Seller Financing Available. Located in the heart of San Marcos' rapidly growing South Square District, 209 & 215 Cheatham Street offer a prime ±0.65-acre infill development site with exceptional flexibility and visibility. Zoned CD-5D (Downtown Character District) one of the city's most versatile mixed-use designations. Supports higher-density residential, live-work, retail, hospitality, and mixed-use development. Developers can pursue either a fee-simple resale or rental-income strategy, with zoning allowing up to 24 units per acre for townhomes, multifamily, boutique commercial, or shopfront mixed-use concepts in a walkable urban setting. The site provides over 150 feet of frontage at Cheatham & McKie, with city water, wastewater, and electric available at the street, reducing start-up costs and accelerating development timelines. A recent survey is included. With the parcels positioned side-by-side, investors can design a unified site plan that consolidates parking, utilities, and circulation for greater efficiency, phased development, or shared infrastructure. The location offers strong long-term fundamentals: just ½ mile to Downtown San Marcos, 1 mile to Texas State University, and walking distance to local venues including Patio Dolcetto, Triple Six Social, and The Davenport. The San Marcos River is only blocks away, with connectivity to Austin and San Antonio via I-35 and Highway 123. For investors seeking a ready-to-build Central Texas opportunity with rare zoning flexibility, walkability, utilities in place, and accelerating demand, the Cheatham & McKie tract is a compelling mix of location, infrastructure, and development potential in one of San Marcos' most active redevelopment corridors.