Studios On South 1st 515 Krebs Ln 20 Unit Apartment Building For Sale Austin, TX 78704

Walker & Dunlop Investment Sales (“WDIS”) has been exclusively retained to offer qualified investors the opportunity to purchase the fee simple interest in the Studios on South
1st (the “Property”). The Property is comprised of (i) a 20-unit garden-style community built in 1974 and (ii) an adjacent 2,084 square foot office space, which has been occupied by State Farm Insurance for ~20 years.
The Property is situated on 0.57 acres at the corner of South 1st Street and Krebs Lane in the Dawson neighborhood of South Austin’s urban submarket. Studios on South 1st is extremely well positioned within Austin’s southward growth corridor, which has seen explosive levels of development attracted by the neighborhood’s proximity to entertainment, dining and iconic Austin lifestyle destinations. The irreplaceable location provides residents with easy access to South Congress shopping district (SoCo), Downtown Austin, Zilker Park and Lady Bird Lake.
With respect to transit, the Property is located one (1) block north of West Ben White (Hwy 290/71), as well as major thoroughfares, South Congress and S Lamar Blvd, which
provide residents with seamless accessibility to the metro’s major employment hubs in Downtown Austin, which is home to the region’s largest employers, Google, Meta and Indeed.
Studios on South 1st provides new ownership with the opportunity to increase rents by implementing a comprehensive value-add strategy by upgrading unit interiors and converting four (4) storage closets to increase the size of adjacent units. Additionally, the urban-core location allows for the potential to convert the rental units to condominiums or completely redevelop the site into a luxury residential property.