1300 & 1302 Norwalk Lane
12 Multifamily Units | 2 Parcels | +/- 0.6 Acres
Marketing description
Seize a rare opportunity to own a multifamily property in the highly desirable Deep Eddy neighborhood of Inner-West Austin. 1300 & 1302 Norwalk Lane, Austin, Texas 78703, is a 0.6-acre site comprising two older-vintage buildings offering a balanced mix of 12 income-producing apartments. This property provides both immediate investment returns and significant future development potential in one of Austin’s most sought-after residential neighborhoods.
The current improvements provide holding income and / or the opportunity to remodel to increase rents. The large, rectangular, gently sloping site with dual street frontage provides attractive immediate or long-term redevelopment options.
Investment highlights
High rental demand supported by proximity to top-rated Austin ISD schools and major employers in both downtown Austin (only 2 miles away).
MF-3 zoning allows nearly 20,000 sq ft to be built on this ± 0.6 acre lot which also has dual street frontages. MF-3 zoning allows for a maximum density of 21 units (36 units per acre) on this lot. Preliminary drawings indicate 12 x 1,600 sq ft condominiums could be built with 2-car garages and private roof terraces.
Recent sales of neighboring 1,500 sq ft condos range from $750K to $1M+, and the average sale price of a Single Family Home within a one mile radius of the subject property is $1.9M.
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