Active Listing  ·  31 days on market

54 Rainey St #PH20

Austin, TX 78701
$509,000
1 Bed 1 Bath 798 sqft $638/sqft Built 2005 1-Car Garage Pool Waterfront Milago Condo Amd

A rare opportunity to live on the Penthouse Floor at Milago, where elevated downtown living meets the tranquility of Lady Bird Lake. Set on the building’s private top residential floor, this distinctive one-bedroom residence offers 10-foot ceilings, professionally designed walk-in closet, added security and an exceptional 165-square-foot double covered balcony with beautiful lake views—creating a seamless extension of the living space.

The penthouse floor has just undergone a beautiful renovation of its common areas, adding a fresh, sophisticated arrival experience exclusive to this level. Throughout Milago, additional common spaces are also in the midst of an extensive renovation, bringing a new level of style and refinement to the building.

Inside, fresh interior paint creates polished feel, while the kitchen features granite countertops, modern cabinetry and stainless steel appliances. Dining area offers generous space for entertaining, working from home or simply enjoying the luxury of extra room.

Just above, escape to the rooftop pool and hot tub, where sweeping skyline views provide a spectacular backdrop for morning swims or evenings under the city lights. Residents also enjoy a private lounge, clubroom, conference space, fitness center and 24-hour concierge. Parking and Storage.

At $638/sqft, this home is priced 63% above the Austin active market average of $392/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

54 Rainey St #PH20, Austin, TX 78701

Property Details

Price $509,000
Status Active Listing
Beds 1
Full Baths 1
Half Baths ,
Living Area 798 sqft
Lot Size ,
Year Built 2005
Garage 1 spaces
Stories ,
Type Residential · Condominium
Subdivision Milago Condo Amd
County Travis
Zip Code 78701
$/sqft $638/sqft
Days on Market ,
HOA $661/Monthly
Annual Tax Est. $7,709.97
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT244110880
List Date August 22, 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
222 West Ave #1108
Seaholm Residences Residential
$515,000 $749 1 bd / 1 ba 688 sqft , 2026-06-15
84 East Ave #3308
Vesper Condominium Community
$515,000 $772 1 bd / 1 ba 667 sqft , 2026-08-09
603 Davis St #1201
Shore A Condo Amd The
$500,000 $498 1 bd / 1 ba 1,005 sqft , 2026-09-03
70 Rainey St #2203
70 Rainey
$499,990 $754 1 bd / 1 ba 663 sqft , 2026-09-09
1600 S 1st St #201
Willa
$499,000 $591 1 bd / 1 ba 845 sqft , 2025-12-12

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
$2,443/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
$101,800
20% conventional investment loan

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

Estimated Gross Rent+$2,443
Principal + Interest−$2,778
Property Tax (~2.1% TX avg)−$891
Insurance (~0.5%)−$212
Est. Monthly Cash Flow $-1,438

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 9, 2026.

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