Active Listing  ·  53 days on market

54 Rainey St #609

Austin, TX 78701
$530,000
2 Bed 2 Bath 1,164 sqft $455/sqft Built 2005 0.01 acres 2-Car Garage Pool Milago Condo Amd

Experience elevated downtown living at Milago, one of Austin's premier waterfront high-rises in the heart of the vibrant Rainey Street District. This beautifully updated 2-bedroom, 2-bath residence offers an open-concept floor plan with rich wood flooring, abundant natural light, and contemporary finishes throughout. The renovated kitchen features white shaker cabinetry, granite countertops, stainless steel appliances, a stylish herringbone tile backsplash, and a spacious breakfast bar that seamlessly connects to the living and dining areas, perfect for entertaining. The generous living space opens to large windows that fill the home with natural light while creating a bright and inviting atmosphere. The primary suite offers a private retreat with an en-suite bath and ample closet space, while the secondary bedroom provides flexibility for guests, a home office, or additional living needs. Refrigerator, washer, and dryer convey. Milago residents enjoy exceptional amenities, including 24-hour concierge service, a rooftop pool and spa, fitness center, clubroom, and direct access to the Hike-and-Bike Trail and Lady Bird Lake. Building enhancements are currently underway, including updated hallways, a fully renovated clubroom, and new elevators, further enhancing the property's value and appeal.Enjoy walkable access to Austin's best dining, entertainment, nightlife, and outdoor recreation, all just steps from your front door. This is downtown Austin living at its finest.

At $455/sqft, this home is priced 16% above the Austin active market average of $391/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

54 Rainey St #609, Austin, TX 78701

Property Details

Price $530,000
Status Active Listing
Beds 2
Full Baths 2
Half Baths ,
Living Area 1,164 sqft
Lot Size 0.01 acres (291.85 sqft)
Year Built 2005
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Milago Condo Amd
County Travis
Zip Code 78701
$/sqft $455/sqft
Days on Market ,
HOA $964.98/Monthly
Annual Tax Est. $9,619.79
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT235707654
List Date June 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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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
3614 S 2nd St
Victorian Oaks
$530,000 $411 3 bd / 2 ba 1,290 sqft , 2026-03-12
2612 Choctaw Trl
West Gate Square
$530,000 $338 3 bd / 2 ba 1,567 sqft , 2026-07-09
2500 Longview St #300
Cascade Condominiums
$529,000 $430 2 bd / 2 ba 1,229 sqft , 2026-04-16
4204 Clawson Rd
Low Theodore Heights
$529,000 $609 2 bd / 1 ba 868 sqft , 2026-05-21
610 Clifford Dr #B
Harkins C E
$529,000 $457 2 bd / 3 ba 1,158 sqft , 2026-06-03

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
$2,544/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
$106,000
20% conventional investment loan

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

Estimated Gross Rent+$2,544
Principal + Interest−$2,892
Property Tax (~2.1% TX avg)−$928
Insurance (~0.5%)−$221
Est. Monthly Cash Flow $-1,497

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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