Active Listing  ·  15 days on market

500 E Riverside Dr #242

Austin, TX 78704
$599,000
3 Bed 3 Bath 1,465 sqft $409/sqft Built 1971 0.07 acres Pool Waterfront Riverwalk Condo Amd

This spacious 3-bedroom, 2.5-bath, 2-story condo offers breathtaking downtown skyline views and private waterfront access on the south shore of Lady Bird Lake. Enjoy 1,465 sq. ft. of stylish living space featuring wood-look vinyl flooring, abundant natural light, and an updated color scheme. The first floor boasts an open-concept living, dining, and kitchen area, while upstairs, you’ll find three well-sized bedrooms, walk-in closets, and three private patios—perfect for soaking in the views. Recent upgrades include a NEW roof (2024), NEW indoor air handler (2024). The Riverwalk Condominiums community provides secure gated entrances, private landscaped grounds, pool, lounge areas, and a community dock with canoe, kayak, and SUP storage. Plus, enjoy direct access to the Lady Bird Lake trail just outside the gates! This unbeatable 78704 location is a short walk to SoCo, Downtown, Barton Springs, Zilker Park, and Auditorium Shores. With private assigned parking 448(under carport) and 475(onside of the building). This rare opportunity won’t last long!

At $409/sqft, this home is priced 5% 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

500 E Riverside Dr #242, Austin, TX 78704

Property Details

Price $599,000
Status Active Listing
Beds 3
Full Baths 2
Half Baths 1
Living Area 1,465 sqft
Lot Size 0.07 acres (2,962.08 sqft)
Year Built 1971
Garage ,
Stories ,
Type Residential · Condominium
Subdivision Riverwalk Condo Amd
County Travis
Zip Code 78704
$/sqft $409/sqft
Days on Market ,
HOA $661/Monthly
Annual Tax Est. ,
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT240513420
List Date July 20, 2026
Elementary School Travis Hts
Middle School Lively
High School Travis
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
4914 Woodrow Ave
Ep Austin Properties Sub
$599,000 $627 3 bd / 1 ba 956 sqft , 2026-03-20
1801 Lavaca St #6E
Cambridge Condo Amd
$599,000 $463 2 bd / 2 ba 1,294 sqft , 2026-03-31
1301 S Quinlan Park Rd
River Ridge
$599,000 $349 3 bd / 2 ba 1,715 sqft , 2026-05-01
6437 Old Harbor Ln
Circle C Ranch Ph B Sec 02
$599,000 $346 3 bd / 2 ba 1,730 sqft , 2026-05-06
2715 Estonia Path
Sunridge
$599,000 $321 3 bd / 4 ba 1,868 sqft , 2026-05-21

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
$2,875/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
$119,800
20% conventional investment loan

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

Estimated Gross Rent+$2,875
Principal + Interest−$3,269
Property Tax (~2.1% TX avg)−$1,048
Insurance (~0.5%)−$250
Est. Monthly Cash Flow $-1,692

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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