2404 Rio Grande StAustin, TX 78705

For Sale
$4,500,000

Austin, TX redevelopment opportunity. Historic building.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional 3,812 square foot creative office property, located at 2404 Rio Grande St, Austin, TX 78705, presents a unique redevelopment opportunity in the vibrant West Campus submarket. The property sits on a 0.324-acre lot and is currently zoned GO-H-NP/MF-4-H-NP/CS-NP, allowing for various development options subject to city approvals. The existing building, constructed in 1911, is designated as historic and protected from demolition or extensive renovation without city approval. A 1957 garage apartment is considered a teardown. The property's location offers convenient access to the University of Texas, Downtown Austin, and the Shoal Creek Greenbelt Trail, along with numerous nearby retail, restaurants, and entertainment venues. Easy access to major thoroughfares like MoPac, Lamar Blvd., Rio Grande Street, and MLK Blvd. enhances its appeal. The asking price is $4,500,000 ($1,180.48/sq ft), with a land value of $371.41/sq ft. The current lease expires December 31, 2025, with approximately 1.1 years remaining. Seller financing is available, subject to buyer credit, with a 20% down payment and a 3-year term. Interest rates are expected to range from 7-10%, depending on financing terms. The property's potential uses include student housing, condos, a boutique hotel, coffee house, bar (zoning permitting), or continued use as office space. Further investigation is needed to determine the applicable zoning designation for redevelopment.

Highlights

  • Seller financing offered; 20% down, 3-year term, 7-10% interest, credit approval required.
  • Excellent location, walking distance to numerous retail, restaurants, and entertainment venues.
  • Easy access to major thoroughfares: MoPac, Lamar Blvd., Rio Grande St., and MLK Blvd.
  • Zoned GO, MF-4, and CS; allows for commercial or multifamily development per West Campus Neighborhood Plan Overlay; further zoning review recommended.

Property Details for 2404 Rio Grande St

Property type
Other office properties, Office space
Square Feet
3,812 SF
Class
B
Lot Size (sq. ft)
14,113 SF

Location Insight

City
Austin
County
Travis
State
Texas
Latitude
30.288542313028
Longitude
-97.744591868028
2404 Rio Grande St, Austin, Texas

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2404 Rio Grande St
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