$925,000

Property Overview

This 3rd Street property in downtown Austin represents a rare redevelopment opportunity steps from the vibrant core of the city. Situated on a generous 5,837-square-foot lot, the parcel currently generates income through two rental units—a 1,617-square-foot main residence and a 300-square-foot efficiency apartment—while positioning the owner for significant value creation. With HOME Phase 1 and Phase 2 approvals already secured, the property is primed for transformation. Architectural plans are already commissioned for a three-unit development featuring two townhomes with garages and one single-family residence, or alternatively, the existing structure can be expanded vertically or reconfigured to maximize returns.

The location epitomizes urban Austin living, with Rainey Street's eclectic venues, Congress Avenue's downtown energy, and Lady Bird Lake's outdoor recreation mere minutes away. The fully fenced lot with gated front and rear access provides immediate security and flexible parking options—a premium feature in the walkable urban core. At $572 per square foot, this property trades significantly below the area median of $770, offering early movers substantial upside potential.

Whether pursuing a complete redevelopment, vertical expansion, or continued income generation, 1105 3rd Street delivers flexibility and location in downtown Austin's most sought-after neighborhood.

Agent Description

Exceptional redevelopment opportunity in the heart of downtown Austin. With HOME Phase 1 and 2 already passed, this property is primed for development or expansion. The single parcel currently features two income-producing dwellings: a front house of approximately 1,617 sq ft and a detached 300 sq ft efficiency unit, both currently rented. The property offers a fully fenced perimeter for privacy and security, with gated access at both the front and rear, allowing for secure on-site parking and flexible access. The owner has commissioned architectural plans for a full redevelopment consisting of two townhomes with garages plus one single-family residence, allowing for a total of three new units. The lot may be fully scraped and rebuilt, or alternatively, the existing front home can be expanded vertically or reconfigured to maximize value. Ideally located just minutes from Rainey Street, downtown dining, nightlife, and Austin’s most popular hotspots. Tree Survey and Zonability Report available. A rare opportunity to capitalize on location, density, and long term upside in one of Austin’s most desirable urban cores.

Neighborhood: Downtown Austin

This property is located in Downtown Austin, Austin, TX. The area is known for 6th Street Entertainment, Lady Bird Lake, Congress Avenue, High-Rise Living, Walkable Urban Core.

At $572/sqft, this listing is priced 25% below the Downtown Austin median of $766/sqft.

Property Details

Listing data last updated: May 19, 2026

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