Active Listing  ·  133 days on market

3404 American Dr #1206

Lago Vista, TX 78645
$535,000
3 Bed 2 Bath 1,762 sqft $304/sqft Built 1987 0.36 acres 2-Car Garage Pool Waterfront Island On Lake Travis Condomin

The sale includes a coveted 28-FOOT COVERED BOAT SLIP within the private marina, just a short walk from the condo, along with two covered parking spaces and a dedicated storage unit.

SHORT TERM RENTALS ARE ALLOWED.

Perched in one of the most desirable locations at The Island on Lake Travis, this beautifully updated one-level 3-bedroom, 2-bath condominium offers unobstructed panoramic views of Lake Travis and Pace Bend Park across the water. Designed for effortless lock-and-leave living, the open-concept floor plan is filled with natural light and features two fireplaces—one in the living room and another in the primary suite—creating a warm and inviting atmosphere throughout. Additional features include an in-unit fire suppression system for added peace of mind.

The spacious kitchen is equipped with granite countertops, stainless steel appliances, and generous storage, while granite surfaces continue into both bathrooms for a cohesive, upscale finish. A walk-in laundry room adds everyday convenience. The covered patio captures breathtaking north-facing lake views, allowing for year-round outdoor enjoyment without the harsh western sun, while still offering spectacular sunset vistas.

Set on a private 13-acre island, this gated 212-villa waterfront community delivers true resort-style living with full lake access and exceptional amenities, including three swimming pools (featuring an indoor heated lap pool), a spa, dry sauna, fitness center, tennis court, two lighted pickleball courts, and an on-site restaurant. Located just minutes from Lago Vista Golf Course and directly across the lake from Pace Bend Park, this is waterfront living at its finest.

At $304/sqft, this home is priced 18% above the Lago Vista active market average of $257/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

3404 American Dr #1206, Lago Vista, TX 78645

Property Details

Price $535,000
Status Active Listing
Beds 3
Full Baths 2
Half Baths ,
Living Area 1,762 sqft
Lot Size 0.36 acres (15,681.6 sqft)
Year Built 1987
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Island On Lake Travis Condomin
County Travis
Zip Code 78645
$/sqft $304/sqft
Days on Market ,
HOA $1,125.8/Monthly
Annual Tax Est. $8,786
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT229612148
List Date May 13, 2026
Elementary School Lago Vista
Middle School Lago Vista
High School Lago Vista
School District ,

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

Schedule a Call →

Price History

How This Ask Has Moved

Original list price versus what this home is asking today. Straight from the ACTRIS MLS feed, no interpretation.

Original ask · May 13, 2026 $550,000
Previous ask $545,000
Current ask $535,000
Reduced $15,000 (-2.7%) from original ask

Source: ACTRIS MLS. Price change timestamp reflects the most recent adjustment on record; the feed does not expose intermediate steps between the original ask and today's ask.

Similar Homes on the Market in Lago Vista

Comparable Listings Right Now

Homes currently for sale in Lago Vista 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
21819 Ticonderoga Ave
Highland Lake Estates Sec 28
$549,000 $255 4 bd / 2 ba 2,150 sqft , 2025-11-09
21409 Patton Ave
Highland Lake Estates Sec 21
$565,000 $257 4 bd / 3 ba 2,200 sqft , 2026-09-17
21201 Norris Cv
Highland Lake Estates Sec 32
$499,000 $224 3 bd / 3 ba 2,230 sqft , 2026-04-10
2108 Patriot Dr
Highland Lake Estates Sec 24
$580,000 $293 3 bd / 3 ba 1,981 sqft , 2026-05-17
21013 Nimitz Ave
Highland Lake Estates Sec 32
$489,999 $219 3 bd / 3 ba 2,241 sqft , 2026-02-20

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
$2,568/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
$107,000
20% conventional investment loan

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

Estimated Gross Rent+$2,568
Principal + Interest−$2,920
Property Tax (~2.1% TX avg)−$936
Insurance (~0.5%)−$223
Est. Monthly Cash Flow $-1,511

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 Lago Vista, TX

Lago Vista 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 September 15, 2026.

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