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    Dripping Springs Prime Commercial Land Title is generated by Realmo AI

    400 Old Highway 290, Dripping Springs, TX 78620

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    For Sale
    $14,500,000

    22.7 acres with 2,700' frontage in central Dripping Springs.

    Type:Commercial Sale / Mixed Use
    Property size:
    18,060 SF
    Lot size:
    22.70 Acres
    Price / SF:
    $802/SF
    Added:
    Jun 11, 2023
    Days on Market:
    1090
    Last Refresh:
    Mar 13 at 2:06 pm

    Property Features for 400 Old Highway 290

    General Information

    Standard status
    Active
    Size
    18,060 SF
    Lot size
    22.70 Acres
    Property subtype
    Commercial Sale / Mixed Use

    Building Details

    Year Built
    2001

    We can help!

    Listing Contact
    David Foster

    Listing agent David Foster License #0519039

    Listing office Broker Empire Realty

    Listing date Jun 11, 2023

    Source Compass

    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 Broker Empire Realty

    HighLights

    • Prime commercial location: 22.7 acres with approximately 2,700' combined frontage.
    • High development potential: Zoned commercial with existing LUEs and potential for more, including multi‑family.
    • Large existing 16,006 SF facility featuring 17 rooms and 22 bathrooms, suitable for various uses.
    • Income‑producing property: Includes a 2054 SF house currently leased.
    • Property has city water access.
    • Seller maintains a wildlife tax exemption on the acreage.

    Overview

    This 22.7-acre property, comprised of two lots, is located directly across from Dripping Springs High School. It features approximately 2,700 feet of combined frontage on the new Roger Hanks Parkway extension, linking RR 12 to Hwy 290, and along Old U. S. 290. City water is available on the property, while the existing facility and house utilize septic systems. The property has assignments from the city of 63 LUEs, with the potential for 30 additional LUEs once city sewer is available. Included on the acreage is a 16,006-square-foot facility, previously used as a private school and formerly a memory care center, making it suitable for assisted living, memory care, rehab, a mini-hospital, office space, or a wellness center. The facility includes 17 rooms, 22 bathrooms (including 4 showers), a large dining room and kitchen, a large fitness room, meeting rooms, waiting rooms, offices, and courtyards. The commercially zoned property also includes a 2,054-square-foot house, currently leased to a private school, and a large metal building with an office. The seller maintains a wildlife tax exemption. The property could potentially be used as multi-family. A popular hospital once considered the location for a build-to-suit physical rehab center along Roger Hanks.
    Location Intelligence

    Current Use by Public Records

    Assisted living facilities

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Dental Office Nail Salon Auto Repair Shop Building Supply Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Dripping Springs
    County
    Hays
    State
    Texas
    Longitude
    -98.1046983
    Latitude
    30.1999726

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    FAQs

    What type of property is this?
    Mixed-use property - 22.7 acres with 2,700' frontage in central Dripping Springs.
    Where is this mixed-use property located?
    The property is located at 400 Old Highway 290 Dripping Springs, TX.
    What is the asking price?
    The asking price for this property is $14,500,000.
    What are key features of this property?
    This property features: Prime commercial location: 22.7 acres with approximately 2,700' combined frontage.; High development potential: Zoned commercial with existing LUEs and potential for more, including multi‑family.; Large existing 16,006 SF facility featuring 17 rooms and 22 bathrooms, suitable for various uses.
    (512) 751-1100
    We can help!
    Listing Contact
    David Foster
    Real Estate License ID: 0519039
    Learn More
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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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    400 Old Highway 290, Dripping Springs, TX 78620
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