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    3891 County Road 351 Stephenville, TX 76401

    Sponsored
    For Sale
    $1,249,000

    Ranch, Farm/Ranch - Stephenville, TX

    Type:Farm
    Property size:
    2,337 SF
    Lot size:
    40.25 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 12 at 6:06 pm

    Property Features for 3891 County Road 351

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3
    Bedrooms
    3
    Bathrooms
    2
    APN
    R000023721
    Parking features
    Covered, Driveway, Garage, Gated
    Patio and Porch features
    Patio, Porch
    Interior features
    High Speed Internet Available
    Exterior features
    Covered Patio/Porch, Private Entrance, Stable/Barn, Fence
    Fencing
    Fenced
    Fireplace
    1
    Appliances
    Cooktop, Cooktop - Electric, Dishwasher, Washer
    Size
    2,337 SF
    Lot size
    40.25 Acres

    Utilities

    Heating system
    Central, Fireplace(s), Propane (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1959
    Floors in Building
    1
    Flooring type
    Carpet, Laminate, Tile, Tile - Ceramic
    Building materials
    Brick
    Roof type
    Shingle
    Architectural style
    Ranch
    Additional Structures
    Barn(s), Stable(s)

    We can help!

    Listing Contact
    Kim Parham

    Mango Rhodes Land Advisors, LP (512) 618-7449

    Listing agent Kim Parham (512) 618-7449 License #0769522

    Listing date Feb 11, 2026

    MLS# 21034481 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

    Stephenville Horse Property with Arena

    Located just outside of Stephenville, this horse property offers a range of features. The property includes a home with over 2300 square feet of living space, featuring an oversized office with custom built-in cabinets and bookshelves, a living room with a wood-burning fireplace, and a master bedroom with a private entrance. A 36x24 workshop with a separate gated entrance and driveway could be converted into guest quarters, as it has a bathroom and separate septic system. The property is set up for rodeo playdays or team matches, with ample parking space. Equestrian facilities include a 40x65 horse barn with 7 stalls, two tack and storage rooms, a concrete wash station, fans, timed lights, and sliding doors. There is also a 60' round pen, a 40x50 rock barn with a feed room, multiple pens, loafing sheds, a 275'x130' sandy arena with shoot and catch pens, and a 25x330 roping lane. The property also features multiple pastures for grazing. The residence was built in 1959, and the roof and well were replaced last year. The living room and office windows, and the hallway bathroom have been upgraded. The property spans 40.254 acres and is located in the Stephenville school district.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ranches

    Suggested Use

    Building Supply Hair Salon Hotel & Motel Department Store Storage Facility Discount Store Garden Center (Bike/Boat/Book/etc) Store Bed & Breakfast Arcade & Gaming Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.2870086
    Latitude
    32.1778792

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    FAQs

    What type of property is this?
    Horse & equestrian property - Horse property featuring a home, barns, workshop, and arena.
    Where is this horse & equestrian property located?
    The property is located at 3891 County Road 351 Stephenville, TX.
    What is the asking price?
    The asking price for this property is $1,249,000.
    What are key features of this property?
    This property features: - Extensive horse property setup with 7-stall barn, round pen, sandy arena, roping lane, multiple pastures, and more.; - 36x24 insulated workshop with separate gated entrance, suitable for a home office, guest quarters conversion, rental, or Airbnb.; - Spacious 2300+ sqft home with oversized office featuring custom built-ins, large living room with fireplace, and private master bedroom entrance.
    (512) 618-7449
    Request Owner's contact information
    3891 County Road 351 Stephenville, TX 76401
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    Stephenville, TX 76401
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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
    3891 County Road 351 Stephenville, TX 76401
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    We can help!
    Listing Contact
    Kim Parham
    Real Estate License ID: 0769522
    (512) 618-7449
    Learn more
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