Rare Three-Unit Opportunity on a Large Lot in Hancock. Current rents are $5225, with great long-term tenants who would be happy to renew.
Located just steps from the historic Hancock Golf Course and some of Austin’s most beloved local spots, this unique property presents a rare opportunity to own three individual 1 bed / 1 bath homes on a generous 10,890 sq ft lot in one of Central Austin’s most walkable neighborhoods.
Perfect for investors, multi-generational living, or an owner-occupant seeking additional rental income, each unit offers its own charm, privacy, and complete living spaces—including full kitchens and bathrooms. The back cottage, rebuilt in 2014, is a quiet, modern retreat featuring granite countertops, solid bamboo floors, vaulted ceilings, and abundant natural light. It also includes central HVAC, a tankless gas water heater, in-unit laundry, and a private fenced yard.
The two front cottages retain their original hardwood floors and vintage character, enhanced with thoughtful updates like European-style washer/dryer combos for added convenience.
Additional highlights include alley access, a 2-car carport, and multiple off-street parking options. Located just half a block from Hancock Golf Course, jogging trails, and iconic neighborhood favorites like Asti, Vino Vino, and Hyde Park Bar & Grill, with easy access to UT and downtown.
Three standalone units. One large lot. Endless potential. This is a true Austin gem in the heart of Hancock.
Features of 504 E 38 1/2 St 504, 504b, 506
MLS® #
9242525
Price
$895,000
Bathrooms
0.00
Square Footage
1,691
Acres
0.25
Year Built
1935
Type
Residential Income
Sub-Type
Other
Status
Active
Has Pool
No
Water Feature/View
View
None
Is Waterfront
No
Community Information: Austin
Address
504 E 38 1/2 St 504, 504b, 506
Area
4
Subdivision
Oaklawn Addn
City
Austin
County
Travis
State
TX
Zip Code
78751
Amenities of 504 E 38 1/2 St 504, 504b, 506
Utilities
Electricity Available, Sewer Available, Water Available
Features
None, Curbs
Parking
Carport, Off Street
Interior of 504 E 38 1/2 St 504, 504b, 506
Interior
Tile, Wood
Appliances
Dryer, Dishwasher, Disposal, Oven, Range, Refrigerator, Range Hood, Washer
Heating
Central
Fireplace
No
Fireplaces
None
# of Stories
1
Stories
One
Exterior of 504 E 38 1/2 St 504, 504b, 506
Exterior Features
Private Yard
Lot Description
Back Yard, Near Golf Course
Roof
Composition, Metal
Construction
Wood Siding
Foundation
Pillar/Post/Pier
School Information
District
Austin ISD
Elementary
Lee
Middle
Kealing
High
McCallum
Additional Information On 504 E 38 1/2 St 504, 504b, 506
Days on Market
146
Foreclosure
No
Short Sale
No
RE / Bank Owned
No
Gated Community
No
Property History
Price Reduced from $900,000 to $895,000
Price Reduced from $950,000 to $900,000
Price Reduced from $985,000 to $950,000
Price Reduced from $995,000 to $985,000
Price Reduced from $1,000,000 to $995,000
Price Reduced from $1,045,000 to $1,000,000
Price Reduced from $1,075,000 to $1,045,000
Price Reduced from $1,100,000 to $1,075,000
The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing Data Provided By: Compass RE Texas, LLC(512) 761-5409. Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS) from October 14th, 2025 at 4:15am CDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market. All information provided is deemed reliable but is not guaranteed and should be independently verified.
