Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Residential Lot in Rockwall Title is generated by Realmo AI

    238 Russell Drive, Rockwall, TX 75032

    View on Map
    Claim this Listing
    For Sale
    $65,000

    Unimproved Land - Rockwall, TX

    Type:Unimproved Land
    Lot size:
    0.17 Acres
    Added:
    Apr 23, 2026
    Days on Market:
    34
    Last Refresh:
    May 26 at 7:06 am

    Property Features for 238 Russell Drive

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Standard status
    Active
    APN
    000000025163
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Nick Good
    Nick Good

    Listing agent Nick Good License #0549135

    Listing office EXP REALTY 5605 N MacArthur Blvd., Austin, TX

    Listing date Apr 23, 2026

    MLS# 21243743 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

    • Located near Lake Ray Hubbard, offering lakeside living.
    • Flexibility for a custom home, manufactured home, or weekend retreat.
    • Convenient access to shopping, dining, and major roadways.
    • Easy access to the Dallas metro area.
    • Utilities available nearby.
    • Residential lot in the established Rockwall Lake Estates community.

    Overview

    This residential lot is located in the established Rockwall Lake Estates community. The property offers approximately 7,187 square feet (0.165 acres) of unimproved land, suitable for a custom home, manufactured home, or weekend retreat, subject to city guidelines. The location provides convenient access to Lake Ray Hubbard, shopping, dining, and major roadways, offering lakeside living with easy access to the Dallas metro area. Utilities are available nearby. The property is located in Rockwall, Texas, with postal code 75032, in Rockwall County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockwall
    County
    Rockwall
    State
    Texas
    Longitude
    -96.44646
    Latitude
    32.882173

    Nearby Similar for Sale

    • $895,000
      3,000 SF

      Rockwall Historic Town Square Building

      Prime Rockwall building suitable for retail, office, medical, or restaurant.
      201 E Washington Street, Rockwall, TX 75087
      View Details
    • $625,000

      Rockwall Warehouse on 5 Acres

      Shell complete, ready for customization on nearly 5 acres.
      1500 S Smith Road, Rockwall, TX 75032
      View Details
    • $850,000

      Prime Commercial Land on SH-205

      1.7 acres of vacant land with high visibility.
      1300 S Hwy 205, McLendon Chisholm, TX 75032
      View Details
    • $650,000

      Rockwall Commercial Building on Goliad

      Versatile commercial building on a high-traffic thoroughfare in Rockwall.
      915 N Goliad Street, Rockwall, TX 75087
      View Details
    • $1,400,000
      2,450 SF

      Rockwall Land with Existing Offices

      Two acres near Rockwall Technology Park with office building.
      3435 State Highway 276, Rockwall, TX 75032
      View Details
    • $998,000

      Historic Landmark Property in Rockwall

      Iconic 1911 property near Historic Downtown Rockwall Square.
      908 N Goliad Street, Rockwall, TX 75087
      View Details
    • $549,989

      Versatile Land in Rockwall, TX

      7.16 acres of land with development potential.
      1214 Old Millwood Road, Rockwall, TX 75087
      View Details
    • $398,000

      Rockwall Commercial Land Opportunity

      High-traffic commercial land with residential office zoning in Rockwall, TX.
      808 N Goliad Street, Rockwall, TX 75087
      View Details
    • $999,900

      Horizon Road Commercial Land

      2.17 acres on Horizon Road, Rockwall, Texas.
      5627 Horizon Road, Rockwall, TX 75032
      View Details
    • $1,206,490
      2,115 SF

      Horizon Land in Rockwall, TX

      2.3-acre commercial land near Presbyterian Hospital and Buffalo Creek.
      5811 Horizon, Rockwall, TX 75032
      View Details
    • $5,065,157

      Rockwall Land for Commercial Development

      6.84 acres in high-growth area with strong commercial potential.
      770 S State Highway 205 Extension, Rockwall, TX 75032
      View Details
    • $720,697

      Land in Sonoma Verde Development

      2.206 acres designated for daycare in master-planned community.
      002 Via Toscana, McLendon Chisholm, TX 75032
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot near Lake Ray Hubbard, Rockwall, TX.
    Where is this residential land & home lot located?
    The property is located at 238 Russell Drive Rockwall, TX.
    What is the asking price?
    The asking price for this property is $65,000.
    What are key features of this property?
    This property features: Located near Lake Ray Hubbard, offering lakeside living.; Flexibility for a custom home, manufactured home, or weekend retreat.; Convenient access to shopping, dining, and major roadways.
    (888) 519-7431
    We can help!
    Listing Contact
    Nick Good
    Nick Good
    Real Estate License ID: 0549135
    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
    238 Russell Drive, Rockwall, TX 75032
    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!