Russell Martin - Commercial Real Estate Showcase

Russell Martin Property Listings
Keller Williams Realty
1801 S Mopac Expressway
Suite 100
Austin, TX 78746
(512) 448-4111
(512) 448-4822

2503 Westlake Drive

Austin, TX 78746-2965 - Bee Cave/River Hills MF Submarket

Property Type:Multi-Family Number of Units:9 Status:Existing Year Built:1950
Stories:- Building Size:5,999 SF Land Area:3.2 AC (139,392 SF)
For Sale Price:$9,995,000 Price/Unit:$1,110,555.56 Cap Rate:- GRM:-


Sale Notes:
* Luxury Condo/Townhome Development Site - Never previously on-the-market * 850 feet of Main Body Lake Austin Water frontage with a 26 boat slip Marina, 2 day docks, a boat ramp and three existing apartment buildings, all on two legal lots totaling approximately 3.2 acres * Private cove with a peninsula into Lake Austin. Spectacular park-like setting with gigantic cypress trees, a beach and private swimming area * Rare development opportunity for luxury residential condominium units - similar units built in 1990's on the street sell for $2.2M - $2.7M * Marina can be a separate condominium regime with a value of $400,000-450,000 per slip; or, can be retained for income (See attached market analysis and neighborhood market demographics)
* Current improvements are tear down - Value in the ability to replace existing improvements.

* Prime Lake Austin Waterfront location on prestigious Westlake Drive within Loop 360
* Eanes Independent School District - Exemplary Schools K-HS
* 6.6 miles to the center of the Central Business District (15 minutes.)
* 2.32 miles to Capital of Texas Hwy

By water:
* .22 miles to only available Gas/Fuel sales on Lake Austin
* .71 miles to Oyster Landing, Cafe Mozart, Hula Hut, Abel's On The Lake
* .57 miles to Westwood Country Club
* 3.07 miles to Austin Country Club

Keller Williams Realty
Russell Martin
(512) 448-4111

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