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    Assisted Living Facility with Courtyard Title is generated by Realmo AI

    400 Old Highway 290, Dripping Springs, TX 78620

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    Gated former memory care facility on acreage with multiple wings, client rooms, dining areas, and covered patios.

    Type:Office, Mixed Use, Senior Living
    Property size:
    16,006 SF
    Lot size:
    22.74 Acres
    Price / SF:
    $374/SF
    Added:
    May 27, 2026
    Days on Market:
    11
    Last Refresh:
    Jun 6 at 6:07 am

    Property Features for 400 Old Highway 290

    General Information

    Standard status
    Active
    Size
    16,006 SF
    Lot size
    22.74 Acres
    Property subtype
    Office, Mixed Use, Senior Living

    Building Details

    Year Built
    2001

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    Listing Contact
    David Foster

    Listing agent David Foster License #TX 0519039

    Listing office Long River Properties LLC

    Listing date May 27, 2026

    Source Crexi

    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 Long River Properties LLC

    HighLights

    • Former memory care facility built in 2001 on a gated property in Dripping Springs, TX, near Dripping Springs High School
    • 3 building wings with 17 guest/client rooms plus multiple offices, large dining room and kitchen, and a reception area
    • 22 restrooms and 4 showers, including a medicine room and an exercise room, with large windows for natural light
    • Includes several covered patios, an attached apartment, and an attractive courtyard; raised herb gardens are on site
    • On‑site client amenities include a client beauty salon nook and a large activity room
    • Property is on 22.74 acres available for sale, with seller open to expanding the acreage and/or adding access to Roger Hanks Parkway

    Overview

    This former memory care facility offers a distinctive residential-style layout designed around care delivery and daily activities. The property features an artfully designed reception area, three building wings, 17 guest/client rooms, and shared care-support spaces including a large dining room and kitchen. In addition to multiple offices, the facility includes 22 restrooms, four showers, a medicine room, a large exercise room, an activity room, and a dedicated nook for a client beauty salon. There are several covered patios, raised herb gardens, and an attractive courtyard. The improvements also include an attached apartment and abundant natural light through large windows.

    The gated entrance is located on Old Hwy 290, a short distance from Highway 290 and Roger Hanks Parkway. The facility sits on mature oak trees with pastoral views, near Dripping Springs High School.

    The current configuration lends itself to a range of healthcare and service uses, including assisted living, memory care, rehab, office, wellness center, lab, or other compatible uses. The seller indicates willingness to expand the acreage included, potentially to include access to Roger Hanks Parkway directly across from the high school, and also offers owner financing. The larger available 22.74-acre site could support development of a multi-care level campus with retail and services for residents, subject to applicable approvals.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $672.3k $42.00
    − Vacancy −$163.4k −$10.21
    EGI $508.9k $31.79
    − OpEx −$127.2k −$7.95
    NOI $381.7k $23.85
    16,006 SF · lease $42.00/SF/yr · vacancy 24.30% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $5.45M
    $4.77M – $6.36M (±1% cap)
    NOI $381,671 @ 7.0% cap · market cap 6.36%
    Second Best
    Healthcare Medical
    $4.15M
    $3.63M – $4.84M (±1% cap)
    NOI $290,413 @ 7.0% cap · market cap 4.84%
    Theoretical Best
    Office A
    $6.69M
    $5.85M – $7.81M (±1% cap)
    NOI $468,364 @ 7.0% cap · market cap 7.81%
    Zoning and permitted uses should be independently verified with local authorities.
    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.

    Similar Places Nearby

    • Grace and Pax House 1459 w hwy 290, dripping springs, tx 78620

    Location Insight

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

    FAQs

    What type of property is this?
    Assisted living facility - Gated former memory care facility on acreage with multiple wings, client rooms, dining areas, and covered patios.
    Where is this assisted living facility 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 $6,000,000.
    What are key features of this property?
    This property features: Former memory care facility built in 2001 on a gated property in Dripping Springs, TX, near Dripping Springs High School; 3 building wings with 17 guest/client rooms plus multiple offices, large dining room and kitchen, and a reception area; 22 restrooms and 4 showers, including a medicine room and an exercise room, with large windows for natural light
    (512) 751-1100 Call to check price and availability
    More about this property
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