Lake Travis Condo with Rental
For Sale
$399,500
3404 American Drive #3119 Lago, Leander, TX 78645
Updated condo with lake views, resort amenities, and rental income.
Property Size1,681 SF
Days on Market493
Property Features for 3404 American Drive #3119 Lago
General Information
Standard status
Active
Size
1,681 SF
Property subtype
Condominium
Taxes and HOA fees
Annual Taxes
$685
Amenities
Fireplace
Central
Central Air
Dishwasher
Electric Cooktop
Disposal
Microwave
Oven
Range Hood
Deck, Water Front, Electricity Available, Metal
Building Details
Building Size
1,681 SF
Year Built
1987
Listing Agency:
Keller Williams Realty DPR
(512) 748-5343
Listed By:
Tanya Kerr · License #708400
(512) 748-5343
Source:
Kw
Added: Apr 25, 2025
Changed: Aug 12
Last Checked: May 19 at 8:32PM
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 Keller Williams Realty DPR
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,768
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.45%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$515,360
$515.4K
Cap Rate 7%
$368,114
$368.1K
Cap Rate 9%
$286,311
$286.3K
Market Conditions
NOI Build-Up for 1,681 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$49.4K $29.40/SF
− Vacancy
−$2.6K −$1.53/SF
EGI
$46.9K $27.87/SF
− OpEx
−$21.1K −$12.54/SF
NOI
$25.8K $15.33/SF
Area
Travis County, TX
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$515,360
Cap Rate 7%
$368,114
Cap Rate 9%
$286,311
Alternative Uses
Best Use
Apartment 5plus
$368.1K
$322.1K – $429.5K
NOI $25,768 @ 7.0% cap · market cap 6.45%
Second Best
Hotel Hospitality
$216.8K
$189.7K – $253.0K
NOI $15,177 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$702.7K
$614.9K – $819.8K
NOI $49,189 @ 7.0% cap · market cap 12.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
Explore this area
Business Placement
Demographics for 78645, TX
14,051
Population
7,525
Households
1.9
Avg Household Size
50
Median Age
45%
College-Educated
96%
High-School Grad
32.5 sq mi
ZIP Area
432
Density / Sq Mi
$108,393
Median Household Income
$59,128
Median Earnings
$1,455
Median Rent
$387,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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 Leander, 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.
