Lot 5, Austin, TX 78746

An exceptional combination of location, scale, and flexibility in close-in Westlake, less than half a mile from Westlake High School, walkable to Hill Country Middle School and Cedar Creek Elementary School, and just a short drive to downtown Austin. At approximately 0.31 acres, this is the largest of the three offerings, featuring a level homesite with utilities available and ample space to design a custom home with room for outdoor living. As one of three available lots on Allen Rd—and offered alongside adjacent Lot 4—this property presents a rare opportunity to create a larger estate or compound in an established and appreciating Westlake corridor within Eanes ISD.

Three Allen Road lots in Westlake rarely come available together, and this is the largest of them. Lot 5 sits on 0.3072 acres in Allen Terrace Subdivision, Austin 78746, offering something scarce in close-in Travis County real estate: raw land with genuine scale and design freedom in one of Austin's most sought school districts.

The land is what makes this opportunity. At just under a third of an acre, the lot is level and buildable, unencumbered by the constraints that plague smaller infill parcels closer to downtown. You have room to breathe here. Utilities are available at the property line. The location sits within Eanes ISD, with Cedar Creek Elementary, Hill Country Middle School, and Westlake High School all within walking distance or a five-minute drive. For families prioritizing education and established neighborhoods, this matters enormously.

Allen Road runs through an appreciating Westlake corridor that maintains its character while gaining value. You're less than half a mile from Westlake High School's campus. The proximity to Hill Country Middle School and Cedar Creek Elementary means school transportation becomes optional. Downtown Austin is a short drive south. The Eanes ISD boundary itself functions as a market anchor, consistently outperforming broader Austin trends.

The horizon here is the custom home you design on your terms. This is not a spec lot or a developer's template. With 0.31 acres and utilities ready, you can plan an actual residence instead of adapting to someone else's footprint. The lot's level topography eliminates grading complications. You have room for real outdoor living, not a postage-stamp patio. Whether you envision a modern family compound or a thoughtfully scaled contemporary home with actual land around it, the canvas is yours.

The market context sharpens the value proposition. Allen Terrace Subdivision rarely releases inventory. Adjacent Lot 4 is also available, creating a genuine opportunity to assemble a larger estate if partnership or timing aligns. This is land in an established neighborhood where new construction inventory moves quickly, where Eanes ISD schools drive sustained demand, and where Westlake's reputation for both stability and appreciation shows no signs of reversing. Raw land at this scale, in this location, at this price per square foot defines opportunity in 2024 Austin.

Westlake Hills is an incorporated city in Austin's 78746 ZIP code, five minutes west of downtown via Bee Caves Road. Eanes ISD - ranked #1 in Texas by Niche 2026 - draws most buyers. Median home price $2.4M, with estates from $1.2M updates to $10M+ hilltop compounds.

Roughly 1,000 total homes sit on wooded lots averaging half an acre to two acres, spread across the hills south of the Colorado River. Lost Creek, Davenport Ranch, The Oaks, and Bee Caves Woods each have a different character - from 1970s ranches on established lots to new-build Hill Country Contemporary estates with 20-foot ceilings and limestone facades.

The housing stock is in a generational transition. Original 1970s-80s ranch homes sell as teardowns at $1-2M for land alone, replaced by $3-8M contemporary builds. At any given time, 25-30 homes are actively listed. Inventory is tight, and a meaningful share of deals happen off-market through agent networks.

What defines daily life here: morning coffee at Swedish Hill, school drop-off at Eanes Elementary or Bridge Point, a trail run at Wild Basin Preserve, and dinner at Sway or Las Palomas without crossing MoPac. This is a quiet neighborhood built around schools and outdoor access, not nightlife or walkable retail. The people who live here chose it for exactly that trade-off.