Active Listing  ·  81 days on market

10500 Milky Way

Austin, TX 78730
$2,950,000
5 Bed 6 Bath 6,261 sqft $471/sqft Built 2005 1.12 acres 3-Car Garage Pool Preserve At River Place Sec 02

Set on a beautifully landscaped 1.12-acre homesite in one of Austin’s premier luxury communities, this custom estate offers the rare combination of timeless design, functional living, and resort-style outdoor spaces. From the moment you arrive, the home’s commanding presence and mature landscaping create a sense of privacy and elegance that continues throughout all 6,261 square feet.

Designed with both everyday comfort and entertaining in mind, the floor plan lives beautifully with 5 spacious en suite bedrooms, including 3 on the main level and 2 upstairs. The heart of the home is the stunning great room, where soaring spaces and a dramatic stone fireplace create a warm yet sophisticated gathering place. Multiple living and entertaining areas provide incredible flexibility, including formal and casual dining spaces, a private office, downstairs billiards/game room, and an upstairs game room with dedicated media room.

The gourmet kitchen opens seamlessly to the living spaces and is equipped for both casual family dinners and large-scale entertaining. Premium stainless appliances include a 48” Wolf range, three ovens, warming drawer, built-in refrigerator, microwave oven, and two beverage refrigerators. An oversized utility room with abundant storage, sink, and additional refrigerator space adds everyday convenience rarely found in luxury homes.

Step outside and the property transforms into a true private retreat. Expansive covered patios are designed for year-round enjoyment with a built-in grill, sink, and outdoor television overlooking the resort-style pool and spa. A fire pit and multiple entertaining areas create the perfect setting for everything from quiet evenings under the stars to unforgettable gatherings with family and friends. This is Austin Hill Country living at its finest, yet only 14 miles to downtown Austin.

At $471/sqft, this home is priced 20% above the Austin active market average of $391/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

10500 Milky Way, Austin, TX 78730

Property Details

Price $2,950,000
Status Active Listing
Beds 5
Full Baths 5
Half Baths 1
Living Area 6,261 sqft
Lot Size 1.12 acres (48,787.2 sqft)
Year Built 2005
Garage 3 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Preserve At River Place Sec 02
County Travis
Zip Code 78730
$/sqft $471/sqft
Days on Market ,
HOA $462/Annually
Annual Tax Est. $41,366
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT230244341
List Date May 15, 2026
Elementary School River Place
Middle School Four Points
High School Vandegrift
School District ,

Luke Allen (TREC #788149) has deep knowledge of Austin and surrounding markets. Whether you're buying, selling, or just researching comparable sales, reach out for a no-pressure conversation.

Schedule a Call →

Similar Homes on the Market in Austin

Comparable Listings Right Now

Homes currently for sale in Austin with similar bedroom count, size, and price range, giving you real-time context for how this property's asking price compares to the active market.

AddressList Price$/sqftBeds/BathsSqftDOMListed
106 Bella Montagna Cir
Bella Montagna, Round Mountain Estates 02
$2,950,000 $485 5 bd / 7 ba 6,084 sqft , 2026-03-13
2501 Stratford Dr
Bluffington Sec 01
$2,950,000 $653 4 bd / 4 ba 4,521 sqft , 2026-06-18
16118 Clara Van St
San Casciano
$2,949,000 $519 5 bd / 6 ba 5,680 sqft , 2026-05-01
6316 Caudill Ln
Creeks Edge
$2,985,000 $694 5 bd / 5 ba 4,301 sqft , 2026-04-07
10202 Epsilon Way
River Place, Milky Way at River Place
$2,994,990 $652 5 bd / 7 ba 4,595 sqft , 2026-02-11

Source: ACTRIS MLS, live listings. Similar by ±1 bed, ±35% price, ±35% sqft. Contact Luke for a formal comparative market analysis.

Investment Analysis

Rental Income Potential

The numbers below use conservative Austin-market assumptions. They are estimates, not a guarantee. Actual rents vary by condition, timing, and management. Read our full Austin rental property guide →

Est. Monthly Rent
$14,160/mo
0.48% rule · conservative Austin est.
Gross Yield
5.76%
Annual rent ÷ purchase price
Cap Rate (est.)
3.46%
NOI after 40% vacancy + expenses
Down Payment
$590,000
20% conventional investment loan

Monthly Cash Flow Breakdown (20% down · 7.25% rate)

Estimated Gross Rent+$14,160
Principal + Interest−$16,099
Property Tax (~2.1% TX avg)−$5,163
Insurance (~0.5%)−$1,229
Est. Monthly Cash Flow $-8,331

At current rates and prices, many Austin luxury properties run neutral or slightly negative on pure cash flow, appreciation and equity paydown are the primary return drivers. BRRRR and off-market acquisitions can improve day-one cash flow. Learn about the BRRRR method in Austin →

Commute & Employment

Major Employers Near Austin, TX

Austin sits within commuting range of Austin's major tech, manufacturing, and corporate campuses. Approximate drive times from this area:

Tesla Gigafactory 15-25 min E
Apple Campus (Domain) 20-30 min N
Google / Meta / Indeed 10-15 min downtown
Dell Medical School / UT Austin 10-20 min
Samsung Austin Semiconductor 25 min N

More Luxury Homes in Austin

Loading…
View All Luxury Homes →