Ranch-Ready Land with Water
For Sale
$349,000
179 PR 6624, Devine, TX 78016
Land, Devine, TX
Property Size1,680 SF
Lot Size16.95 Acres
Price / SF$207.74
Days on Market69
Property Features for 179 PR 6624
General Information
Property type
Land
Property subtype
Other
Zoning
R
Elementary school
Devine
Middle school
Devine
High school
Devine
Elementary school district
Devine
Middle school district
Devine
High school district
Devine
Subdivision
3000
Standard status
Active
Lot size
16.95 Acres
Taxes and HOA fees
Tax Annual Amount
6333
Listing Agency:
KW Thompson Houston Real Estate · Keller Williams Realty
(830) 663-1113
Listed By:
Misty Thompson · License #555966
(210) 696-9996
Added: Jun 23
Changed: Aug 19
Last Checked: Aug 30 at 5:06PM
MLS# 1918433
Copyright © 2026 LERA MLS. 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.
This offering is a 16.95-acre tract in Texas designed for ranch use and flexible residential expansion. The property includes two water wells and a water meter, along with cattle pens and full fencing. It also features three mobile home pads, providing established areas for additional housing. A 1,680-square-foot home is currently on site, giving buyers an existing residence as they plan future improvements.
The land is located just outside the heart of Devine in Medina County, offering country space while keeping access to the town. The combination of on-site water infrastructure, fencing, and pens supports day-to-day livestock activities without requiring immediate new site work.
For buyers seeking a property that can support both living and light ranch operations, the improvements here are built in. The water wells and fenced areas can support cattle care, while the mobile home pads offer options for accommodating extended family or future tenants, subject to applicable requirements. With an existing home already in place, this tract can function as a ready-to-use base while you evaluate long-term plans for the remaining acreage.
The land is located just outside the heart of Devine in Medina County, offering country space while keeping access to the town. The combination of on-site water infrastructure, fencing, and pens supports day-to-day livestock activities without requiring immediate new site work.
For buyers seeking a property that can support both living and light ranch operations, the improvements here are built in. The water wells and fenced areas can support cattle care, while the mobile home pads offer options for accommodating extended family or future tenants, subject to applicable requirements. With an existing home already in place, this tract can function as a ready-to-use base while you evaluate long-term plans for the remaining acreage.
Key Highlights
- Over 16 acres of land just outside Devine, TX
- Includes a 1,680 SF home for expansion or customization
- Two water wells plus a water meter on‑site
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
$14,969
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
4.29%
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%
$299,380
$299.4K
Cap Rate 7%
$213,843
$213.8K
Cap Rate 9%
$166,322
$166.3K
Market Conditions
NOI Build-Up for 1,680 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
$30.2K $18.00/SF
− Vacancy
−$3.0K −$1.80/SF
EGI
$27.2K $16.20/SF
− OpEx
−$12.2K −$7.29/SF
NOI
$15.0K $8.91/SF
Area
Medina County, TX
Vacancy
10.00%
Lease Rate
$18.00 /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%
$299,380
Cap Rate 7%
$213,843
Cap Rate 9%
$166,322
Alternative Uses
Best Use
Apartment 5plus
$213.8K
$187.1K – $249.5K
NOI $14,969 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.5K
$375.0K – $500.0K
NOI $29,998 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 78016, TX
10,530
Population
4,281
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
158.3 sq mi
ZIP Area
67
Density / Sq Mi
$57,609
Median Household Income
$36,769
Median Earnings
$739
Median Rent
$173,600
Median Home Value
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 - Ranch-focused acreage with two water wells, fenced cattle pens, and mobile home pads for flexible on-site development.
Where is this residential land & home lot located?
The property is located at 179 PR 6624 Devine, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Over 16 acres of land just outside Devine, TX; Includes a 1,680 SF home for expansion or customization; Two water wells plus a water meter on‑site
