2411 S 5th St, Austin, TX 78704

This is the kind of asset in Bouldin Creek that has strong upside .35 acres zoned MF 4, sitting less than two miles from downtown Austin in one of 512's most land-constrained neighborhoods.The play here is straightforward: collect rent today, capture upside tomorrow. Current rents are running well below market on a mix of four 1BD/1BA and two 2BD/1BA units - meaning a new owner can generate immediate returns through light renovation and a rent reset, or simply hold and let the land appreciate while Austin's density pressure does the work. The land story is real. MF-4 zoning allows 6+ additional units with height up to 60 feet. Feasibility study on hand to get an idea of potential yields. Whether you're a private investor looking for a stabilized Bouldin Creek hold, a developer eyeing a ground-up play, or a 1031 buyer needing a low-friction close - this checks the box.

The value at 2411 S 5th St is the land: 0.3487 acres zoned MF-4 in Austin, Austin 78704, priced at $1.55M and positioned less than two miles from downtown Austin. Offered as a Commercial Sale - Multi Family asset in Travis County, this is the kind of site buyers track closely because it combines current income with future density in one of Austin's most land-constrained urban markets. Built in 1960 and on market for 4 days, it stands out less for cosmetic storylines and more for what sophisticated buyers actually underwrite here, which is location, zoning, and the ability to improve the return profile over time.

The existing income gives the property practical utility from day one. The current unit mix includes four 1-bedroom, 1-bath units and two 2-bedroom, 1-bath units, with rents running below market. That matters because a new owner is not forced into a single strategy. There is room to pursue a lighter capital plan, improve the units selectively, and reset rents toward market, or to hold the property and let the land carry more of the long-term return. In a close-in Austin location, that flexibility has real value.

The zoning is what pushes this beyond a standard multifamily hold. MF-4 allows 6 or more added units with height up to 60 feet, which gives the site meaningful redevelopment potential instead of just incremental upside. A feasibility study is already on hand, so a buyer can start from a defined planning framework rather than from scratch. That reduces early uncertainty and helps clarify whether the right move is to stabilize, expand, or reposition.

For an investor, developer, or 1031 buyer, the case here is straightforward: control a close-in 78704 multifamily site that can generate rent today while preserving a clear path to denser future use as Austin land values continue to be shaped by scarcity and entitlement capacity.