Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1877 N Peterson Rd Iowa Park, TX 76367

    Sponsored
    For Sale
    $489,500

    Inv Bundle/Will Not Divid - Iowa Park, TX

    Property size:
    2,724 SF
    Lot size:
    2.00 Acres
    Days on Market:
    4
    Last Refresh:
    Feb 28 at 6:06 am

    Property Features for 1877 N Peterson Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Parking features
    Carport, Garage
    Size
    2,724 SF
    Lot size
    2.00 Acres

    Building Details

    Floors in Building
    2
    Number of units
    2
    Building materials
    Other
    Architectural style
    Other

    We can help!

    Listing Contact
    LEE BYBEE

    HIRSCHI REALTORS (940) 692-8120

    Listing agent LEE BYBEE (940) 692-8120 License #0343311

    Listing date Feb 25, 2026

    MLS# 182251 Listing URL

    Copyright © 2026 Wichita Falls 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.

    Learn more

    Property Insight Report

    Overview

    Two Homes with Workshop, Barn

    This unique property features two homes, an insulated workshop, a livestock barn with hay loft and storage, and an above-ground pool, all situated on approximately 2 acres. The first home, located at 1877 N Peterson Rd, offers 1364 square feet of living space and includes updates such as a recently installed roof, an updated kitchen, laminate flooring, and a renovated primary bath with a tub and shower. The second home, located at 2235 Reilly Rd, was custom built in 2016 and offers 1360 square feet of living space. The property is located in Iowa Park, Texas, and offers sunset views.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Map

    City
    Iowa Park
    County
    Wichita
    State
    Texas
    Longitude
    -98.637041
    Latitude
    33.979752

    Nearby Similar for Sale

    • $500,000
      3,750 SF

      Established Liquor Store with Drive-Thru

      Thriving liquor store with drive-thru in high-traffic location.
      111 Fm 369, Iowa Park, TX 76367
      View Details
    • $299,900
      2,100 SF

      Iowa Park Church Building

      Church building on 1.17 acres in Iowa Park, TX.
      801 N 1St St, Iowa Park, TX 76367
      View Details
    • $625,000
      7,760 SF

      Former Church with Expansion Potential

      Versatile property suitable for various commercial or community uses.
      802 N 1St St, Iowa Park, TX 76367
      View Details
    • $199,900
      5,000 SF

      Iowa Park Commercial Building

      5,000 sq ft commercial building on 1 acre lot.
      700 W Washington Ave, Iowa Park, TX 76367
      View Details
    • $1,700,000
      2,765 SF

      Turnkey Equestrian Estate Near Wichita

      45-acre equestrian estate with covered arena and custom-built ranch home.
      2610 Weetu Rd, Iowa Park, TX 76367
      View Details
    • Contact for pricing
      20,640 SF

      Self Storage and Retail Center

      Cash-flowing self-storage and retail center in Iowa Park, Texas.
      400-402 W Park Ave, Iowa Park, TX 76367
      View Details

    FAQs

    What type of property is this?
    Single family property - Two homes, workshop, barn, and pool on approximately 2 acres.
    Where is this single family property located?
    The property is located at 1877 N Peterson Rd Iowa Park, TX.
    What is the asking price?
    The asking price for this property is $489,500.
    What are key features of this property?
    This property features: - Two Homes on the Property: Includes a main house and a newer (2016) custom-built second home, ideal for multigenerational living or rental income.; - Updated Main House: Features a recently installed roof, updated kitchen, laminate flooring, and renovated primary bath.; - Workshop and Barn: Includes an insulated workshop and a livestock barn with hay loft/storage.
    (940) 781-0990
    Request Owner's contact information
    1877 N Peterson Rd Iowa Park, TX 76367
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1877 N Peterson Rd
    Iowa Park, TX 76367
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1877 N Peterson Rd Iowa Park, TX 76367
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    LEE BYBEE
    Real Estate License ID: 0343311
    (940) 781-0990 (940) 692-8120
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!