Active Listing  ·  164 days on market

54 Rainey St #415

Austin, TX 78701
$339,000
1 Bed 1 Bath 756 sqft $448/sqft Built 2005 0.00 acres 1-Car Garage Pool Milago Condo Amd

Experience elevated downtown living at 54 Rainey St. #415, a beautifully renovated 1-bedroom, 1-bathroom condo. This 756-square-foot home has been thoughtfully upgraded to offer both style and comfort. The sleek kitchen features updated appliances, designer cabinetry, and stylish lighting, creating a modern space ideal for cooking and entertaining. The spa-inspired bathroom boasts a walk-in shower, enhanced by elegant tile work and contemporary fixtures, providing the perfect retreat after a day of urban exploration. Step onto your private balcony to enjoy serene views, or head to the rooftop pool to take in stunning panoramas of downtown Austin and Lady Bird Lake. The building’s exceptional amenities include a fully equipped gym, 24-hour concierge service, and impeccably maintained common areas—all complemented by some of the most affordable HOA fees in the downtown area. Situated in the heart of the vibrant Rainey Street district, this condo is steps away from Lady Bird Trail, offering easy access to biking, running, and waterfront activities. Rainey Street’s eclectic mix of restaurants, bars, and coffee shops ensures that dining and nightlife options are always close at hand. The property’s prime location provides seamless access to I-35, East Austin, South Congress, and beyond, making it a perfect choice for those seeking the ultimate urban lifestyle. Whether you're catching fireworks from the rooftop, grabbing a morning coffee, or enjoying a peaceful stroll along the trail, this home is the ideal blend of modern sophistication and Austin charm. All values are approximate and to be verified.

At $448/sqft, this home is priced 15% 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

54 Rainey St #415, Austin, TX 78701

Property Details

Price $339,000
Status Active Listing
Beds 1
Full Baths 1
Half Baths ,
Living Area 756 sqft
Lot Size 0.00 acres (191.66 sqft)
Year Built 2005
Garage 1 spaces
Stories ,
Type Residential · Condominium
Subdivision Milago Condo Amd
County Travis
Zip Code 78701
$/sqft $448/sqft
Days on Market ,
HOA $584/Monthly
Annual Tax Est. $6,872.28
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT232197510
List Date June 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.

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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 · June 1, 2026 $359,000
Current ask $339,000
▼ Reduced $20,000 (-5.6%) 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
54 Rainey St #811
Milago Condo Amd
$339,000 $448 1 bd / 1 ba 756 sqft , 2026-06-05
603 Davis St #907
Shore A Condo Amd The
$330,000 $375 1 bd / 1 ba 879 sqft , 2026-09-18
505 W 7th St #308
Posada Del Rey Condo Amd
$349,900 $494 1 bd / 1 ba 709 sqft , 2026-06-05
1202 Newning Ave #100
Madrid
$324,000 $351 2 bd / 2 ba 924 sqft , 2026-10-12
800 Brazos St #705
Brazos Place Condo Amd
$360,000 $404 1 bd / 1 ba 891 sqft , 2026-08-03

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
$1,627/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
$67,800
20% conventional investment loan

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

Estimated Gross Rent+$1,627
Principal + Interest−$1,850
Property Tax (assumed ~2.1%)−$593
Insurance (assumed ~0.5%)−$141
Est. Monthly Cash Flow $-957

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 30, 2026.

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

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