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    3673 Fm 103 Nocona, TX 76255

    Sponsored
    For Sale
    $219,000

    Farm/Ranch - Nocona, TX

    Type:Farm
    Property size:
    7,000 SF
    Lot size:
    2.61 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 20 at 6:06 am

    Property Features for 3673 Fm 103

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
    Bedrooms
    2
    Bathrooms
    2
    APN
    R000024359
    Parking features
    Other
    Interior features
    Open Floorplan
    Exterior features
    Fence
    Fencing
    Fenced
    Size
    7,000 SF
    Lot size
    2.61 Acres

    Building Details

    Year built
    1924
    Floors in Building
    1
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Richard Notgrass

    Market Primed RE Solutions (214) 493-6580

    Listing agent Richard Notgrass (214) 493-6580 License #0622237

    Listing date Feb 18, 2026

    MLS# 21183754 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

    Property Insight Report

    Overview

    Historic Schoolhouse Conversion Opportunity

    This 7,000 square foot property, originally constructed in 1924 as the Spanish Fort High School, showcases architectural design by Voelcker & Dixon. The building features double brick walls, inch-thick plaster, and vertical grain heartwood pine floors. Situated on a fully fenced 2.6 acre lot in the North Texas Hill Country, the property is located within thirty minutes of Saint Jo, Nocona, three wineries, and the Red River Station concert venue. The property is located within the Texoma American Viticulture Area, and soil samples have been analyzed by Texas A&M. The building includes six classrooms ranging from 400 to 500 square feet each, along with a 2,400 square foot auditorium and stage. The property has underground 200 amp electric service with three 20 amp circuits, plus a small room and bathroom. Water is supplied by a rain water catchment system, and high-speed internet is active. The property has a well and septic system that may need replacement. The original blueprints are available and will convey with the sale. The property is suited for use as a concert venue, wedding venue, boutique hotel, or winery. The property is located at 3673 FM 103, Nocona, TX 76255.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Wedding venues

    Map

    City
    Nocona
    County
    Montague
    State
    Texas
    Longitude
    -97.624011
    Latitude
    33.945321

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    FAQs

    What type of property is this?
    Wedding venue - Unique 7,000 SF property ideal for various ventures.
    Where is this wedding venue located?
    The property is located at 3673 Fm 103 Nocona, TX.
    What is the asking price?
    The asking price for this property is $219,000.
    What are key features of this property?
    This property features: - Unique **7,000 sq ft historic 1924 Spanish Fort High School building** designed by Voelcker & Dixon.; - **2.6 acre fully fenced property** in the North Texas Hill Country.; - Potential for conversion into a concert venue, wedding venue, boutique hotel, or winery within the Texoma American Viticulture Area.
    (214) 493-6580
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    3673 Fm 103 Nocona, TX 76255
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    Nocona, TX 76255
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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
    3673 Fm 103 Nocona, TX 76255
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    We can help!
    Listing Contact
    Richard Notgrass
    Real Estate License ID: 0622237
    (214) 493-6580
    Learn more
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