505 W 15th St, Austin, TX 78701

Downtown, Central location. High visibility, existing tenant lease. Tenant pays taxes under lease.

At $2.25 million in the core of downtown Austin, 505 W 15th St stands out for something buyers rarely find in Downtown Austin: a 0.1352-acre office site with street visibility, an existing tenant, and lease terms that currently place property taxes on the tenant. 505 W 15th St sits in Downtown Austin, Austin, TX 78701, in Travis County, just a few blocks from the Texas State Capitol and in one of the city’s most established office corridors.

This is a 1984-built Commercial Sale - Office property, so the value here is driven by location, frontage, and income structure rather than residential specs. Bedroom, bathroom, and square footage details were not provided in the source data, so price per square foot cannot be calculated from the listing information alone. The land size is clear at 0.1352 acres, and that matters in a downtown submarket where small-site office opportunities are limited and often tightly held.

From this address, access is straightforward to Guadalupe Street, Lavaca Street, North Lamar Boulevard, and Mopac Expressway. The Texas Capitol complex is only minutes away. The Travis County government offices are nearby. The University of Texas at Austin campus is a short drive east. That puts 505 W 15th St in a part of downtown that stays active during the workday and remains connected after hours through nearby destinations like Waterloo Park, the Moody Center, and the restaurant corridor along West 6th Street.

For an owner-user or investor, this location works because it solves practical problems. Clients can find it easily. Employees can reach it from Central Austin, Old West Austin, Clarksville, Tarrytown, and South Austin without fighting for a hard-to-explain destination. The existing tenant adds immediate operating relevance, and the tax structure noted in the current lease can improve the appeal of the income stream compared with a more management-heavy setup.

The property has been on the market for 18 days, which still places it in the early stage of exposure. School information is listed as N/A, which is typical for a downtown office asset and not a primary factor for this property type. The real story is the address, the lease position, the visibility on West 15th Street, and the scarcity of well-located office sites in Austin 78701. In a market that keeps concentrating value around walkable, central locations, 505 W 15th St is positioned to stay relevant as downtown Austin continues to densify and mature.

Downtown Austin runs from the Colorado River north to the Capitol, bounded by I-35 to the east and Lamar to the west. It is the densest residential market in Central Texas with high-rise condos, historic lofts, and luxury towers concentrated in distinct sub-districts.

The Seaholm District anchors the west end with the Seaholm Residences and the new Google tower reshaping the skyline. Rainey Street sits along the lake's north shore - what was a street of bungalow bars is now flanked by 40-story residential towers including 70 Rainey and The Lakeshore. The Warehouse District between 3rd and 6th Streets draws buyers who want walkable nightlife and restaurant access. Congress Avenue bisects downtown and remains the civic spine connecting the Capitol to the lake.

The Austonian (56 floors), The Independent (58 floors), and 360 Condominiums are the marquee towers. Newer projects like Sixth & Guadalupe and The Republic continue adding inventory. Price points range from $400K studio condos to $5M+ penthouses with lake and Hill Country views.

Walk Score averages 95+. The MetroRail Red Line stops at downtown station. Major employers including the State of Texas, UT Austin, and a growing tech presence (Google, Meta, Apple satellite offices) generate consistent housing demand. Nightlife, dining, live music, and Lady Bird Lake hike-and-bike trail are all within walking distance.

Buyers here are typically professionals, empty nesters downsizing from suburban estates, investors, and out-of-state relocations drawn to Austin's urban core. HOA fees range from $400/month in older buildings to $2,000+ in full-service towers. Most buildings include concierge, pool, fitness center, and secure parking.