Active Listing  ·  43 days on market

40 N Interstate 35 None #2C1

Austin, TX 78701
$599,999
2 Bed 2 Bath 1,288 sqft $466/sqft Built 1983 0.02 acres 2-Car Garage Pool Waterfront Towers Town Lake Condo Amd

Set in the heart of downtown Austin, this beautifully updated 2-bedroom, 2-bathroom residence at The Towers of Town Lake delivers an elevated lock-and-leave lifestyle in an unbeatable location. Step outside and you’re minutes from the energy of Rainey Street, but far enough away to enjoy peace and quiet if that's what you prefer. It is the best of both worlds. Enjoy downtown dining and entertainment, and the Town Lake Trail, with Lady Bird Lake just beyond for paddle boarding, kayaking, and afternoons on the water. Inside, a bright, open floor plan is framed by floor-to-ceiling glass and high-end finishes throughout. The chef’s kitchen is designed for both everyday living and entertaining, featuring a large center island, Leicht cabinetry, built-in Wolf cooktop, wall oven, Scotsman ice maker and integrated Thermador refrigerator. Just off the living area, a built-in bar with mini fridge makes hosting effortless. Floor-to-ceiling sliding glass doors extend the living space to a large private balcony, creating an inviting connection between indoor and outdoor living. The spacious primary suite offers a private retreat with a spa-like ensuite bath, complete with dual vanity, walk-in shower, and generous walk-in closet. Residents of The Towers enjoy an exceptional collection of amenities, including indoor and outdoor pools, fitness center, racquetball court, sauna, community lounge, secure garage parking, and 24-hour concierge service. With downtown Austin, the lake, trails, and Rainey Street all within reach, this is city living at it's best.

At $466/sqft, this home is priced 19% 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

40 N Interstate 35 None #2C1, Austin, TX 78701

Property Details

Price $599,999
Status Active Listing
Beds 2
Full Baths 2
Half Baths ,
Living Area 1,288 sqft
Lot Size 0.02 acres (1,010.59 sqft)
Year Built 1983
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Towers Town Lake Condo Amd
County Travis
Zip Code 78701
$/sqft $466/sqft
Days on Market ,
HOA $1,010/Monthly
Annual Tax Est. $6,982.12
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT248267827
List Date September 30, 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.

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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 · September 30, 2026 $630,000
Current ask $599,999
▼ Reduced $30,001 (-4.8%) 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
48 East Ave #1604
Natiivo
$600,000 $666 1 bd / 1 ba 901 sqft , 2026-09-29
2008 Riverview St #B
Riverview Condo 2008
$614,990 $587 2 bd / 2 ba 1,047 sqft , 2026-09-02
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
84 East Ave #1503
VESPER Zoppp Add
$575,000 $593 2 bd / 2 ba 969 sqft , 2026-04-02

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
$2,880/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
$120,000
20% conventional investment loan

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

Estimated Gross Rent+$2,880
Principal + Interest−$3,274
Property Tax (assumed ~2.1%)−$1,050
Insurance (assumed ~0.5%)−$250
Est. Monthly Cash Flow $-1,694

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 4, 2026.

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

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