Active Listing  ·  115 days on market

500 E Riverside Dr #242

Austin, TX 78704
$579,000
3 Bed 3 Bath 1,465 sqft $395/sqft Built 1971 0.07 acres Pool Waterfront Riverwalk Condo Amd

This spacious 3-bedroom, 2.5-bath, 2-story condo offers breathtaking downtown skyline views and private waterfront access on the south shore of Lady Bird Lake. Enjoy 1,465 sq. ft. of stylish living space featuring wood-look vinyl flooring, abundant natural light, and an updated color scheme. The first floor boasts an open-concept living, dining, and kitchen area, while upstairs, you’ll find three well-sized bedrooms, walk-in closets, and three private patios—perfect for soaking in the views. Recent upgrades include a NEW roof (2024), NEW indoor air handler (2024). The Riverwalk Condominiums community provides secure gated entrances, private landscaped grounds, pool, lounge areas, and a community dock with canoe, kayak, and SUP storage. Plus, enjoy direct access to the Lady Bird Lake trail just outside the gates! This unbeatable 78704 location is a short walk to SoCo, Downtown, Barton Springs, Zilker Park, and Auditorium Shores. With private assigned parking 448(under carport) and 475(onside of the building). This rare opportunity won’t last long!

At $395/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

500 E Riverside Dr #242, Austin, TX 78704

Property Details

Price $579,000
Status Active Listing
Beds 3
Full Baths 2
Half Baths 1
Living Area 1,465 sqft
Lot Size 0.07 acres (2,962.08 sqft)
Year Built 1971
Garage ,
Stories ,
Type Residential · Condominium
Subdivision Riverwalk Condo Amd
County Travis
Zip Code 78704
$/sqft $395/sqft
Days on Market ,
HOA $661/Monthly
Annual Tax Est. ,
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT240513420
List Date July 20, 2026
Elementary School Travis Hts
Middle School Lively
High School Travis
School District Austin ISD

Austin ISD

Travis Hts · Lively · Travis

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 · July 20, 2026 $599,000
Current ask $579,000
▼ Reduced $20,000 (-3.3%) 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
40 N Interstate 35 None #11B2
Towers Town Lake Condo Amd
$575,000 $394 2 bd / 2 ba 1,459 sqft , 2026-07-01
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
2008 Riverview St #B
Riverview Condo 2008
$614,990 $587 2 bd / 2 ba 1,047 sqft , 2026-09-02

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
$2,779/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
$115,800
20% conventional investment loan

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

Estimated Gross Rent+$2,779
Principal + Interest−$3,160
Property Tax (assumed ~2.1%)−$1,013
Insurance (assumed ~0.5%)−$241
Est. Monthly Cash Flow $-1,635

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 September 18, 2026.

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

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