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2808 & 2804 Fall Creek Estates DR
About This Property
Set among towering oak trees and perched high above Fall Creek near the edge of the Pedernales River, this remarkable estate offers the rare combination of privacy, natural beauty, and refined ranch-style living. Located in the gated community of Fall Creek Estates, an exclusive enclave of only fifteen five-acre homesites, the property feels worlds away while remaining close to the wineries, lakes, and amenities of the Texas Hill Country.
Designed with a timeless Mediterranean influence, the residence is centered around a stunning courtyard with lush landscaping, outdoor kitchen, and seamless indoor-outdoor living spaces that embrace the surrounding landscape. Expansive Hill Country views, soaring ceilings, arched doorways, and abundant natural light create a warm yet sophisticated retreat.
The estate includes a thoughtfully designed main residence with two bedrooms, two and a half baths, and an upstairs office or optional third bedroom, along with a charming 420-square-foot casita ideal for guests or multigenerational living. Additional improvements include a detached two-car garage with Tesla charging and a 1,000-square-foot metal barn suitable for equipment, hobbies, workshop space, or recreational use. A private grid-tied 19.2kW solar array powers the property, while irrigation and electrical infrastructure have been extended throughout the acreage for convenience and future flexibility.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jul 12, 2026 | In contract | - | |
| In contract | |||
| Jun 8, 2026 | Price Decreased |
$1,999,000
↓ $226K
(10.2%) | |
| Price Decreased | |||
| May 23, 2026 | Listed by Compass RE Texas, LLC | $2,225,000 | |
| Listed by Compass RE Texas, LLC | |||
| Mar 25, 2026 | Price Decreased |
$2,225,000
↓ $75K
(3.3%) | |
| Price Decreased | |||
| Feb 14, 2026 | Listed by Compass RE Texas, LLC | $2,300,000 | |
| Listed by Compass RE Texas, LLC | |||
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Step inside a private sanctuary tucked beneath groves of majestic oak trees, perched high on the cliffs above Fall Creek near the edge of the Pedernales River. Set on eleven sweeping acres in the Spicewood hills, this ultra-private estate offers rare tranquility, dramatic Hill Country views, and a true sense of retreat—just minutes from the best of the Hill Country.
Reminiscent of a Mediterranean villa, the home is thoughtfully designed around a magnificent central courtyard that feels both timeless and inviting, featuring lush gardens, an outdoor kitchen, and effortless indoor-outdoor living. Soaring ceilings, graceful arched doorways, abundant natural light, and panoramic views create an atmosphere of understated elegance throughout.
A stunning circular driveway welcomes you to the property, while the negative-edge pool appears to float above the landscape, offering unforgettable views that stretch for miles. Located within the fully gated Fall Creek Estates—an intimate community of just fifteen five-acre lots—the property also enjoys access to a wet-weather creek.
The estate includes multiple structures: the main residence with two bedrooms, two and a half baths, and an upstairs office that could serve as a third bedroom; a 420-square-foot casita just steps from the home; a detached two-car garage with Tesla charging; and a 1,000-square-foot metal barn. A private, grid-tied 19.2kW solar array powers the entire property, with irrigation and electrical service thoughtfully extended from the home to the street. The exterior has recently been refreshed in a soft, creamy white, enhancing the home’s classic appeal.
Comprised of combined Lots 7 and 8, this is an exceptional Hill Country retreat. A rare opportunity also exists to purchase an adjacent five-acre lot, offering the ability to expand, build an additional home or casita, or preserve even greater privacy.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017