$500,000

Property Overview

This Rainey Street condominium offers an exceptional value proposition in one of Austin's most dynamic neighborhoods. Located at 54 Rainey Street in the heart of the Rainey Street District, this 2-bedroom, 2-bathroom residence spans 1,164 square feet and is priced 27 percent below the area median, delivering rare equity opportunity in a historically significant location. The unit features direct proximity to Lady Bird Lake's recreational amenities and positions residents within walking distance of the district's eclectic mix of restored historic bungalow bars, upscale dining, and vibrant nightlife that defines contemporary Austin culture.

The East Austin neighborhood surrounding Rainey Street has undergone substantial revitalization while maintaining its cultural character. This condo's location provides immediate access to the lake's trail system, live music venues, and the emerging culinary scene that continues to reshape this corridor. With downtown's luxury high-rises visible from many vantage points, residents enjoy both the cosmopolitan energy of an urban infill neighborhood and the authentic atmosphere that distinguishes Rainey Street from other Austin TX destinations.

At $500,000 for 1,164 square feet, this offering represents an entry point into one of Austin's most sought-after neighborhoods. The property's extended market presence may provide flexibility for serious buyers seeking authentic urban living with lake access, walkable entertainment, and genuine skyline views in the heart of East Austin.

Agent Description

Gorgeous 2 BR/2 BA condo at the coveted Milago. Quiet, southeast facing unit with partial lake views from living room and balcony. Open, light-filled floorplan with spacious rooms and master closet outfitted with custom storage. Kitchen features a chef’s double oven, and new HVAC installed in 2018. 2 deeded secure garage spaces. Experience the best of Austin- walk out the door to run the trail on Lady Bird Lake, rent SUPs and kayaks at the Boathouse, or bike to East Austin hotspots on the trail and boardwalk. Amenities include rooftop pool/spa and BBQ, 24/7 reception staff, building fob access, 3rd floor terrace, club room, lakeside patio and gym.

Neighborhood: Rainey Street District

This property is located in Rainey Street District, Austin, TX. The area is known for Historic Bungalow Bars, Lady Bird Lake Access, Luxury High-Rises, Skyline Views, Vibrant Nightlife.

At $430/sqft, this listing is priced 27% below the Rainey Street District median of $589/sqft.

Property Details

Listing data last updated: March 11, 2026

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