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B+

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Owner Contacts

$1,509,000

54 Rainey ST 1222, Austin, TX, 78701

Off Market

2 Beds

3 Bath

2,418 Sq Ft

Condos / Townhouses

$765.1 / sqft

Built in 2005

Property Lead Type:

Off-Market ListHigh EquityMove-In Ready

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, Barbecue, Uncovered Courtyard, Dog Run, Outdoor Grill

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

Spectacular sub-penthouse suite at The Milago in the heart of Austin's Rainey Street District. Beautifully updated & remodeled, offering the utmost in downtown luxury living. Two spacious bedrooms + office, balcony & great room-all with fantastic dead-on views of Austin's premiere lake & skyline. The Milago offers residents and their guests a rooftop terrace with pool, hot tub, fitness room & WiFi lounge, just moments to Lady Bird Lake & Butler Hike & Bike Trail. Residence also offers two reserved parking spaces near elevator in the gated garage + storage, guest parking, 24-hour concierge & so much more! Just a few feet away from local restaurants, shops, & grocery stores.

Investor Tools

$1,509,000

Estimated Property Value

$0Estimated Mortgage Balance

$165,195Estimated Equity

100% equity

Estimated Cap Rate

View Rate

Estimated ARV (After-Repair Value)

Calculate ARV

Rent-to-Value Ratio: 0.72%

Rent Estimate

$11,100 /month

Positive

Cash Flow Estimate:

$3,700 /month

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Financing Details

Estimated Taxes & Insurance

HOA Fees

Interest Rate Assumption

$3,183/month

$1,244/month

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

$1,343,805

$165,195

10%

89%

$8,874/mo

Rental Potential

Est. Monthly Rent

Est. Monthly Expenses

Est. Cash Flow

Gross Yield

$2,440/mo

$10,118/mo

$-7,678/mo

1.9%

Learn About the Market: Opportunity in Austin

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Austin may be the Live Music Capital of the World, but it’s also one of America’s fastest-growing innovation hubs. Fueled by tech expansion, the University of Texas, state government, and a steady influx of new residents, Austin blends startup energy with Hill Country charm.

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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