Active Listing  ·  875 days on market

507 Sabine St #605

Austin, TX 78701
$498,500
2 Bed 2 Bath 1,456 sqft $342/sqft Built 2007 0.01 acres 2-Car Garage Pool Sabine On 05 Residential Condo

MAXIMIZE YOUR BUYING POWER with exclusive seller financing! Well-qualified buyers can lock in rates from the mid-4s to mid-5s (depending on down payment) and save up to $14K in closing costs. Enjoy a streamlined process with a 20% minimum down payment, pre-approval through our Preferred Lender, no formal underwriting, no discount points, and a fast close in as little as 14 days.

Experience the pinnacle of downtown living in this stunning 6th-floor high-rise condo at Sabine on Fifth—a distinctive 1980 commercial building thoughtfully converted into modern residences in 2007. The light-filled, open-concept floor plan showcases spectacular views down 5th Street through dramatic, oversized arched windows complete with custom window seats. Perfect for entertaining, the gourmet kitchen boasts a massive quartz peninsula with seating for five, premium stainless steel appliances, a wine fridge, and chic pendant lighting. The expansive primary suite features jaw-dropping city vistas and a spa-like ensuite bath with a separate soaking tub and a large glass-enclosed shower. High ceilings, polished concrete floors, and a private secondary suite complete this sophisticated urban oasis.

This unit includes the rare convenience of two reserved garage parking spaces at the adjacent Hilton Garden Inn, featuring covered mezzanine access directly to the Sabine elevator. A portion of the HOA fee ($250.02) covers these spots, which can be rented out to other building residents for passive income. Residents can also join the Hilton’s Skyline Spa & Health Club for a low monthly fee to access a 24-hour fitness center, saltwater pool, hot tub, and saunas.

Please note: HOA rules prohibit short-term rentals, and long-term leasing is permitted after 24 months of ownership.

Virtual Tour: https://www.youtube.com/watch?v=eiOCOMqbaB0

At $342/sqft, this home is 12% below the Austin active market average of $390/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

507 Sabine St #605, Austin, TX 78701

Property Details

Price $498,500
Status Active Listing
Beds 2
Full Baths 2
Half Baths ,
Living Area 1,456 sqft
Lot Size 0.01 acres (226.51 sqft)
Year Built 2007
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Sabine On 05 Residential Condo
County Travis
Zip Code 78701
$/sqft $342/sqft
Days on Market ,
HOA $1,165.74/Monthly
Annual Tax Est. $12,320
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT122973596
List Date June 20, 2024
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 · June 20, 2024 $690,000
Previous ask $538,998
Current ask $498,500
▼ Reduced $191,500 (-27.8%) 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
40 N Interstate 35 Hwy #8C4
Towers Town Lake Condo Amd
$499,000 $342 2 bd / 2 ba 1,459 sqft , 2026-06-05
1305 E 6th St #13
1305 Lofts A Condo Amd
$475,000 $413 1 bd / 2 ba 1,150 sqft , 2026-05-08
40 N Interstate 35 None #6D3
Towers Town Lake Condo Amd
$524,500 $342 2 bd / 2 ba 1,533 sqft , 2026-01-12
908 Nueces St #18
Celia's Court
$525,000 $457 2 bd / 2 ba 1,150 sqft , 2025-12-12
800 Embassy Dr #337
Tyndall at Robertson Hill Condominiums
$525,000 $391 2 bd / 2 ba 1,344 sqft , 2026-09-03

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
$2,393/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
$99,700
20% conventional investment loan

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

Estimated Gross Rent+$2,393
Principal + Interest−$2,721
Property Tax (assumed ~2.1%)−$872
Insurance (assumed ~0.5%)−$208
Est. Monthly Cash Flow $-1,408

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 20, 2026.

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

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