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    Fenced Ranch Land with Homesite Title is generated by Realmo AI

    2221 Lemons Gap Road, Ovalo, TX 79541

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    Claim this Listing
    New
    For Sale
    $375,000

    LAND - Other - Ovalo, TX

    Lot size:
    30.08 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 7 at 3:06 am

    Property Features for 2221 Lemons Gap Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    1058350
    Lot size
    30.08 Acres

    Taxes and HOA fees

    Tax Description
    A0007 SUR 507 HEZEKIAH AKLES, ACRES 23.504

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Michael Pritchard

    Listing agent Michael Pritchard License #0583920

    Listing office Sendero Properties, LLC Abilene, TX

    Listing date Jun 3, 2026

    MLS# 21237877 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.

    HighLights

    • 30‑acre property with gently rolling elevations, scenic views, and abundant mature trees.
    • Fully fenced for livestock use.
    • Gated entrance and well‑maintained limestone gravel road providing access to a homesite.
    • Electricity lines are extended into the property for quick electric service.
    • Rural water service available through North Runnels Water Supply (buyer to verify feasibility of the water meter).
    • Native wildlife reported, including deer and turkey.

    Overview

    This is an approximately 30-acre ranch property featuring gently rolling elevations and abundant mature trees, creating a private, scenic setting. The land is fully fenced and positioned for livestock use, with wildlife commonly observed across the property. A well-maintained limestone gravel road runs through the acreage to a prime homesite, supporting practical access in all weather conditions. The entrance is gated, and electricity lines have been extended into the property for quicker electric service. Rural water is available through North Runnels Water Supply, though the buyer must verify the feasibility of installing a water meter.

    The property offers the kind of countryside environment many buyers seek for a primary residence, weekend retreat, or a working ranch setup. Deer and turkey are frequently seen, and the combination of elevation and tree cover helps preserve a secluded feel.

    With its fenced configuration, established interior road, and access to electric and potentially workable rural water, the tract is well suited for owners planning to build on-site while maintaining livestock operations. It may also appeal to investors looking for acreage with meaningful natural features and straightforward groundwork for future improvements.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Ovalo
    County
    Taylor
    State
    Texas
    Longitude
    -99.852321
    Latitude
    32.14358

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - Nearly 30 acres of scenic, fenced ranch land with mature trees, a gated entry, and utilities extended for convenient development.
    Where is this agricultural land / farmland located?
    The property is located at 2221 Lemons Gap Road Ovalo, TX.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: 30‑acre property with gently rolling elevations, scenic views, and abundant mature trees.; Fully fenced for livestock use.; Gated entrance and well‑maintained limestone gravel road providing access to a homesite.
    (325) 370-4356
    We can help!
    Listing Contact
    Michael Pritchard
    Real Estate License ID: 0583920
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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
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    2221 Lemons Gap Road, Ovalo, TX 79541
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