700 & 604 Corral Ln, Austin, TX 78745

Ideal HOME / HOME2 development site. This 2.01+/- acre assemblage of two 1+/- acre city lots is in the sweet spot for size and density under the code, ideal for a mid-density entry level sale or single family rental development in the heart of Austin. Feasibility studies by LLVLL Design / Build projects up to 31 units @ 1650 sqft / unit, equating to over 51,000 buildable sqft, extracting maximum benefit from 90% FAR allowed under the code if used strategically. At 51k sqft land cost is under $30/sqft. Nice level site with easy access. Arborist indicates all existing trees can be removed. The existing homes are both occupied allowing for a low cost entry point leveraging conventional residential lending and substantial interim rental income while in the lead up to groundbreaking. One of both of the existing homes could be saved / renovated/ flipped to substantially lower the cost basis on the land with minimal impact to the total project unit count. I-35 Capital Express South project with easy access from both directions and a 2023 daily traffic count of over 190,000. Major infrastructure improvements related to the TXDOT effort just completed. Buyers to do all their own due diligence. Contact LA for more information.

The two-acre assemblage at 700 and 604 Corral Lane in Circle S Ridge represents a rare convergence of development potential and immediate income generation in south Austin. Built in 1959, the existing brick and frame structures occupy land positioned squarely within the city's high-opportunity density zone, where strategic development can yield up to 31 units across 51,000 buildable square feet at a land cost under $30 per square foot.

The current homes sit on level terrain with straightforward site logistics, each occupied and generating rental income while the property transitions toward its next chapter. This dual-income foundation allows developers to secure conventional residential financing at entry-point acquisition costs, substantially reducing early-stage capital requirements. The existing structures themselves offer tactical flexibility: both could remain and be renovated, or one or both could be repositioned through redevelopment, meaningfully lowering the overall project cost basis with minimal impact on final unit count.

The location's infrastructure position enhances its development profile considerably. Immediate access to both directions of I-35 Capital Express South provides critical connectivity, validated by 2023 traffic counts exceeding 190,000 vehicles daily. The corridor has experienced recent major infrastructure improvements through TXDOT capital projects, establishing backbone capacity for residential density. From Corral Lane, commuting to downtown Austin runs roughly 15 minutes via I-35, while access to east Austin employment centers and the growing south Congress corridor is direct.

The site's construction profile reflects mid-century Austin building standards. Level topography eliminates grading complications, and arborist evaluation confirms all existing vegetation can be removed without site constraints. Code analysis by development specialists projects feasibility for HOME and HOME2-model typologies, with 90 percent floor-area ratio allowances achievable under current zoning when applied strategically.

This assemblage captures a specific market moment. The combination of conventional financing pathways, interim rental cash flow, completed infrastructure improvements, and proven development capacity creates conditions where the property can function as both stabilized income asset and development platform. Buyers conducting thorough due diligence will find the fundamentals support multiple execution strategies on land that remains fundamentally scarce in central Austin's growth corridor.