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    Acreage with Private Paved Road Frontage Title is generated by Realmo AI

    TBD 1 FM 2114 Road, Penelope, TX 76676

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    For Sale
    $242,000

    LAND - Penelope, TX

    Lot size:
    22.08 Acres
    Added:
    Apr 21, 2026
    Days on Market:
    44
    Last Refresh:
    Jun 3 at 4:06 am

    Property Features for TBD 1 FM 2114 Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Grassed
    Standard status
    Active
    APN
    124447
    Lot size
    22.08 Acres

    Taxes and HOA fees

    Tax Description
    TBD 1 FM 2114 B DEBARR Penelope, TX 76676
    Tax Annual Amount
    240

    We can help!

    Listing Contact
    Sue Milam Reed

    Listing agent Sue Milam Reed License #0249839

    Listing office Kelly, Realtors Waco, TX

    Listing date Apr 21, 2026

    MLS# 21188052 Listing URL

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Wide‑open acreage recently sprigged with coastal grass
    • Over 600 ft of paved TX DOT–approved private road frontage
    • Seller will install a co‑op water meter prior to closing
    • Agricultural exemption may provide lower property taxes
    • Restrictions prohibit mobile homes
    • Part of a set of 3 listings; can be purchased individually for $264,900 or with the others for a combined price of $794,700

    Overview

    This 22.08-acre parcel of land is set up for country living or a custom build, with coastal grass recently sprigged across the property. The acreage includes more than 600 feet of paved, TX DOT approved private road frontage, providing straightforward vehicle access along the property line. Seller will install a co-op water meter prior to closing, supporting plans for a new residence. Restrictions also prohibit mobile homes.

    Located on FM 2114 Road in Penelope, Texas, the property benefits from lower property taxes through an existing agricultural exemption. The frontage along the approved private road is a key consideration for land owners who want reliable access in a rural setting. The offering also notes that this parcel is one of three related listings, which may be relevant for buyers looking to compare options within the same general property configuration.

    For prospective buyers and builders, this land offers the space and frontage to support a custom home while maintaining an agricultural-minded tax position. With a water meter scheduled before closing and restrictions clearly stated, the parcel is well suited for buyers planning a traditional, site-built residence and seeking a wide-open acreage lifestyle.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Penelope
    County
    Hill
    State
    Texas
    Longitude
    -96.982749
    Latitude
    31.836681

    Nearby Similar for Sale

    • $150,000

      Fenced Ag-Exempt Land Tract

      A rural ag-exempt tract with fencing, a water meter, and electricity nearby—well-suited for a homesite or small farm.
      HCR 3220, Penelope, TX 76676
      View Details
    • $399,000

      60 Acres of Farmland

      Unimproved land in Penelope, TX, ideal for building a home.
      HCR 3306, Penelope, TX 76676
      View Details
    • $242,000

      Rural Acreage with Pond and Creek

      Gently rolling pasture acreage with a pond, wooded creek, and water service to support your ideal country homestead plans.
      TBD 3 LCR 3212, Penelope, TX 76676
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Wide-open acreage offers TX DOT approved private road frontage, sprigged coastal grass, and a co-op water meter installed before closing.
    Where is this residential land & home lot located?
    The property is located at TBD 1 FM 2114 Road Penelope, TX.
    What is the asking price?
    The asking price for this property is $242,000.
    What are key features of this property?
    This property features: Wide‑open acreage recently sprigged with coastal grass; Over 600 ft of paved TX DOT–approved private road frontage; Seller will install a co‑op water meter prior to closing
    (254) 741-1500
    We can help!
    Listing Contact
    Sue Milam Reed
    Real Estate License ID: 0249839
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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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