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    Nocona Land with Cleared Homesite Title is generated by Realmo AI

    384 Red Oak Hills Road, Nocona, TX 76255

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    Claim this Listing
    For Sale
    $125,999

    Improved Land - Nocona, TX

    Lot size:
    4.28 Acres
    Added:
    Apr 20, 2026
    Days on Market:
    34
    Last Refresh:
    May 23 at 9:06 pm

    Property Features for 384 Red Oak Hills Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    R000027741
    Lot size
    4.28 Acres

    Taxes and HOA fees

    Expense value
    300
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Melissa McPherson

    Listing agent Melissa McPherson License #0704940

    Listing office Red River Realty 301 W. Hwy 82, Nocona, TX

    Listing date Apr 20, 2026

    MLS# 21154473 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

    • 4.28‑acre lot with a natural, mostly level clearing ready for building
    • Existing 340' water well drilled in March 2024 (State of Texas Well Report available)
    • Meticulously cleared of undergrowth without heavy equipment, preserving the site
    • Granddaddy oaks and boundary trees provide privacy and natural beauty
    • Seasonal creek with large trees separates the lot from adjoining ranch land
    • Located in Red Oak Hills, a development established in 2024 on rolling, wooded ranch land

    Overview

    This 4.28-acre lot, designated as Lot #3, features a natural clearing suitable for building a home. The open build site requires minimal preparation and is bordered by mature oak trees along the front and back boundaries. A seasonal creek runs across the back of the property, with large trees surrounding it, providing separation from the adjacent ranch land. Developed in 2024 on rolling, wooded ranch land, Red Oak Hills offers an optimal build site situated on a small hill. The site is mostly level, with slopes descending in all directions. A 340-foot water well was drilled on Lot #3 in March 2024 to confirm water availability for the development; the State Of Texas Well Report for Tracking #660816 is available upon request. The lot was carefully cleared of undergrowth, vines, and scrub last year without heavy machinery to prevent site damage. The property is located in Nocona, Texas, and is known for its abundant wildlife.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Nocona
    County
    Montague
    State
    Texas
    Longitude
    -97.7765
    Latitude
    33.8208

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    FAQs

    What type of property is this?
    Residential land & home lot - 4.28 acre lot with optimal build site.
    Where is this residential land & home lot located?
    The property is located at 384 Red Oak Hills Road Nocona, TX.
    What is the asking price?
    The asking price for this property is $125,999.
    What are key features of this property?
    This property features: 4.28‑acre lot with a natural, mostly level clearing ready for building; Existing **340' water well drilled in March 2024** (State of Texas Well Report available); Meticulously cleared of undergrowth without heavy equipment, preserving the site
    (940) 235-0843
    We can help!
    Listing Contact
    Melissa McPherson
    Real Estate License ID: 0704940
    Learn More
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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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    384 Red Oak Hills Road, Nocona, TX 76255
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