Active Listing  ·  22 days on market

120 Applehead Island Dr

Horseshoe Bay, TX 78657
$6,495,000
5 Bed 7 Bath 6,334 sqft $1,025/sqft Built 1996 0.31 acres 3-Car Garage Pool Waterfront Applehead Island

120 Applehead Island Dr. presents a striking Mediterranean-inspired estate with panoramic open-water views and an effortless, elevated lakefront lifestyle. Arched passageways, stone columns, and hand-hewn wood beams showcase timeless architecture that extends warmth and character throughout the home. Inside, the main living spaces unfold in a dramatic, multi-level design where light and water take center stage. Here, the living room, dining area, kitchen, and lounge are seamlessly connected, providing an open setting for gathering and entertaining. Suited for intimate evenings or large celebrations, the island kitchen flows naturally into the living and multiple dining areas. The main-level primary suite offers a private retreat with patio access, his & her closets, and spacious bath while the impressive game room creates a natural extension of the home’s central gathering spaces. Guest suites, bunk accommodations, a media room, and two dedicated offices provide flexibility for hosting across generations. Outdoors, terraces and covered patios extend toward the water, where a resort-style pool, cascading waterfall, and spa overlook Lake LBJ. Evenings settle in beside the outdoor fireplace on the covered patio, while days begin just steps away at the private boat slip, offering immediate access to the constant-level waters of Lake LBJ. Within the gates of this exclusive waterfront community, 120 Applehead Island Dr. is more than a home - it is a place to gather and return to for years to come.

At $1,025/sqft, this home is priced 119% above the Horseshoe Bay active market average of $468/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

120 Applehead Island Dr, Horseshoe Bay, TX 78657

Property Details

Price $6,495,000
Status Active Listing
Beds 5
Full Baths 5
Half Baths 2
Living Area 6,334 sqft
Lot Size 0.31 acres (13,346.78 sqft)
Year Built 1996
Garage 3 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Applehead Island
County Llano
Zip Code 78657
$/sqft $1,025/sqft
Days on Market ,
HOA $5,125/Annually
Annual Tax Est. $57,734.61
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT248731799
List Date October 2, 2026
Elementary School Llano
Middle School Llano
High School Llano
School District ,

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

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Similar Homes on the Market in Horseshoe Bay

Comparable Listings Right Now

Homes currently for sale in Horseshoe Bay 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
252 LA SERENA Loop
Escondido
$5,995,000 $746 5 bd / 7 ba 8,034 sqft , 2026-06-29
151 Applehead Island Dr
Applehead Island
$5,395,000 $1,057 5 bd / 5 ba 5,102 sqft , 2026-07-03
240 La Serena Loop
Escondido
$5,295,000 $985 5 bd / 6 ba 5,375 sqft , 2026-03-22
2510 Belaire East Ln
Bel Air Sherwood Shores
$4,950,000 $801 6 bd / 7 ba 6,181 sqft , 2026-05-21

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
$31,176/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
$1,299,000
20% conventional investment loan

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

Estimated Gross Rent+$31,176
Principal + Interest−$35,446
Property Tax (~2.1% TX avg)−$11,366
Insurance (~0.5%)−$2,706
Est. Monthly Cash Flow $-18,342

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 Horseshoe Bay, TX

Horseshoe Bay 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

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About the Author
Luke Allen, Austin TX Realtor, TREC #788149
Luke Allen
Licensed Austin TX Realtor · TREC #788149 · Full-time since 2019
★★★★★ 5.0 on Google · 30 Reviews

Luke Allen is a full-time Austin TX Realtor with the Austin Marketing + Development Group brokerage. He works with buyers, sellers, and investors across every Austin ISD and the surrounding neighborhoods, from Downtown and East Austin to Round Rock, Cedar Park, and the Hill Country. Every page on this site is written and maintained by Luke. This page was last updated on October 8, 2026.

📞 (254) 718-2567 [email protected] More about Luke →