage, Off Street
View
Y
County
Travis
Utilities
Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Water Source
Public
Pool
No
Pool Description
None

 

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Database last updated 2:11 PM UTC, 6/25/22

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