1105 E 3RD ST

Exceptional redevelopment opportunity in the heart of downtown Austin, where location, flexibility, and future potential come together. With Austin's HOME Phase 1 and Phase 2 ordinances now in effect, this property presents an outstanding opportunity for investors, builders, and developers seeking to maximize one of the city's most desirable urban locations.Situated on a single parcel, the property currently features two residences: a front home of approximately 1,617 sqft and a detached 300 sqft efficiency apartment. Both units are vacant, providing buyers with the rare advantage of immediate possession whether the plan is to renovate, lease, occupy, or begin redevelopment without the delays and complications of existing tenants. The fully fenced property offers gated access from both the front and rear, creating secure on site parking and convenient access for future redevelopment. The current owner has commissioned architectural plans envisioning a potential 3 unit redevelopment or alternatively, plans to renovate, expand vertically, or reimagine the current improvements to suit a variety of investment strategies. With both dwellings vacant, investors also have the flexibility to complete updates and immediately establish market rate rental income. Buyers are encouraged to conduct their own due diligence regarding development potential, permitting, and applicable city regulations. Located just minutes from Rainey Street, Lady Bird Lake, downtown Austin, acclaimed restaurants, entertainment, shopping, and major employers, this property offers the rare combination of redevelopment flexibility, immediate usability, and long term appreciation potential in one of Austin's most sought-after neighborhoods. Whether you're looking to renovate, redevelop, or build from the ground up, this is a rare chance to capitalize on location, density potential, and long-term upside in one of Austin's most desirable urban cores.