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Owner Contacts

$1,526,000

NAL Estimated Property Value

54 Rainey ST 1222, Austin, TX, 78701

Off Market

Lease

2 Beds

3 Bath

2,418 Sq Ft

Condos / Townhouses

$2.89 / sqft

Built in 2005

Highlights

Interior

Bedrooms 2

Bathrooms Full 2

Bathrooms Half 1

AppliancesOven, Built-In Range, Built-In Refrigerator, Dishwasher, Disposal, Microwave, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer, Wine Cooler

FlooringCarpet, Stone, Tile

Exterior

Private Pool

Exterior FeaturesBalcony

Lot Size605 sqft

Building Information

Year Built2005

Stories1

Garage Spaces2

Land Information

APN02030314260000

Lot Number1222

SubdivisionMilago Condominiums Amended

Land UseResidential

Legal DescriptionUNT 1222 MILAGO CONDOMINIUMS AMENDED PLUS .918 % INT IN COM AREA

Census Tract001103

Assessed Land Value$455,153

Assessed Improvement Value$1,027,140

Assessment Year2025

About this property

Fully furnished Penthouse unit at the Milago available immediately for lease! Unobstructed 180-270 degree gorgeous views in all directions and easy access to Lady Bird Lake hike and bike trail, easy access to paddle boards and kayaks just below the unit. Walking distance to all things Rainey and Downtown. This large (2400+ sq. ft.), 2 bedroom, 2.5 bath + Den/Office really impresses with its remodel upgrades, high quality furniture, and windows in every direction. Fully automated shades. Easy approval and move-in process. Milago is a wonderful mid-rise building. Milago charges small admin fee for setting up key fobs, etc. 2 pets max. $500/per pet deposit + Cleaning Fee at end of lease. Owner seeking 12+ month term.

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Financing Details

Estimated Taxes & Insurance

HOA Fees

Interest Rate Assumption

$3,190/month

No HOA

5.947%

Tax Information

Annual Taxes

Assessed Value

Assessment Year

Assessed Land

Assessed Improvement

Market Value

Tax Delinquent

$30,653

$1,482,293

2025

$455,153

$1,027,140

$1,482,293

Tax History

Year

Tax Paid

Assessed Value

2024

$30,653

$1,482,293

Mortgage Details

Lender

Loan Type

Loan Amount

Assumable

Position

Origination Date

Maturity Date

First United Bank & Trust Co

Conventional

$1,480,000

First

Jun 3, 2021

Jul 2051

Equity Summary

Est. Mortgage Balance

Est. Equity

Equity %

LTV

Est. Monthly Payment

$1,341,219

$184,781

12%

88%

$8,874/mo

Rental Potential

Est. Monthly Rent

Est. Monthly Expenses

Est. Cash Flow

Gross Yield

$2,440/mo

$8,874/mo

$-6,434/mo

1.9%

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From downtown high-rises overlooking Lady Bird Lake to booming suburbs like Round Rock and Leander, the region attracts younger professionals, entrepreneurs, and remote workers seeking opportunity with lifestyle. Austin isn’t just growing — it’s redefining what modern Texas looks like.

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