Active Listing  ·  41 days on market

54 Rainey St #502

Austin, TX 78701
$825,000
3 Bed 2 Bath 1,557 sqft $530/sqft Built 2005 0.01 acres 2-Car Garage Pool Milago Condo Amd

Perched on the fifth floor of The Milago, this exceptional 3-bed, 2-bath home offers breathtaking west-facing views of the Downtown Austin skyline and Lady Bird Lake. Inside, an open-concept floor plan is filled with natural light streaming through expansive windows that perfectly frame the panoramic views. Rich wood flooring extends throughout the living areas and all three bedrooms, while modern finishes and clean architectural lines create a contemporary feel. The kitchen is thoughtfully designed with granite countertops, stainless steel appliances, ample cabinetry, and a breakfast bar for casual dining, while a dedicated dining area provides the perfect setting for larger gatherings and dinner parties. Just beyond the living room, a private balcony invites you to enjoy morning coffee or evening cocktails overlooking the Austin skyline and Lady Bird Lake. The spacious primary suite serves as a peaceful retreat, featuring a spa-inspired ensuite bath with a soaking tub, walk-in shower, and a custom walk-in closet. Two additional bedrooms offer flexibility for guests, a home office, or additional living space. Residents of Milago enjoy an exceptional collection of amenities, including 24-hour concierge service, secure garage parking, a rooftop pool deck with panoramic views, a fitness center, club room, private event terrace, and dedicated on-site storage. With direct access to the Lady Bird Lake Trail and countless restaurants, coffee shops, and entertainment options just beyond your door on Rainey Street, this residence offers the very best of Austin city living.

At $530/sqft, this home is priced 35% above the Austin active market average of $393/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

54 Rainey St #502, Austin, TX 78701

Property Details

Price $825,000
Status Active Listing
Beds 3
Full Baths 2
Half Baths ,
Living Area 1,557 sqft
Lot Size 0.01 acres (392.04 sqft)
Year Built 2005
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Milago Condo Amd
County Travis
Zip Code 78701
$/sqft $530/sqft
Days on Market ,
HOA $1,290.29/Monthly
Annual Tax Est. $15,008.59
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT239456265
List Date August 12, 2026
Elementary School Mathews
Middle School O Henry
High School Austin
School District ,

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 · August 12, 2026 $849,500
Current ask $825,000
Reduced $24,500 (-2.9%) 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
2007 Canterbury St #2
Driving Park Add
$829,500 $593 3 bd / 3 ba 1,400 sqft , 2026-04-17
84 East Ave #1506
Rainey District
$819,000 $669 2 bd / 2 ba 1,224 sqft , 2026-09-11
900 S 2nd St #22
Bouldin Court Condos
$814,500 $652 2 bd / 3 ba 1,250 sqft , 2026-04-09
84 East Ave #1609
Vesper Condominium Community, Inc
$845,000 $719 2 bd / 2 ba 1,176 sqft , 2026-08-09
800 W Gibson St
South Heights
$849,000 $636 2 bd / 2 ba 1,335 sqft , 2026-08-14

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
$3,960/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
$165,000
20% conventional investment loan

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

Estimated Gross Rent+$3,960
Principal + Interest−$4,502
Property Tax (~2.1% TX avg)−$1,444
Insurance (~0.5%)−$344
Est. Monthly Cash Flow $-2,330

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 · 30 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. This page was last updated on September 19, 2026.

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