$509,000

Property Overview

Perched on the penthouse floor of Milago, this one-bedroom residence at 54 Rainey Street offers an exceptional vantage point over Lady Bird Lake and downtown Austin's skyline. The 798-square-foot layout showcases 10-foot ceilings, a professionally designed walk-in closet, and an expansive 165-square-foot double covered balcony that transforms outdoor entertaining into a signature amenity. Inside, granite countertops, stainless steel appliances, and fresh interior finishes create a refined setting, while the generous dining area accommodates both entertaining and remote work with ease.

Location on Rainey Street District positions this property at the nexus of Austin's most dynamic urban lifestyle. Steps away from historic bungalow bars, Lady Bird Lake trail access, and the neighborhood's vibrant nightlife, residents enjoy waterfront proximity without sacrificing downtown convenience. The building's ongoing renovation of common areas—including the newly redesigned penthouse-level entry—signals renewed investment in the property.

At $638 per square foot, this penthouse sits 19 percent below the neighborhood's median rate, offering notable value for primary lake views and skyline positioning. Milago's comprehensive amenities feature fitness facilities, pool, hot tub, concierge services, and secure parking, all supported by a $661 monthly HOA fee. The waterfront greenbelt and southwest-facing exposure enhance the Lake Travis appeal distinctive to this Rainey Street location in Austin, TX.

Vox Real Estate Insight

The Vox Real Estate team recognizes this penthouse's rarity on Rainey Street—top-floor units with 165 square feet of covered lake-view balcony space represent some of the most sought-after configurations in downtown Austin. The combination of value positioning, ongoing building renovations, and the neighborhood's established appeal

Agent Description

A rare opportunity to live on the Penthouse Floor at Milago, where elevated downtown living meets the tranquility of Lady Bird Lake. Set on the building’s private top residential floor, this distinctive one-bedroom residence offers 10-foot ceilings, professionally designed walk-in closet, added security and an exceptional 165-square-foot double covered balcony with beautiful lake views—creating a seamless extension of the living space. The penthouse floor has just undergone a beautiful renovation of its common areas, adding a fresh, sophisticated arrival experience exclusive to this level. Throughout Milago, additional common spaces are also in the midst of an extensive renovation, bringing a new level of style and refinement to the building. Inside, fresh interior paint creates polished feel, while the kitchen features granite countertops, modern cabinetry and stainless steel appliances. Dining area offers generous space for entertaining, working from home or simply enjoying the luxury of extra room. Just above, escape to the rooftop pool and hot tub, where sweeping skyline views provide a spectacular backdrop for morning swims or evenings under the city lights. Residents also enjoy a private lounge, clubroom, conference space, fitness center and 24-hour concierge. Parking and Storage.

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 $638/sqft, this listing is priced 16% below the Rainey Street District median of $761/sqft.

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