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    120 Bunkhouse Rd Stephenville, TX 76401

    Sponsored
    For Sale
    $3,999,999

    Apartment - Stephenville, TX

    Type:Apartment
    Property size:
    15,090 SF
    Lot size:
    6.26 Acres
    Days on Market:
    37
    Last Refresh:
    Jan 20 at 7:06 pm

    Property Features for 120 Bunkhouse Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    36
    Bathrooms
    26
    APN
    R000075446
    Parking
    36
    Interior features
    Open Floorplan
    Appliances
    Dishwasher, Washer
    Size
    15,090 SF
    Lot size
    6.26 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    2015
    Floors in Building
    1
    Building materials
    Aluminum Siding
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Lane Cooper

    Keller Williams Heritage West (817) 441-4000 [email protected]

    Listing agent Lane Cooper (817) 441-4000 License #0750847

    Listing date Dec 15, 2025

    MLS# 21130971 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.

    Learn more

    Property Insight Report

    Overview

    Multifamily Property with Equine Amenities

    This multifamily property in Stephenville, Texas, presents a versatile investment opportunity. Known as the Cowboy Capital of the World and home to Tarleton State University (TSU), Stephenville offers a blend of small-town charm and steady demand from students, faculty, rodeo athletes, and travelers. The property includes residential living spaces, short-term rental units, and equine-focused amenities. It features full RV hookups suitable for short-term visitors, rodeo travelers, and event participants. On-site conveniences include a laundry facility, a snack station, and secure mail delivery for tenants. Income-producing amenities include established short-term rental units, large covered horse stalls, and storage units. Equestrian facilities feature a 150' x 200' outdoor roping and riding arena, a 60' round pen, and a concrete tie wash area. The property's location just over an hour from the Dallas–Fort Worth Metroplex, combined with its amenities, creates an attractive environment for those involved in the equine and rodeo industries. The property size is 15090 square feet and the lot size is 6.261 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Suggested Use

    HVAC Service Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.171962
    Latitude
    32.228223

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    FAQs

    What type of property is this?
    Mobile home & RV park - Versatile investment property in Stephenville, Texas, with residential and equine facilities.
    Where is this mobile home & rv park located?
    The property is located at 120 Bunkhouse Rd Stephenville, TX.
    What is the asking price?
    The asking price for this property is $3,999,999.
    What are key features of this property?
    This property features: - Rare Multifamily Investment Opportunity in Stephenville, the 'Cowboy Capital of the World'.; - Equine-focused amenities including a 150' x 200' outdoor roping/riding arena, 60' round pen, covered horse stalls, and wash area.; - Income-producing potential from short-term rentals, RV hookups, horse stalls, and storage units.
    (817) 441-4000
    Request Owner's contact information
    120 Bunkhouse Rd Stephenville, TX 76401
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    Stephenville, TX 76401
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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.

    More about this property
    120 Bunkhouse Rd Stephenville, TX 76401
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    We can help!
    Listing Contact
    Lane Cooper
    Real Estate License ID: 0750847
    (817) 441-4000
    Learn more
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