Austin, TX 78751 504 E 38 1/2 St # 504, 504B, 506

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.