Active Listing  ·  7 days on market

40 N Interstate 35 Hwy #5A1

Austin, TX 78701
$885,000
2 Bed 3 Bath 1,743 sqft $508/sqft Built 1983 0.03 acres 2-Car Garage Pool Waterfront Towers Town Lake Condo Amd

OVERSIZED LAYOUT + A CUSTOM FLOOR PLAN /// Residence 5A1 at Towers of Town Lake offers 1,743 SF per tax record, two bedrooms, a separate office and 2.5 baths for $885,000. Set on the fifth floor of the coveted A tower, this corner residence combines generous living and dining areas with a sunny breakfast nook and a dedicated workspace. /// WINDOWS WRAP THE CORNER /// Floor-to-ceiling glass frames views of Lady Bird Lake and the neighboring park, with city views adding to the corner setting. A long glass-rail balcony offers a place for morning coffee or an evening overlooking the lake and park. /// TWO BEDROOMS + A SEPARATE OFFICE /// Bedrooms on opposite sides offer privacy. Glass French doors open to a library-study with floor-to-ceiling bookshelves, leaving both bedrooms available for residents and guests. Walk-in closets, two full baths, a separate powder room and a dedicated laundry room support everyday living. /// KITCHEN + GATHERING SPACES /// The white kitchen features granite counters and backsplash, a peninsula cooktop and stainless appliances. Connected living and dining areas accommodate gatherings, while the window-lined breakfast nook offers another place to enjoy the view. Polished tile and plantation shutters complete the interiors. /// ESTABLISHED COMMUNITY + EXTENSIVE AMENITIES /// Towers of Town Lake pairs an established lakefront setting with an exterior renovated in recent years. Gated grounds offer indoor and outdoor pools, spa, sauna, fitness center, sport court, billiards, library and concierge service. Two assigned garage parking spaces add everyday convenience. /// PARKSIDE SETTING + DOWNTOWN CONNECTIONS /// Enjoy the neighboring park and Ann and Roy Butler Hike-and-Bike Trail, with East Avenue access connecting the community to coffee, dining and the Rainey Street neighborhood.

At $508/sqft, this home is priced 30% above the Austin active market average of $391/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

40 N Interstate 35 Hwy #5A1, Austin, TX 78701

Property Details

Price $885,000
Status Active Listing
Beds 2
Full Baths 2
Half Baths 1
Living Area 1,743 sqft
Lot Size 0.03 acres (1,359.07 sqft)
Year Built 1983
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Towers Town Lake Condo Amd
County Travis
Zip Code 78701
$/sqft $508/sqft
Days on Market ,
HOA $1,368/Monthly
Annual Tax Est. $14,136.34
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT250084322
List Date October 16, 2026
Elementary School Mathews
Middle School O Henry
High School Austin
School District ,

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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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
44 East Ave #1607
44 East Ave Condos
$899,000 $736 2 bd / 2 ba 1,221 sqft , 2026-07-06
1012 Harwood Pl #A
Travis Heights
$899,000 $553 2 bd / 2 ba 1,627 sqft , 2026-09-15
1310 Haskell St
Free & Williams
$899,000 $599 3 bd / 3 ba 1,501 sqft , 2026-09-15
911 E 2nd St
Harrington
$900,000 $698 3 bd / 2 ba 1,290 sqft , 2026-10-06
900 S 1st St #312
Bouldin Creek
$869,000 $530 3 bd / 2 ba 1,639 sqft , 2026-08-20

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
$4,248/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
$177,000
20% conventional investment loan

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

Estimated Gross Rent+$4,248
Principal + Interest−$4,830
Property Tax (~2.1% TX avg)−$1,549
Insurance (~0.5%)−$369
Est. Monthly Cash Flow $-2,500

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 · 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 17, 2026.

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