Active Listing  ·  24 days on market

3501 Balcones Dr

Austin, TX 78731
$3,495,000
5 Bed 5 Bath 3,575 sqft $978/sqft Built 2013 0.37 acres 2-Car Garage Pool Colorado Foothills Sec 01 Amd

Set along one of Central Austin’s most established streets, 3501 Balcones Drive makes an immediate impression with its striking presence, generous proportions, and modern take on timeless architecture. Thoughtfully renovated in 2024 with interiors by Michelle Gerson, the home pairs a fresh, elevated aesthetic with a sense of warmth throughout. Soaring ceilings, expansive windows, and abundant natural light create an airy openness, while refined finishes bring warmth and sophistication to every space.

The entry foyer opens to a flexible living space ideal for an office, lounge, or bar, setting the tone for the gracious proportions found throughout the main level. At the center of the home, the grand living room draws the eye upward with dramatic ceilings, while large windows showcase the expansive backyard and impressive canopy of mature oak trees. Filled with natural light, the space connects seamlessly to the dining area, kitchen, and outdoors. Privately positioned beyond the main living spaces, the primary suite offers a quiet retreat with direct access to the backyard, a spacious bath, and an oversized walk-in closet. A main-level laundry room and garage access complete the first floor.

Upstairs, four notably spacious bedrooms offer generous accommodations for family and guests. A second laundry room adds an additional layer of everyday functionality.

Outside, the expansive backyard feels like a natural extension of the home, with a broad lawn, mature oak trees, and generous space for gathering, entertaining, and enjoying the outdoors. Ideally positioned along Balcones Drive, the property is within walking distance of neighborhood favorites including Flo’s, Westwood Country Club, Mayfield Park, and Laguna Gloria, with Lake Austin and many of Central Austin’s most beloved destinations just moments away.

At $978/sqft, this home is priced 151% above the Austin active market average of $390/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

3501 Balcones Dr, Austin, TX 78731

Property Details

Price $3,495,000
Status Active Listing
Beds 5
Full Baths 4
Half Baths 1
Living Area 3,575 sqft
Lot Size 0.37 acres (16,130.27 sqft)
Year Built 2013
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Colorado Foothills Sec 01 Amd
County Travis
Zip Code 78731
$/sqft $978/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. $51,607.64
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT250307902
List Date October 19, 2026
Elementary School Casis
Middle School O Henry
High School Austin
School District Austin ISD

Austin ISD

Casis · O Henry · Austin

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.

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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 · October 19, 2026 $3,570,000
Current ask $3,495,000
▼ Reduced $75,000 (-2.1%) 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 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
2300 Westover Rd
Brown Herman Add
$3,695,000 $882 5 bd / 5 ba 4,190 sqft , 2026-09-15
2300 Bonita St
Tarrytown Oaks
$3,800,000 $978 5 bd / 5 ba 3,885 sqft , 2026-11-05
2909 Hillview Rd
Brown Herman Add 02 Sec 05
$2,675,000 $802 4 bd / 3 ba 3,337 sqft , 2026-09-07
4703 Highland Ter
Highland Park West
$2,575,000 $738 4 bd / 4 ba 3,489 sqft , 2026-05-28
1810 W 35th St
Oakmont Heights
$2,500,000 $553 5 bd / 6 ba 4,524 sqft , 2026-10-16

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
$16,776/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
$699,000
20% conventional investment loan

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

Estimated Gross Rent+$16,776
Principal + Interest−$19,074
Property Tax (assumed ~2.1%)−$6,116
Insurance (assumed ~0.5%)−$1,456
Est. Monthly Cash Flow $-9,870

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

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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 · 41 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. The written content was last updated on November 11, 2026.

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

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