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    Lake Travis Condo with Rental Potential Title is generated by Realmo AI

    3404 American Drive #3119, Lago Vista, TX 78645

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    For Sale
    $399,500

    Updated condo with lake views, resort amenities, and rental income.

    Type:Condominium
    Added:
    Apr 25, 2025
    Days on Market:
    398
    Last Refresh:
    May 19 at 8:32 pm

    Property Features for 3404 American Drive #3119

    General Information

    Standard status
    Active
    Property subtype
    Condominium

    Building Details

    Year Built
    1987

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    Listing Contact
    Tanya Kerr

    Listing agent Tanya Kerr License #708400

    Listing office Guildford LTD dba Keller Williams Realty

    Listing date Apr 25, 2025

    Source Kw

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Guildford LTD dba Keller Williams Realty

    HighLights

    • Updated 3‑bedroom condo with lake and Hill Country views and a wrap‑around balcony.
    • Resort‑style amenities including private marina, direct lake access, multiple pools, fitness center, spa, restaurant, and shuttle.
    • Remodeled kitchen featuring quartz countertops, white cabinetry, walk‑in pantry, and stainless appliances.
    • Primary suite with fireplace, balcony access, walk‑in closet, and spa‑inspired bath.
    • Practical upgrades: new windows/doors, new tile floors, new washer/dryer, and HVAC replaced in 2022.
    • Short‑term and long‑term rentals permitted, offering flexible income options.

    Overview

    This updated three-bedroom, two-bath condo is located on the third floor of the gated, resort-style Island on Lake Travis. It offers lock-and-leave luxury and rental potential. New picture windows and sliding glass doors frame lake and Hill Country views, which extend onto a wrap-around balcony. The living room includes a wet bar. Upgrades include a new washer and dryer, plus an HVAC system replaced in 2022. New tile floors anchor a spacious layout. The remodeled kitchen features quartz countertops, white cabinetry with pull-out drawers, a walk-in pantry, and white stainless appliances. The primary suite offers a fireplace, balcony access, a walk-in closet, and a spa-inspired bath with soaking tub, separate shower, and oversized vanity. Two additional bedrooms share a remodeled bath. Owners and guests have access to a private marina with boat slips, direct lake access, three swimming pools, hot tubs and saunas, a full fitness center and day spa, tennis courts, an on-site restaurant and bar, picnic and grilling areas, and a private shuttle. Short-term and long-term rentals are permitted.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Gym & Fitness Center Accounting Firm Auto Repair Shop Big Box & Wholesale Store Department Store Hotel & Motel (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lago Vista
    County
    Travis
    State
    Texas
    Longitude
    -97.9683
    Latitude
    30.4521

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    FAQs

    What type of property is this?
    Short term rental property - Updated condo with lake views, resort amenities, and rental income.
    Where is this short term rental property located?
    The property is located at 3404 American Drive #3119 Lago Vista, TX.
    What is the asking price?
    The asking price for this property is $399,500.
    What are key features of this property?
    This property features: Updated 3‑bedroom condo with lake and Hill Country views and a wrap‑around balcony.; Resort‑style amenities including private marina, direct lake access, multiple pools, fitness center, spa, restaurant, and shuttle.; Remodeled kitchen featuring quartz countertops, white cabinetry, walk‑in pantry, and stainless appliances.
    (512) 748-5343
    We can help!
    Listing Contact
    Tanya Kerr
    Real Estate License ID: 708400
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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