$524,500

Property Overview

This two-bedroom condo at 40 Interstate 35 commands panoramic skyline and Lady Bird Lake views from its generous balcony, positioning it as a rare downtown opportunity in the heart of Austin's Rainey Street District. The 1,533-square-foot unit features an open floor plan with professional updates throughout, creating an ideal setting for entertaining while maintaining proximity to the neighborhood's legendary bars, live music venues, and waterfront recreation. Price at $342 per square foot—57 percent below area median—this property offers exceptional value in a location where walkability to downtown culture, restaurants, and festivals defines daily living.

The building itself rivals luxury high-rises in amenities, offering residents an indoor-outdoor pool complex with hot tub, fitness center, sauna, steam shower, and recreational spaces including a half basketball court and piano room. Twenty-four-hour security and concierge service provide urban convenience, while dual access gates and guest parking accommodate visiting friends. The immediate proximity to Lady Bird Lake trail access opens possibilities for morning runs, kayaking, or evening strolls with bat-watching opportunities at dusk.

Vox Residential Insight

We see this as a smart acquisition for someone valuing Lady Bird Lake lifestyle and downtown walkability over square footage, especially given the significant pricing advantage relative to comparable Rainey Street properties. The extended market time reflects buyer hesitation about the 1983 vintage, but the professional renovation and amenity-rich building make this a genuine alternative to newer construction at a notably lower entry point in Austin TX's most vibrant urban neighborhood.

Agent Description

Beautiful downtown lake-view property, open floor plan, bright and spacious. Professionally renovated two-bedroom condo with two full baths. The generously sized unit is great for entertaining, skyline viewing and enjoying access to downtown culture and night life. Centrally located with easy access to all major highways. Spectacular sunsets right from the balcony, trail access, water sports, bat viewing and immediate access to downtown restaurants, museums, nightlife, festivals, music, entertainment and activities. Rich in amenities such as indoor/outdoor pool with hot tub, 24 hr. security and concierge, weight room, exercise room, dry sauna, steam shower, half basketball/racquetball court, pool/ping-pong room, library space, piano room, meeting room, laundry service pickup, guest parking and lovely spacious grounds. Enter through East or West access gate, call button available to call the front desk, you must sign in at front desk with license plate number. May satisfy requirements for a 1031 Exchange as currently there is a lease in place. Currently leased through April 17, 2027. Must owner occupy, at the end of current lease.

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 $342/sqft, this listing is priced 57% below the Rainey Street District median of $800/sqft.

Property Details

Listing data last updated: July 16, 2026

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