Acreage Tract with Stock
For Sale
$295,000
1157 County Road 490, Princeton, TX 75407
Land, Princeton, TX
Property Size1,650 SF
Lot Size3.30 Acres
Price / SF$178.79
Days on Market113
Property Features for 1157 County Road 490
General Information
Property type
Land
Property subtype
Other
Zoning description
ETJ Princeton
Exterior features
Storage
Fencing
Fenced
Subdivision
Murillo Addition
Lot features
Acreage, Cleared, Flat
Elementary school
Godwin
Middle school
Clark
High school
Princeton
Elementary school district
Princeton ISD
Middle school district
Princeton ISD
High school district
Princeton ISD
Directions
From McKinney, travel east on US 380 towards Princeton, turn right onto CR 457 Continue south on CR 457 about .2 mile and turn left on CR 456. Continue east on CR 456 for about a mile and turn right onto CR 490. Follow CR 490 south and property will be on the left. Or use GPS
Standard status
Active
APN
R664000001701
Lot size
3.30 Acres
Taxes and HOA fees
Tax Description
ABS A0640 J B MCCLYMAN SURVEY, TRACT 17, 3.0
Tax Annual Amount
4545
Legal Description
ABS A0640 J B MCCLYMAN SURVEY, TRACT 17, 3.0
Utilities
Utilities
Propane
Sewer type
Septic Tank
Building Details
Year built
1987
Additional Structures
Storage
Listing Agency:
Keller Williams NO. Collin Cty · Keller Williams Realty
Listed By:
Ross Kallenberg · License #0788795
(972) 562-8883
Added: Jun 3
Changed: Aug 19
Last Checked: Sep 23 at 1:06AM
MLS# 21186173
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.
Investment Insights
Based on property information with market context.
Set on about 3.3 acres within the ETJ of Princeton, this property sits tucked off the road behind a long private drive. The land includes a stock pond and open space, along with multiple storage buildings and two large carports.
A 1987-built 3-bedroom, 2-bath home is also on site and will require some TLC, providing flexibility for a buyer who plans to renovate. The property further features a metal roof that is less than 10 years old, with a lifetime warranty.
The tract is positioned minutes from US 380 and offers convenient access to local schools, retail, dining, and Lake Lavon.
A 1987-built 3-bedroom, 2-bath home is also on site and will require some TLC, providing flexibility for a buyer who plans to renovate. The property further features a metal roof that is less than 10 years old, with a lifetime warranty.
The tract is positioned minutes from US 380 and offers convenient access to local schools, retail, dining, and Lake Lavon.
Key Highlights
- 3.3‑acre tract in the Princeton ETJ with open land and a stock pond suitable for horses or livestock
- 1987‑built 3‑bedroom, 2‑bath home with approx. 1,650 sq ft (requires some TLC)
- Less than 10 years old metal roof with lifetime warranty
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
$25,090
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
8.51%
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%
$501,800
$501.8K
Cap Rate 7%
$358,429
$358.4K
Cap Rate 9%
$278,778
$278.8K
Market Conditions
NOI Build-Up for 1,650 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
$51.1K $30.96/SF
− Vacancy
−$5.5K −$3.31/SF
EGI
$45.6K $27.65/SF
− OpEx
−$20.5K −$12.44/SF
NOI
$25.1K $15.21/SF
Area
Collin County, TX
Vacancy
10.70%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
45.00%
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%
$501,800
Cap Rate 7%
$358,429
Cap Rate 9%
$278,778
Alternative Uses
Best Use
Apartment 5plus
$358.4K
$313.6K – $418.2K
NOI $25,090 @ 7.0% cap · market cap 8.51%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$1.64M
$1.43M – $1.91M
NOI $114,768 @ 7.0% cap · market cap 38.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 75407, TX
25,738
Population
10,095
Households
2.5
Avg Household Size
32
Median Age
25%
College-Educated
89%
High-School Grad
49.9 sq mi
ZIP Area
516
Density / Sq Mi
$92,076
Median Household Income
$48,912
Median Earnings
$1,867
Median Rent
$307,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential land & home lot - 3.3-acre tract in Princeton ETJ with a stock pond, multiple storage buildings, and a 1987-built home requiring TLC.
Where is this residential land & home lot located?
The property is located at 1157 County Road 490 Princeton, TX.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 3.3‑acre tract in the Princeton ETJ with open land and a stock pond suitable for horses or livestock; 1987‑built 3‑bedroom, 2‑bath home with approx. 1,650 sq ft (requires some TLC); Less than 10 years old metal roof with lifetime warranty
