Two Ways to Purchase! Own a beautifully restored 1940s bungalow in Eanes ISD on approximately 0.3155 acres, or purchase the adjoining property to create the full Cranham Chase compound. The combined offering spans approximately 0.63 acres with 3,182 square feet across three structures, five bedrooms, four bathrooms, two guest apartments, two oversized garage/workshop spaces, and five garage bays. A rare opportunity for buyers seeking flexibility, income potential, and deeded Lake Austin access. Offered individually, the charming three-bedroom, two-bath bungalow features 1,592 square feet of thoughtfully updated living space in Lake Austin Estates. Originally built in the 1940s and relocated from Driftwood, the home has been carefully restored to preserve its original character while incorporating modern comforts. Warm pine floors, classic trimwork, a fireplace, and an updated kitchen create inviting interiors with timeless appeal. A covered front porch welcomes you home, while a covered back patio extends the living space outdoors. The generous lot offers room to entertain, garden, or envision future improvements in a peaceful setting near Westlake and Bee Cave. Deeded Lake Austin access includes use of a private neighborhood boat launch on the south side of the lake west of the 360 bridge, offering an exceptional opportunity to enjoy boating and watersports without waterfront ownership. Whether purchased individually or as part of the larger compound, this property offers historic charm, Eanes ISD, and an extraordinary Lake Austin lifestyle. The combined offering adds flexibility for multigenerational living, rental income, a home business, car collections, boat storage, or dedicated workshop space.