Active Listing  ·  134 days on market

40 N Interstate 35 None #11B2

Austin, TX 78701
$575,000
2 Bed 2 Bath 1,459 sqft $394/sqft Built 1983 0.03 acres 2-Car Garage Pool Waterfront Towers Town Lake Condo Amd

*** Agent is also owner ** Welcome to the Towers of Town Lake, where resort-style amenities, expansive green space, and one of downtown Austin's most desirable locations come together to create an exceptional lifestyle.

This upper-floor residence offers 1,459 square feet with two bedrooms, two full bathrooms, and a thoughtfully designed split-bedroom floor plan that provides excellent separation of space. Floor-to-ceiling windows in the living room fill the home with natural light while showcasing beautiful downtown skyline views.

Situated behind a gated entrance on nearly seven acres of landscaped grounds, the Towers of Town Lake offers a rare sense of privacy and open space just minutes from downtown. Enjoy convenient access to the new Rainey Street Trailhead, connecting you to Lady Bird Lake, miles of hike-and-bike trails, parks, restaurants, entertainment, and the best of downtown Austin.

Residents enjoy an outstanding collection of amenities, including indoor and outdoor pools, a fitness center, beautifully maintained common areas, 24-hour concierge service, on-site management and maintenance staff, and two deeded parking spaces.

The homeowner's association is financially strong, with healthy reserve funding, ongoing capital improvements, and a comprehensive 15-year structural improvement plan that reflects a commitment to the property's long-term stewardship.

Offering significantly more living space than many newer downtown condominiums, combined with extensive amenities, generous green space, a gated setting, and an exceptional location, this residence presents a rare opportunity to enjoy downtown Austin living at an outstanding value.

At $394/sqft, this home is priced in line with the Austin market average of $390/sqft across 4,186 active listings. View Austin market report →

Location

40 N Interstate 35 None #11B2, Austin, TX 78701

Property Details

Price $575,000
Status Active Listing
Beds 2
Full Baths 2
Half Baths ,
Living Area 1,459 sqft
Lot Size 0.03 acres (1,128.2 sqft)
Year Built 1983
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Towers Town Lake Condo Amd
County Travis
Zip Code 78701
$/sqft $394/sqft
Days on Market ,
HOA $1,145/Monthly
Annual Tax Est. $11,173
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT238269729
List Date July 1, 2026
Elementary School Mathews
Middle School O Henry
High School Austin
School District Austin ISD

Austin ISD

Mathews · 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.

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 · July 1, 2026 $610,000
Previous ask $585,000
Current ask $575,000
▼ Reduced $35,000 (-5.7%) 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 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
84 East Ave #1503
VESPER Zoppp Add
$575,000 $593 2 bd / 2 ba 969 sqft , 2026-04-02
500 E Riverside Dr #242
Riverwalk Condo Amd
$579,000 $395 3 bd / 3 ba 1,465 sqft , 2026-07-20
84 East Ave #1810
Rainey District
$579,000 $547 1 bd / 2 ba 1,058 sqft , 2026-09-12
40 N Interstate 35 None #2C1
Towers Town Lake Condo Amd
$599,999 $466 2 bd / 2 ba 1,288 sqft , 2026-09-30
40 N Interstate 35 None #7D4
Towers Town Lake Condo Amd
$549,000 $404 2 bd / 2 ba 1,360 sqft , 2026-08-12

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
$2,760/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
$115,000
20% conventional investment loan

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

Estimated Gross Rent+$2,760
Principal + Interest−$3,138
Property Tax (assumed ~2.1%)−$1,006
Insurance (assumed ~0.5%)−$240
Est. Monthly Cash Flow $-1,624

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 October 27, 2026.

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

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