Historic Dance Hall Concert
For Sale
$4,950,000
550 North Washington Street, Round Top, TX 78954
Commercial, Round Top, TX
Property Size18,631 SF
Lot Size4.47 Acres
Price / SF$265.69
Days on Market158
Property Features for 550 North Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Exterior features
Wood
Directions
From the Round Top Square travel north on Hwy 237. Look for RTRE signage on the left in approximately 1/2 mile.
Standard status
Active
APN
R51947
Size
18,631 SF
Lot size
4.47 Acres
Utilities
Water source
Public
Building Details
Floors in Building
1
Roof type
Metal
Listing Agency:
ROUND TOP REAL ESTATE
(979) 249-5732
Listed By:
Frank Hillbolt · License #0502045
(979) 249-6402
Added: Apr 22
Changed: Sep 22
Last Checked: Sep 26 at 12:06AM
MLS# 150902
Copyright © 2026 South Central Texas Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial entertainment property centers on a registered Texas dance hall with a documented musical history. The improvements also include a pub located in the original La Grange railroad depot, which was relocated to Round Top in the 1990s. Expansion completed in 2023-2024 added a full-service restaurant, commercial kitchen, and speakeasy-style bar, while retail space is available during the twice-yearly antique shows and added winter show.
The property is located at 550 North Washington Street in Round Top, along Hwy 237. Parking is provided along the highway, with a separate rear lot for overflow use. A 3-acre RV park with full hookups adds on-site lodging capacity, and the property encompasses 4.472 acres. Additional physical features include a wood exterior, metal roof, public water, and multiple bathrooms.
The property is located at 550 North Washington Street in Round Top, along Hwy 237. Parking is provided along the highway, with a separate rear lot for overflow use. A 3-acre RV park with full hookups adds on-site lodging capacity, and the property encompasses 4.472 acres. Additional physical features include a wood exterior, metal roof, public water, and multiple bathrooms.
Key Highlights
- Registered Texas dance hall with a documented musical history
- Restaurant, commercial kitchen, and speakeasy‑style bar added in 2023‑2024
- Original La Grange railroad depot relocated to Round Top in the 1990s
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$269,376
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,387,520
$5.4M
Cap Rate 7%
$3,848,229
$3.8M
Cap Rate 9%
$2,993,067
$3.0M
Market Conditions
NOI Build-Up for 18,631 SF
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.
Gross rent
$380.1K $20.40/SF
− Vacancy
−$20.9K −$1.12/SF
EGI
$359.2K $19.28/SF
− OpEx
−$89.8K −$4.82/SF
NOI
$269.4K $14.46/SF
Area
Fayette County, TX
Vacancy
5.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,387,520
Cap Rate 7%
$3,848,229
Cap Rate 9%
$2,993,067
Alternative Uses
Best Use
Apartment 5plus
$181.17M
$158.53M – $211.37M
NOI $12,682,111 @ 7.0% cap · market cap 256.20%
Second Best
Specialty Retail
$3.85M
$3.37M – $4.49M
NOI $269,376 @ 7.0% cap · market cap 5.44%
Theoretical Best
Multifamily LT 5
$208.88M
$182.77M – $243.69M
NOI $14,621,676 @ 7.0% cap · market cap 295.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 78954, TX
1,144
Population
897
Households
1.3
Avg Household Size
60
Median Age
40%
College-Educated
98%
High-School Grad
73.6 sq mi
ZIP Area
16
Density / Sq Mi
$100,096
Median Household Income
$54,271
Median Earnings
$1,155
Median Rent
$453,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - The venue combines an event hall, restaurant, commercial kitchen, bar, retail space, and extensive parking areas.
Where is this theater & concert hall located?
The property is located at 550 North Washington Street Round Top, TX.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Registered Texas dance hall with a documented musical history; Restaurant, commercial kitchen, and speakeasy‑style bar added in 2023‑2024; Original La Grange railroad depot relocated to Round Top in the 1990s
