Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Acreage with Two-Side Road Frontage Title is generated by Realmo AI

    21 Acres FM 937, Groesbeck, TX 76642

    View on Map
    Claim this Listing
    Pending
    $249,000

    LAND - Groesbeck, TX

    Lot size:
    21.75 Acres
    Added:
    May 20, 2026
    Days on Market:
    15
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for 21 Acres FM 937

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    R41324
    Lot size
    21.75 Acres

    Taxes and HOA fees

    Tax Description
    Approximately 25 Acres out of 30.508 Acres, A. Var
    Tax Annual Amount
    6950

    We can help!

    Listing Contact
    Kara McLelland
    Kara McLelland

    Listing agent Kara McLelland License #0587384

    Listing office Realty Plus - Groesbeck Groesbeck, TX

    Listing date May 20, 2026

    MLS# 225707

    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.

    HighLights

    • 21.74‑acre property just outside Groesbeck TX city limits, adjacent to the McLelland Addition
    • Road frontage on two sides: approx. 700 ft on FM 937 and approx. 1,400 ft on LCR 783
    • Flat to very gently rolling pasture with a small seasonal creek along one side
    • Open pasture currently used for cattle and hay production; barbed wire fencing on three sides
    • City water and electricity and natural gas are close by (availability and cost to be verified); well water typically considered good and reliable in the area
    • Active agriculture exemption for low property taxes; includes covered storage area and sturdy cattle pens

    Overview

    This 21.74-acre property offers a flexible layout with flat to very gently rolling topography and a small seasonal creek along one side. The land is improved with open pasture currently used for cattle and hay production, along with barbed wire fencing on three sides. Additional features include a covered storage area, sturdy cattle pens, and a few large mature oak trees. The property is currently under an active agriculture exemption, which may help keep property taxes low while you plan future development.

    Located on the south end of Groesbeck, the tract sits just outside of and adjacent to the city limits and near the McLelland Addition. It provides road frontage on two sides, including approximately 700 feet on FM 937 and approximately 1,400 feet on LCR 783. City water, electricity, and natural gas are close by, though availability and costs should be verified. Well water is typically considered reliable in the area. Some basic deed restrictions may apply to protect adjacent property owners.

    With its combination of access, acreage, and existing agricultural improvements, this site can work for buyers looking to build a residential home site, create multiple home sites, pursue residential development, or evaluate a range of commercial uses. It may also appeal to operators who want to continue cattle or hay production while positioning the property for future change.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Groesbeck
    County
    Limestone
    State
    Texas
    Longitude
    -96.521859
    Latitude
    31.505224

    Nearby Similar for Sale

    • $1,100,000

      Fenced Ranch Land with Ponds

      Large fenced ranch acreage with pasture, trees, ponds, and a creek—well positioned for cattle, recreation, or a future homestead.
      LCR 623, Groesbeck, TX 76642
      View Details
    • $1,887,000

      River-Bottom Pecan Ranch

      Turnkey Central Texas ranch with productive soils, rotational grazing, and a river setting framed by mature pecan trees.
      LCR 412, Groesbeck, TX 76642
      View Details
    • $150,000

      Turnkey Self-Service Car Wash

      Fully renovated facility with new equipment, positioned for strong visibility on a primary entry route into Groesbeck.
      617 N Ellis, Groesbeck, TX 76642
      View Details
    • $1,341,000

      Dual-Frontage Agricultural Land

      Ag-exempt, unrestricted acreage with highway and road frontage, plus a natural gas line and adjacent rail access.
      Highway 14, Groesbeck, TX 76642
      View Details
    • $153,000

      Fenced Pasture Tract with Livestock Improvements

      Mostly level, perimeter-fenced pasture with an entry gate and loafing shed, suited for livestock, storage, or a homesite.
      Highway 14 S, Groesbeck, TX 76642
      View Details
    • $153,000

      Fenced Pasture with Stock Pond

      Mostly level, perimeter-fenced pasture with a large stock pond, ideal for a custom homesite, small ranch, or recreation.
      Highway 14 S, Groesbeck, TX 76642
      View Details
    • $1,089,900

      Turnkey Ranch with Live Water

      Fully fenced ranch offering productive pasture, mature timber, and reliable live water for livestock or recreation.
      303 LCR 626 Road, Groesbeck, TX 76642
      View Details
    • $169,000

      Lakefront Recreational Land

      Lakefront recreational property with RV hookups, septic, and utilities plus a covered gravel area for vehicles and outdoor use.
      184 LCR 752A, Groesbeck, TX 76642
      View Details
    • $149,999

      15 Acres Ranchette in Groesbeck, TX

      15 acres ranchette near Groesbeck, Mexia, and Lake Limestone.
      FM 39, Groesbeck, TX 76642
      View Details
    • $149,999

      Ranchette Acreage with Seasonal Stock Tank

      Fenced on three sides with rolling native pasture, wildlife, and a seasonal stock tank ideal for a small getaway or homestead.
      FM 39 Road, Groesbeck, TX 76642
      View Details

    FAQs

    What type of property is this?
    Agricultural land / Farmland - A versatile tract for residential or commercial use with road access on two sides and income potential through existing pasture operations.
    Where is this agricultural land / farmland located?
    The property is located at 21 Acres FM 937 Groesbeck, TX.
    What is the asking price?
    The asking price for this property is $249,000.
    What are key features of this property?
    This property features: 21.74‑acre property just outside Groesbeck TX city limits, adjacent to the McLelland Addition; Road frontage on two sides: approx. 700 ft on FM 937 and approx. 1,400 ft on LCR 783; Flat to very gently rolling pasture with a small seasonal creek along one side
    (254) 729-5555
    We can help!
    Listing Contact
    Kara McLelland
    Kara McLelland
    Real Estate License ID: 0587384
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    21 Acres FM 937, Groesbeck, TX 76642
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!