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504 E 38th 1/2 ST
Austin, TX, 78751
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$895,000
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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 Type
Residential
Year Built
1935
Lot Size
0.25 acres
$/Sq Ft
$529
Garage
3 spaces
Listed by Compass RE Texas, LLC
Property Details
Features
Appliances
Flooring
Features
Construction
Lot Features
Fencing
Foundation
Patio / Porch
Parking
Waterfront
Verified property facts
504 E 38th 1/2 ST is listed at $895,000 with 3 bedrooms, 3 full bathrooms, 1,691 square feet, 0.25-acre lot. This places it above the 78751 median of $720,000.
504 E 38th 1/2 ST is zoned for Austin ISD with assigned schools: Lee (8/10) (elementary), Kealing (10/10) (middle), McCallum (8/10) (high). School assignments should be verified directly with the district.
504 E 38th 1/2 ST is a Residential built in 1935 featuring 3 bedrooms, 3 full bathrooms, 1,691 square feet, 0.25-acre lot.
504 E 38th 1/2 ST is presented by the Keenan Group at Compass Real Estate, the #1 Austin Board of Realtors Team (2024) with 1,000+ career transactions and $1B+ in career volume across Austin's luxury market.
The most recent annual property tax for 504 E 38th 1/2 ST is $15,873. Texas has no state income tax, so property taxes are a primary revenue source. Rates vary by jurisdiction and exemptions. Verify current amounts with the county appraisal district.
#1 Austin Board of Realtors Team. Over 1,000 successful transactions with high-end expertise.
25+ years advising buyers and sellers in this community
Listing timeline with current price, original ask, and market time.
Public record data from county appraisal records. Market value can differ from assessed value.
| Year | Taxes | Total Assessment | Land | Additions |
|---|---|---|---|---|
2025+0.7% | — | $672,287 | $410,445 | $155,001 |
2024+5.7% | — | $667,424 | $385,000 | $419,814 |
2023+16.3% | — | $631,528 | $350,000 | $317,424 |
2022+8.1% | — | $542,800 | $385,000 | $246,528 |
2021 | — | $502,200 | $357,500 | $185,300 |
Zoned assignments come from the property school fields available to us. District context schools are shown only when an assigned tier is missing. Contact the school district directly to verify current boundaries and enrollment eligibility. Ratings from GreatSchools.org.
20% ($179K)
$895,000
Luxury property intelligence
A sourced read on Oaklawn Add pricing, timing, and property scale. No automated valuation claim.
List price
$895,000
Price per sqft
$529/sqft
Vs. Oaklawn Add median
Not available
Days on market
443 days
Original to current
$205K reduction
$1.1M original
Active inventory context
Ask for current inventory
Source: MLS Grid / Unlock MLS and Keenan Group review as of Apr 25, 2026.
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#1 ABOR Team 2024 with $1B+ career sales volume
With 20% down ($179,000) on a 30-year fixed mortgage at approximately 6.75%, the estimated monthly payment for 504 E 38th 1/2 ST is around $5,967 including principal, interest, and estimated taxes. Actual payment varies by rate, down payment, insurance, and HOA fees.
At $895,000, 504 E 38th 1/2 ST is in the Oaklawn Add market where there are currently 51 active listings in 78751. The Keenan Group has completed 8 transactions in 78751 as part of 1,000+ career sales totaling $1B+ across Austin.
504 E 38th 1/2 ST was built in 1935 (91 years ago). Buyers should budget for potential updates to major systems.
504 E 38th 1/2 ST includes verified waterfront access: None. Buyers should confirm shoreline, dock rights, and floodplain status during due diligence.
Answers use visible listing facts, school context, and neighborhood data available on this page. Verify time-sensitive details before making decisions.
7 events on record
Current Price
$1,100,000
Timeline data compiled from MLS records and public records. Information deemed reliable but not guaranteed.
| Year | Taxes | Total Assessment | Land | Additions |
|---|---|---|---|---|
2025+0.7% | — | $672,287 | $410,445 | $155,001 |
2024+5.7% | — | $667,424 | $385,000 | $419,814 |
2023+16.3% | — | $631,528 | $350,000 | $317,424 |
2022+8.1% | — | $542,800 | $385,000 | $246,528 |
2021 | — | $502,200 | $357,500 | $185,300 |
Timeline merges MLS activity (when permitted) with public records. Some details may be restricted to registered VOW clients.
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