Active Listing  ·  113 days on market

151 Applehead Island Dr

Horseshoe Bay, TX 78657
$5,395,000
5 Bed 5 Bath 5,102 sqft $1,057/sqft Built 1992 0.24 acres 3-Car Garage Pool Waterfront Applehead Island

THE POINT ON THE ISLAND — 270 DEGREES OF WATER FRONTAGE. 186 FEET WATER FRONTAGE.

There are waterfront homes, and there are homes that command the water. Sited at a rare tip of an Applehead Island peninsula, this residence holds the single most coveted position on the island—where the land runs out and the water takes over on three sides. The video is superb check out the link below.

Lake LBJ unfolds in a full 180 degrees of unobstructed open water. Add the 90 degrees on the canal and the home claims a remarkable 270 degrees of total water frontage. The canal is 180 feet wide.

Rebuilt as a contemporary residence in 2022 and reimagined, updated and repaired by the current owner to an exacting standard—clean white volumes, warm white-oak floors, black steel window walls and soaring vaulted ceilings that pull the lake inside. A level of investment that could not be replicated today for $7 million.

The gourmet kitchen is a genuine masterpiece: a large center island, double Wolf ovens, built-in refrigeration, wine cooler, custom cabinetry, expansive stone surfaces, a separate butler's pantry and electric shades that glide open to the lake. Walls of glass frame the water from nearly every principal room.

A metal and steel cable staircase and floating catwalk connect both levels. The primary suite opens to a walk-out balcony with endless water and palm framed views, served by a spa inspired bath with freestanding tub and glass shower.

Generous secondary suites, a game room beneath a statement chandelier, a media lounge, and a custom bunk room ensure a place—and a view—for everyone.

Outside: a resort pool at the water's edge, a covered cabana with full outdoor kitchen, steel cable balconies overlooking the lake and a private dock with slips and lifts delivering you straight into open water.

Personal property and furnishings available as a separate sale.

This is not a home with a water view. It is a home that owns the water around it.

At $1,057/sqft, this home is priced 126% 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

151 Applehead Island Dr, Horseshoe Bay, TX 78657

Property Details

Price $5,395,000
Status Active Listing
Beds 5
Full Baths 5
Half Baths ,
Living Area 5,102 sqft
Lot Size 0.24 acres (10,454.4 sqft)
Year Built 1992
Garage 3 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Applehead Island
County Llano
Zip Code 78657
$/sqft $1,057/sqft
Days on Market ,
HOA $5,717/Annually
Annual Tax Est. $47,872.33
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT238203852
List Date July 3, 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.

Schedule a Call →

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
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
120 Applehead Island Dr
Applehead Island
$6,495,000 $1,025 5 bd / 7 ba 6,334 sqft , 2026-10-02
901 Sun Ray None
Horseshoe Bay West
$3,950,000 $908 5 bd / 6 ba 4,348 sqft , 2026-09-26

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
$25,896/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
$1,079,000
20% conventional investment loan

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

Estimated Gross Rent+$25,896
Principal + Interest−$29,443
Property Tax (~2.1% TX avg)−$9,441
Insurance (~0.5%)−$2,248
Est. Monthly Cash Flow $-15,236

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 →