Active Listing  ·  191 days on market

3404 American Dr #2205

Lago Vista, TX 78645
$229,000
1 Bed 1 Bath 842 sqft $272/sqft Built 1987 0.17 acres 1-Car Garage Pool Waterfront Island On Lake Travis Condomin

Discover relaxed lakefront living at The Island on Lake Travis in Austin, TX. This thoughtfully designed 842-square-foot condo offers a wonderful opportunity to enjoy scenic waterfront surroundings along with a wide range of resort-style amenities.

The private balcony provides a peaceful place to unwind while overlooking the community’s elegant fountain and the sparkling main body of Lake Travis. Inside, the bright and welcoming interior features an open layout that makes the most of the space. The kitchen includes granite countertops along with a refrigerator, freestanding range, and microwave, offering both style and functionality.

Durable vinyl and tile flooring extend throughout the entire unit, providing a clean look with no carpet. The full bathroom features a spacious walk-in shower, and the condo offers generous storage for added convenience.

The Island on Lake Travis sits on 14 beautifully maintained acres and is known for its charming Mediterranean-style architecture and incredible lake views. Residents and guests enjoy access to two outdoor pools with lakeside hot tubs, an indoor pool and spa, a fitness center, tennis courts, picnic and grilling areas, and private docks with boat ramps. The peaceful courtyards throughout the property create a relaxing atmosphere reminiscent of a European retreat.

Additional amenities include gated security, assigned covered parking, an on-site restaurant, and a salon and spa with sauna access. Short-term rentals are allowed, making this property an excellent option for a vacation getaway, income-producing investment, or full-time residence. Investors may also have the rare opportunity to purchase four fully furnished units together.

Located across from Pace Bend Park and just a short drive from Lago Vista Country Club, this condo offers an ideal blend of recreation, relaxation, and lakeside living on Lake Travis.

At $272/sqft, this home is priced 6% 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 #2205, Lago Vista, TX 78645

Property Details

Price $229,000
Status Active Listing
Beds 1
Full Baths 1
Half Baths ,
Living Area 842 sqft
Lot Size 0.17 acres (7,487.96 sqft)
Year Built 1987
Garage 1 spaces
Stories ,
Type Residential · Condominium
Subdivision Island On Lake Travis Condomin
County Travis
Zip Code 78645
$/sqft $272/sqft
Days on Market ,
HOA $493.17/Monthly
Annual Tax Est. $5,425.92
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT222680871
List Date March 16, 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 →

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
3404 American Dr #2212
Island On Lake Travis Condomin
$229,900 $273 1 bd / 2 ba 842 sqft , 2026-04-10
3404 American Dr #2200
Island/Lk Travis Condo
$240,000 $384 1 bd / 1 ba 625 sqft , 2026-03-16
3404 American Dr #2209
Island On Lake Travis Condomin
$249,000 $296 1 bd / 2 ba 842 sqft , 2026-07-13
3404 American Dr #1225
Island on Lake Travis Condominium
$199,000 $282 1 bd / 1 ba 705 sqft , 2025-12-02
3404 American Dr #3111
Island On Lake Travis Condomin
$195,000 $250 1 bd / 1 ba 779 sqft , 2026-04-21

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
$1,099/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
$45,800
20% conventional investment loan

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

Estimated Gross Rent+$1,099
Principal + Interest−$1,250
Property Tax (~2.1% TX avg)−$401
Insurance (~0.5%)−$95
Est. Monthly Cash Flow $-647

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 April 28, 2026.

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