Austin, TX 78738 (Travis County)
About this property
Discover the incredible potential of 5311 Avispa Way, a unique property offering 2.75 acres in one of Austin's most desirable growth corridors. Whether you're an investor, builder, developer, or visionary homeowner, this property presents a rare chance to renovate, reimagine, or redevelop. The existing single-story residence features 2,580 square feet, 3 bedrooms, and 2 bathrooms and is being offered as-is. While the home retains its original 1980s finishes and is ready for a complete transformation, it provides a solid foundation for those looking to restore its character or create something entirely new. What truly sets this property apart is the land. Spanning 2.75 acres with access from two separate streets, the site offers exceptional flexibility and future potential. The dual access points create an outstanding opportunity for those exploring subdivision or redevelopment possibilities. Surrounded by the natural beauty of the Texas Hill Country while remaining just minutes from the Hill Country Galleria, Bee Cave, Lake Travis, award-winning Lake Travis ISD, championship golf courses, wineries, dining, shopping, and entertainment, this property combines privacy, convenience, and long-term investment potential. Properties of this size and versatility are becoming increasingly difficult to find in the Lake Travis market. Whether your vision is a luxury estate, a thoughtful renovation, or a future development opportunity, 5311 Avispa Way is ready for its next chapter.
Property details
Location
About the Area
5311 Avispa Way is located in Austin, Texas, in Travis County. Travis County is home to Austin, the capital of Texas and one of the fastest-growing major cities in the United States. Beyond the urban core, Travis County still contains significant ranch and acreage properties in its western reaches, where the Hill Country meets the city and land values reflect both agricultural heritage and proximity to one of America's most dynamic economies.
The Colorado River flows through Travis County, impounded into Lake Travis and Lake Austin, key recreation anchors for the region. The Balcones Escarpment marks the transition from the limestone Hill Country in the west to the Blackland Prairie in the east. Barton Creek and its tributaries carve spring-fed swimming holes and nature preserves within the urban fabric.
Austin had an estimated population of 967,862 as of 2023. The 78738 zip code has a median household income of $169,911, a median home value of $754,600, and a median age of 43.4. The average household size is 2.54 people.
Austin's economy is anchored by the University of Texas, state government, and a massive technology sector that has attracted Apple, Tesla, Oracle, Dell, and hundreds of startups. Travis County acreage properties command premium prices reflecting proximity to the Austin job market, major airports, and world-class amenities.
Demographic data sourced from the U.S. Census Bureau, American Community Survey 5-Year Estimates (2023).
Listing information © 2026 Unlock MLS (ACTRIS). All data provided AS IS. Information is deemed reliable but not guaranteed. Listing courtesy of Keller Williams Realty.