1321 Harris Hill Rd, San Marcos, TX 78666

Unique covered land play with solid current income and long term development upside. Location just out San Marcos city limits in the ETJ , mid- to long-term highest and best is likely to development multi-story apartment complex to serve San Marcos and its explosive long term growth. San Marcos and Central Hays Co is perhaps the most strategic location in the state for investors with a long horizon, centrally located between Austin and San Marcos along the I-35 corridor, ideal for a long term income development play. San Marcos projected to reach over 140,000 residents by 2035. Robust rental market with the additional growth of Texas State, itself projected to reach over 50,000 students by 2033. Currently 14 rental units of various size and era. Owners made substantial improvements in 2022-2023 to stabilize the property, substantially increasing Gross Rents and Operating Income YOY even in a soft rental market. 2025 Total Operating Income over $180,000, NOI just over $60,000. Entry level units that have low vacancy rates in the competitive San Marcos rental market. Recently built Whispering Pointe Apartments is the perfect template for the long term development play, only 0.4 miles to the north on Harris Hill, as critical infrastructure continues to get closer to the site. Being in the ETJ and unrestricted, proximity to central San Macros with none of the challenges of developing in the city. The city limit is literally on the rear property line. Solid current income with clear long term growth and development upside. Unique opportunity to get into this highly sought after, high growth area. Contact LA for more detailed information.

The core value at 1321 Harris Hill Rd is the combination of 2.438 acres, current multifamily income, and a location positioned for long-horizon redevelopment in San Marcos. At $1.45 million, this commercial sale offers a covered land play that is already producing revenue while holding a clear path to future intensification.

The property sits in Hays County, just outside San Marcos city limits in the ETJ, with the city limit running along the rear property line. That matters. Investors looking at Central Hays County are not just buying existing improvements built in 1980. They are buying control of land in one of the most active growth corridors in Texas, with proximity to San Marcos and the broader I-35 corridor shaping the long-term thesis. The unrestricted ETJ setting adds another layer of value for buyers focused on timing, entitlement flexibility, and future use optionality.

Today, the site includes 14 rental units of varying size and era. Ownership made substantial improvements in 2022 and 2023 to stabilize operations, and that work shows up in the income profile. Total operating income for 2025 is reported at more than $180,000, with NOI just above $60,000. That is not a speculative story detached from performance. It is a functioning income property with entry-level units that have maintained low vacancy in the San Marcos rental market, even during a softer rental cycle.

The broader demand picture is also part of the analysis. San Marcos is projected to exceed 140,000 residents by 2035, and Texas State is projected to top 50,000 students by 2033. Those numbers matter for any investor studying rental durability, absorption, and the long-term case for additional density. The nearby Whispering Pointe Apartments, located 0.4 miles north on Harris Hill, help frame what this corridor can support as infrastructure continues moving toward the site.

With 61 days on market, the opportunity is straightforward. This is not being sold on finish level or residential lifestyle positioning. It is being sold on land, income, location leverage, and future use. Buyers who understand San Marcos growth patterns will see 1321 Harris Hill Rd for what it is: a stabilized multifamily asset today and a strategic hold for larger-scale redevelopment over time.