504 E 38 1/2 ST # 506
Austin, TX, 78751
$895,000
Beds
0 Baths
1,691 SqFt
0.25 Acres
Add
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Rare Three-Unit Opportunity on a Large Lot in Hancock. Current rents are $5225, with great long-term tenants who would be happy to renew.
Located just steps from the historic Hancock Golf Course and some of Austin’s most beloved local spots, this unique property presents a rare opportunity to own three individual 1 bed / 1 bath homes on a generous 10,890 sq ft lot in one of Central Austin’s most walkable neighborhoods.

Perfect for investors, multi-generational living, or an owner-occupant seeking additional rental income, each unit offers its own charm, privacy, and complete living spaces—including full kitchens and bathrooms. The back cottage, rebuilt in 2014, is a quiet, modern retreat featuring granite countertops, solid bamboo floors, vaulted ceilings, and abundant natural light. It also includes central HVAC, a tankless gas water heater, in-unit laundry, and a private fenced yard.

The two front cottages retain their original hardwood floors and vintage character, enhanced with thoughtful updates like European-style washer/dryer combos for added convenience.

Additional highlights include alley access, a 2-car carport, and multiple off-street parking options. Located just half a block from Hancock Golf Course, jogging trails, and iconic neighborhood favorites like Asti, Vino Vino, and Hyde Park Bar & Grill, with easy access to UT and downtown.

Three standalone units. One large lot. Endless potential. This is a true Austin gem in the heart of Hancock.

Property Details

Price:
$895,000
MLS #:
9242525
Status:
Active
Beds:
0
Baths:
0
Type:
Multi Family
Subtype:
See Remarks
Subdivision:
Oaklawn Addn
Listed Date:
Apr 17, 2025
Finished Sq Ft:
1,691
Lot Size:
10,907 sqft / 0.25 acres (approx)
Year Built:
1935
Oaklawn AddnAustin IsdLeeKealingMccallumNegotiable

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Schools

School District:
Austin ISD
Elementary School:
Lee
Middle School:
Kealing
High School:
McCallum

Interior

Appliances
Dishwasher, Disposal, Dryer, Oven, Range, R N G H D, Refrigerator, Washer
Cooling
Central Air
Flooring
Tile, Wood
Heating
Central

Exterior

Community Features
None
Exterior Features
Private Yard
Other Structures
None
Parking Features
Carport, Off Street
Roof
Composition, Metal

Financial

Taxes
$15,873

Map

Community

Subdivisions in Austin

Market Summary

Current real estate data for Multi Family in Austin as of Sep 11, 2025
200
Multi Family Listed
134
Avg DOM
315
Avg $ / SqFt
$746,455
Avg List Price

Property Summary

    Located in the Oaklawn Addn subdivision, 504 E 38 1/2 ST # 506 Austin TX is a Multi Family for sale in Austin, TX, 78751. It is listed for $895,000 To schedule a showing of MLS#9242525 at 504 E 38 1/2 ST # 506 in Austin, TX, contact your Stripe Realty agent at 512-439-2122.

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504 E 38 1/2 ST # 506
Austin, TX