Assisted Living Facility with
400 Old Highway 290 Dripping Springs, TX 78620
400 Old Highway 290, Dripping Springs, TX, 78620
Contact for pricing
For Sale
Contact for pricing
Gated former memory care facility on acreage with multiple wings, client rooms, dining areas, and covered patios.
Property Size16,006 SF
Lot Size22.74 Acres
Price / SF$374.86
Days on Market56
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
Listing agency
Long River Properties LLC
(512) 751-1100
Listed by
David Foster · License #TX 0519039
Source
Crexi
Added: May 27 Updated: Jul 10 at 4:00PM Checked: Jul 21 at 4:59AM
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
Investment Insights
Based on property information with market context.
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.
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.
Key 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
Local Financial Insights For Healthcare Medical
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 | $537.8k | $33.60 |
| − Vacancy | −$53.8k | −$3.36 |
| EGI | $484.0k | $30.24 |
| − OpEx | −$193.6k | −$12.10 |
| NOI | $290.4k | $18.14 |
16,006 SF · lease $33.60/SF/yr · vacancy 10.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$4.15M
$3.63M – $4.84M
NOI $290,413 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$3.51M
$3.07M – $4.09M
NOI $245,359 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$6.69M
$5.85M – $7.81M
NOI $468,364 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Assisted living facilities
Similar For Sale Nearby
Similar Off Market Nearby
- Grace and Pax House — 1459 w hwy 290, dripping springs, tx 78620
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
