607-611 Nelray Blvd - 24,477 Sqft of MF-3 zoned over 3 properties. 0.56 Acres of Commercial Land Offered at $2,195,000 in Austin, TX 78751

Fantastic land cover play. Collect rent while getting permits and plans for construction. Perfect lots for development as this area demand is extremely high. The location is a huge plus as this is only a couple of blocks of the north Lamar booming area with lots of high end , stores, shops, restaurants etc. Easy access to both I 35 and Mopac and located in the TOD corridor so lots of transportation options. Below are a couple of development options:
1. You can design three SFH on each lot, and cross access between lots. This will save you time and money since you will not need to file for a subdivision , which will reduce engineering fees and city fees and review time. Each lot will have its own plans and permits. But you will get 9 buildings with separate meters etc.
2. You can combine the lots and file for a subdivision. This will incur engineering fees and city review time. ( designing the complete project and subdivision can be concurrent with site plan). The cost for a subdivision in COA ( if done with a site plan for complete project will be around $55.000.00) followed by a site plan approx. costs 100,000.00.
In both scenarios if you stick to regular zoning and density, you are maximum allowed 19 units. However, if you go by the affordable housing incentive, you can get 35-40 units. Although, parking will be 22-35 max. Rest of the units will not have parking, which the city allows in affordable housing option.
Topo surveys attached. Zoning info also attached.