Sign Up Successful!
You now have access to more from Realmo!
    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

    331 Mciirath Rd Leonard, TX 75452

    Sponsored
    For Sale
    $189,000

    Unimproved Land - Leonard, TX

    Type:Unimproved Land
    Lot size:
    3.20 Acres
    Days on Market:
    118
    Last Refresh:
    Feb 1 at 10:06 am

    Property Features for 331 Mciirath Rd

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Standard status
    Active
    APN
    000000143637
    Lot size
    3.20 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Ashley Hammons
    Ashley Hammons

    AT HOME TEXAS REAL ESTATE (903) 454-2824

    Listing agent Ashley Hammons (903) 454-2824 License #0615230

    Listing date Oct 7, 2025

    MLS# 21079770 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.

    Learn more

    Overview

    Residential Lots in Leonard, TX

    These three residential lots, totaling 3.2 acres, are located along McIlrath Rd in Leonard, TX, offering peaceful country living with convenient access to town. The parcels feature level terrain and paved road frontage. Utilities are available. The lots are suitable for custom homes or investment properties. The location provides open views and a quiet rural atmosphere, while remaining close to Leonard schools, shopping, and Hwy 69.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Leonard
    County
    Fannin
    State
    Texas
    Longitude
    -96.16583738
    Latitude
    33.44092398

    Nearby Similar for Sale

    • $3,000,000
      31.27 Acres

      Turnkey Event Venue on 32 Acres

      Elegant event venue with living space on 32 acres.
      5262 Fm 896, Leonard, TX 75490
      View Details
    • $999,900
      32.04 Acres

      32 Acres in Leonard, TX

      32 acres with a 2-bedroom home and large barn.
      County Road 4725, Leonard, TX 75452
      View Details
    • $999,900
      32.04 Acres

      32 Acres with No Restrictions

      32 acres featuring a 2-bedroom home, barn, and ponds.
      2 County Road 4725, Leonard, TX 75452
      View Details
    • $615,000
      2,684 SF

      Texas Ranch with Rolling Hills

      Ranch-style home on 11.7+ acres with stunning views.
      6859 County Road 1140, Leonard, TX 75452
      View Details
    • $225,000
      0.08 Acres

      Historic Building on Red Brick Square

      Antique building in historic Leonard, previously a floral and gift shop.
      114 W Collin St, Leonard, TX 75452
      View Details
    • $831,500
      4,320 SF

      Commercial Strip Center in Leonard, TX

      4,300 SF commercial strip center with four separate business units.
      705-715 N Crossroads, Leonard, TX 75452
      View Details
    • $1,100,000

      32 Acre Ranch with Home

      32-acre ranch featuring a comfortable 2-bedroom home and barn.
      County Road 4725, Leonard, TX 75452
      View Details
    • $855,500
      15.93 Acres

      Land with Home and Barns

      15.93 acres with home, stalls, and barns in Leonard.
      1101 S State Highway 78, Leonard, TX 75452
      View Details
    • $655,500
      14.00 Acres

      Land with Homes and Barns

      29.93 acres with two homes, stalls, and barns.
      1103 S State Highway 78, Leonard, TX 75452
      View Details
    • $650,000

      Established Restaurant in Leonard, Texas

      Thriving restaurant business and property for sale in Leonard, Texas.
      701 N Crossroads, Leonard, TX 75452
      View Details
    • $2,550,000

      Leonard, Texas Agricultural Property

      Agricultural property available in Leonard, Texas.
      1284 County Road 4940, Leonard, TX 75452
      View Details
    • $2,199,000

      Leonard, TX Agricultural Property

      Agricultural property available in Leonard, Texas.
      1500 Fm 68, Leonard, TX 75452
      View Details

    FAQs

    What type of property is this?
    Land - Three residential lots for custom homes or investment in Leonard.
    Where is this land located?
    The property is located at 331 Mciirath Rd Leonard, TX.
    What is the asking price?
    The asking price for this property is $189,000.
    What are key features of this property?
    This property features: - Three residential lots being sold together, offering flexibility for building or investment.; - Level terrain and paved road frontage simplify construction and access.; - Utilities are available, reducing initial development costs.
    (903) 454-2824
    Request Owner's contact information
    331 Mciirath Rd Leonard, TX 75452
    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.
    331 Mciirath Rd
    Leonard, TX 75452
    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
    331 Mciirath Rd Leonard, TX 75452
    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
    Ashley Hammons
    Ashley Hammons
    Real Estate License ID: 0615230
    (903) 454-2824
    Learn more
    Google sign-in failed. Please try again or use another login method.