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    Waterfront Lot in Emerald Bay Title is generated by Realmo AI

    109 Key Allegro Dr, Bullard, TX 75757

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    Claim this Listing
    For Sale
    $595,000

    LAND - Bullard, TX

    Lot size:
    0.15 Acres
    Added:
    Mar 13, 2026
    Days on Market:
    83
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for 109 Key Allegro Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4168

    Utilities

    Sewer type
    Private Sewer
    Water front
    1

    We can help!

    Listing Contact
    Dana Staples
    Dana Staples

    Listing agent Dana Staples License #0546841

    Listing office Staples Sotheby's International Realty 2344 Dueling Oaks, Frankston, TX

    Listing date Mar 13, 2026

    MLS# 26003537 Listing URL

    Copyright © 2026 Greater Tyler Association 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.

    HighLights

    • Premier waterfront lot with approximately 110' of bulkheaded shoreline on Lake Palestine in Emerald Bay gated golf course community.
    • Breathtaking open water views and the Emerald Bay point will never be built on, allowing for optimal home positioning and views.
    • Deep water access for boathouse construction.
    • Access to Emerald Bay HOA and Club amenities: golf course, clubhouse, waterfront park, boat launch, fishing pier, sports courts, pool, and playground.
    • Mature trees providing shade and a quiet street with minimal traffic.
    • 24/7 security provided by HOA and convenient location to amenities and services.

    Overview

    This is a waterfront lot located in the Emerald Bay gated golf course community on Lake Palestine. The lot offers approximately 110' of bulkheaded shoreline on a bay and open water views. The property line includes the Upper Neches River Authority allocation, extending to the fence. The bay provides deep water access for boathouse construction. Mature trees provide shade. Located on a street with little traffic, residents can enjoy the annual fireworks display on the point. Emerald Bay HOA and Club amenities include a clubhouse with indoor and patio casual dining, an 18-hole golf course, waterfront park area, boat launch and fishing pier, basketball court, tennis/pickle ball court, driving range, swimming pool, and playground. Membership is required to own property in this community. The HOA provides 24/7 security. The property is located in Bullard School District. The lot size is 0.152 acres.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Big Box & Wholesale Store Hotel & Motel Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Bullard
    County
    Smith
    State
    Texas
    Longitude
    -95.44054
    Latitude
    32.156813

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    FAQs

    What type of property is this?
    Waterfront Land - Gorgeous waterfront lot in gated golf course community on Lake Palestine.
    Where is this waterfront land located?
    The property is located at 109 Key Allegro Dr Bullard, TX.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: Premier waterfront lot with approximately 110' of bulkheaded shoreline on Lake Palestine in Emerald Bay gated golf course community.; **Breathtaking open water views** and the Emerald Bay point will never be built on, allowing for optimal home positioning and views.; Deep water access for boathouse construction.
    (903) 876-1051
    We can help!
    Listing Contact
    Dana Staples
    Dana Staples
    Real Estate License ID: 0546841
    Learn More
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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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