1305 Lorrain ST

Austin, TX, 78703

$3,995,000

$639 per ft²
$3,995,000
$639 per ft²
Active
Active
 - For Sale
carpenters-square
6,245 ft²
property_type
Commercial
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:
6783527
Listed:
6/9/22
Updated:
7/6/22
Compass
Greenwood Residential Properties

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Floor Description
Concrete, Tile, Wood
Cooling
Central Air
Heating
Central

Exterior/Building Features

Lot Size
0.46 acres lot
Sewer
Public Sewer

Other Property Details

Area Name
1B
Taxes
$42000
Tax Frequency
per YEAR
Garage
Yes
Parking
Alley Access, Attached, Attached Carport, Covered, Driveway, Garage Faces Rear, Off Street, Storage
View
Y
County
Travis
Utilities
Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Water Source
Public
Pool
No

 

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Database last updated 4:40 PM UTC, 7/6/22

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Greenwood Residential Properties
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