Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    721 Hwy 290 W Dripping Springs, TX 78620

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Commercial space available for lease in Dripping Springs, Texas.

    Type:office.office_building
    Added:
    Mar 7, 2026
    Days on Market:
    54
    Last Refresh:
    Mar 7 at 7:03 pm

    Property Features for 721 Hwy 290 W

    General Information

    Standard status
    Active
    Property subtype
    office.office_building

    Building Details

    Year Built
    2005

    We can help!

    Listing Contact
    Sullivan Johnston
    Sullivan Johnston

    Listing agent Sullivan Johnston License #708030

    Listing office Avison Young - US - TX - Austin

    Listing date Mar 7, 2026

    Source Avisonyoung

    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 Avison Young - US - TX - Austin

    Overview

    Commercial Space For Lease

    Commercial space is available for lease at 721 Hwy 290 W, Dripping Springs, TX 78620. The property is suitable for office, retail, and banking businesses.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Dental Office Spa & Massage Center Auto Parts Store Hair Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Dripping Springs
    County
    Hays
    State
    Texas
    Longitude
    -98.099189
    Latitude
    30.192519

    Nearby Similar for Lease

    • $17 SF/Yr

      Industrial Space Near Highway 290

      2700 SF industrial space with office and warehouse areas.
      150 Russell Ln 1, Dripping Springs, TX 78620
      View Details
    • $2,537/Mo

      Dripping Springs Office Space

      1,450 SF office space in Dripping Springs, TX.
      701 HWY 290 W 103, Dripping Springs, TX 78620
      View Details
    • $1,447/Mo

      Dripping Springs Office Space Available

      Air-conditioned office space near HWY 290, Dripping Springs, TX.
      100 S Canyonwood Dr 1-B, Dripping Springs, TX 78620
      View Details
    • $29 SF/Yr

      Dripping Springs Office/Retail Space

      Versatile 3,290 SF space in high-traffic Dripping Springs location.
      2440 E. U.S. Highway 290, Dripping Springs, TX 78620
      View Details
    • $24 SF/Yr

      Commercial

      400 W Old Hwy 290, Dripping Springs, TX 78620
      View Details
    • $28 SF/Yr

      Highway Frontage Office Space

      Office space with highway frontage, near Dripping Springs.
      120 Frog Pond Ln, Dripping Springs, TX 78620
      View Details
    • Contact for pricing

      Commercial Property in Dripping Springs

      Commercial property with 4,800 square feet available for lease.
      1032 Canyon Bend Dr, Dripping Springs, TX 78620
      View Details
    • Contact for pricing

      Commercial Space Available for Rent

      2500 sqft commercial space for rent.
      105 South Canyonwood Drive, Dripping Springs, TX 78620
      View Details
    • $31 SF/Yr

      Dripping Springs Office/Medical Space

      3,290 SF space ideal for professional or medical office.
      2440 E Highway 290, Dripping Springs, TX
      View Details
    • $22 SF/Yr

      Retail Space Near Major Retailers

      Retail space in high-traffic, affluent area near HEB and Home Depot.
      100 Commons Dr, Dripping Springs, TX
      View Details
    • $16 SF/Yr

      Versatile Space Near Highway 290

      Adaptable space suitable for retail, flex, or office use.
      105 S Canyonwood Dr, Dripping Springs, TX
      View Details
    • Contact for pricing

      Retail Space in Belterra Village

      Mixed-use development with retail, restaurant, and outdoor opportunities.
      164 Belterra Village Way, Dripping Springs, TX
      View Details

    FAQs

    What type of property is this?
    Office building - Commercial space available for lease in Dripping Springs, Texas.
    Where is this office building located?
    The property is located at 721 Hwy 290 W Dripping Springs, TX.
    What are key features of this property?
    This property features: Location: 721 Hwy 290 W, Dripping Springs, TX 78620; Tenant: Prosperity Bank; Property Type: For Lease
    (512) 717-3073
    We can help!
    Listing Contact
    Sullivan Johnston
    Sullivan Johnston
    Real Estate License ID: 708030
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!