3305 E Martin Luther King Blvd

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$575,000 | $2,500/mo

3305 E Martin Luther King Blvd

3 Beds 2 Baths 1,740 Sq.Ft.

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Description

The seller is open to creative financing to help make the development profitable. She would accept cash but would also finance for 10% down, interest only loan for 15 years with interest compounding from the date of closing, but no monthly payments for 2 years. She would only need enough in released to her option funds to cover the property tax bill for 2024.

It is currently rented for $2500/month with a month to month tenant. With a small capital improvement, there is a long term tenant that has requested a multi year lease for $4800.

The property is .224 acres, zoned SF3.

SF3 is a more dense residential zoning term. SF3 means that a 3rd can be built, as long as it still meets the lot size/imperious cover limits.

The lot is large enough to be subdivided, so that 4 or up to 6 units can be built.

The house has been a rental and can continue to be while permits are being pulled.

It is listed on the tax records as 3305 King St.

This property details are as follows. Tax records show SFR as the zoning, but TCAD shows SF-3-NP

There is currently one home situated facing MLK with one driveway off of MLK and one off of Tillery. I am attaching the street view Google earth videos below.

Street View 3305 MLK.mp4

3300 MLK- across the street is a good use case for 3305. One of the properties sold in 2022 for 815K and the other either never sold or sold off market, and there isn't any data about its sale price. The builder over there had .4 acres, so each townhouse set also has a set of 2 car garages behind (so there are 4 total townhouses, and 4 x 2 car garages.)

Street View MLK Townhomes.mp4

MLK New Build.mp4

3418 MLK - this one further east sold a year ago for 650K. It has a lot size of .35 with a similarly sized house plus it is on a corner lot.

IF 3305 MLK could be subdivided once the main house is torn down, then instead of 3 homes that could be built on it, 4-6 could be.

The lot itself is 9770 sqft. /2 each lot would be 4800 sqft.

Sold comps- Small homes near MLK

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Location

3305 E Martin Luther King Blvd, Austin, TX 78721

Status

For Sale

Property Amenities

Interior

Total Bedrooms: 3

Full Bathrooms: 2

Area & Lot

Total area 2,136 Sq.Ft.

Lot Area 9,792 Sq.Ft.

Living area 1,740 Sq.Ft.

Year Built 1968

School District AISD

High School Regan

Middle School Garcia

Elementary School Sims

View Description Single Family Home, currently leased month to month. Available to live in, rent out or demo and develop

Type Land

Status For Sale

Exterior

Stories 1

Air conditioning central

Heat type Cental

Sewer City

Water Features City

Finance

Sales Price $575,000

Lease Price $2,500/mo

Lease Term 1 Month

Real Estate Tax $8,409 yearly

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$575,000 | $2,500/mo

3305 E Martin Luther King Blvd

Description

Share Property

Location

Status

Jennifer Martin

Property Amenities

Interior

Area & Lot

Exterior

Finance

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$575,000 | $2,500/mo

3305 E Martin Luther King Blvd

Description

Share Property

Location

Status

Jennifer Martin

Property Amenities

Interior

Area & Lot

Exterior

Finance

Schedule a Showing

Schedule a Showing

Mortgage Calculator

Work With Jen

Get in Touch

Contact Details