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    The Largest CRE Database in the US with Over 1 Million Listings

    1405 N Pelican Dr Azle, TX 76020

    Sponsored
    For Sale
    Under Contract
    $60,000

    Unimproved Land - Pelican Bay, TX

    Type:Unimproved Land
    Lot size:
    0.16 Acres
    Days on Market:
    10
    Last Refresh:
    Jan 30 at 10:06 pm

    Property Features for 1405 N Pelican Dr

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Standard status
    Active Under Contract
    APN
    02187191
    Lot size
    0.16 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Mark Costello
    Mark Costello

    The Costello Group (225) 287-0883

    Listing agent Mark Costello (817) 662-2716 License #0666230

    Listing date Jan 21, 2026

    MLS# 21158706 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

    Corner Lot in Pelican Bay

    This spacious corner residential lot is located inside the Pelican Bay city limits. The property features an existing concrete pad and a mature tree. It is situated minutes from Eagle Mountain Lake and nearby marina access points. The lot benefits from access to FM 730, Hwy 199, Azle, and Fort Worth. The property contains 0.1625 acres, which is equivalent to 7,079 square feet. There is no HOA, offering added flexibility. This property is one of a handful of lots available in Pelican Bay and is offered individually. The opportunity includes multiple residential lots in the neighborhood as well as a 1+ acre commercial lot nearby, appealing to buyers seeking anything from a single homesite to a broader investment strategy. There are no additional fees required to access the community amenities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Auto Repair Shop Auto Parts Store Convenience Store Storage Facility Pet Grooming Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Azle
    County
    Parker
    State
    Texas
    Longitude
    -97.5187488
    Latitude
    32.9172776

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    FAQs

    What type of property is this?
    Residential land & home lot - Residential corner lot near Eagle Mountain Lake with no HOA.
    Where is this residential land & home lot located?
    The property is located at 1405 N Pelican Dr Azle, TX.
    What is the asking price?
    The asking price for this property is $60,000.
    What are key features of this property?
    This property features: - Minutes from Eagle Mountain Lake and nearby marina access.; - Corner lot with existing concrete pad and mature tree.; - Located inside Pelican Bay city limits with no HOA and no fees to access community amenities.
    (225) 287-0883
    Request Owner's contact information
    1405 N Pelican Dr Azle, TX 76020
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    Azle, TX 76020
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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
    1405 N Pelican Dr Azle, TX 76020
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    We can help!
    Listing Contact
    Mark Costello
    Mark Costello
    Real Estate License ID: 0666230
    (225) 287-0883
    Learn more
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