Lake Travis Condo with Rental
3404 American Drive #3119 Lago, Leander, TX 78645
For Sale
$399,500
Updated condo with lake views, resort amenities, and rental income.
Property Size1,681 SF
Days on Market561
Property Features for 3404 American Drive #3119 Lago
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
Amenities
Fireplace
Central
Central Air
Dishwasher
Electric Cooktop
Disposal
Microwave
Oven
Range Hood
Deck, Water Front, Electricity Available, Metal
Building Details
Building Size
Year Built
Listing Agency:
KWLS - T. Kerr Property Group
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 KWLS - T. Kerr Property Group
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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 / Yr
$25,768
Cap Rate
6.45%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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.
