Significant investment potential awaits this 6,294 sf lot (per tax records) at the end of Swanee Drive at Upper Waller Creek in the heart of Austin, Texas. As times are changing, so are building restrictions. While already a Multifamily designation, restrictions have loosened on height restrictions (up to 90 ft), number of dwellings allowed on a single lot, lot size if subdivided, building materials and minimal setbacks as well. All new regulations can be confirmed with the City of Austin planning department. The building/zoning changes are part of the ETOD Overlay Subject Tract, due to Light Line, Code Amendment and rezoning case #C20-2023-004. The home would be an excellent rental property for the investor who’s not quite ready to build. Located near the busy Guadalupe/Airport intersection just SE of North Lamar, convenient to public transportation, shopping, dining, parks, schools and more. Within approximately 1 mile of IH 35 as well Hwy 183, and approximately 3 miles from Mopac! Downtown Austin can be seen to the South! This gorgeous lot would be ideal for multi-story or multi-dwelling construction. “As is” this 1960’s bungalow is a pristine 3 bedroom, 2 and a half bathroom home with unique updates along with the original hardwood floors and more. The home includes a private back patio, a storage shed, a large carport and beautiful landscaping from fence to fence. Mature trees and plants occupy the property and the natural privacy along Waller Creek is some of the last of its kind in Central Austin.