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    4696 N Us Highway 377 Stephenville, TX 76401

    View on Map
    Sponsored
    For Sale
    $4,700,000

    Business - Stephenville, TX

    Type:Business
    Lot size:
    40.00 Acres
    Days on Market:
    78
    Last Refresh:
    Mar 21 at 3:06 pm

    Property Features for 4696 N Us Highway 377

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Standard status
    Active
    APN
    R000025020
    Parking features
    Open, Other, Oversized, Parking Lot, RV
    Lot size
    40.00 Acres

    Utilities

    Heating system
    Electric (Heating), Other (Heating), Propane (Heating)
    Cooling system
    Ceiling Fan(s), Electric

    Building Details

    Year built
    1992
    Flooring type
    Concrete, Laminate, Other
    Building materials
    Steel Siding
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Nikki Light

    Light Realty

    Listing agent Nikki Light License #0705405

    Listing date Jan 2, 2026

    MLS# 21143386 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 Event Center Opportunity

    Located in Stephenville, Texas, also known as the Cowboy Capital of the World, this commercial property offers a multi-purpose arena and event center. The property, also known as Lone Star Arena, features approximately 150,000 square feet under roof, with an additional 57,000 square feet of covered area and two entrances. The property is situated in a fast-growing community with highway frontage and traffic, offering exceptional visibility from Highway 377. The event center seats close to 3,000 spectators and includes two separate indoor arenas under one roof, seven renovated skyboxes, 110 RV hookups, and 344 stalls. It also features eight big ass fans, ample parking, and a private club. The property is located in Erath County and has 40 acres. More acreage is available. This commercial real estate has become a highly sought-out event center from all over the world.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Race tracks

    Suggested Use

    Real Estate Agency Restaurant Building Supply Auto Repair Shop Hotel & Motel Auto Parts Store Kitchen & Bath Showroom HVAC Service Bar & Pub Electronics & Wireless Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.160428
    Latitude
    32.234783

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    FAQs

    What type of property is this?
    Race track - Multi-purpose arena and event center in Stephenville, Texas.
    Where is this race track located?
    The property is located at 4696 N Us Highway 377 Stephenville, TX.
    What is the asking price?
    The asking price for this property is $4,700,000.
    What are key features of this property?
    This property features: - Prime commercial property with exceptional highway frontage and visibility on HWY 377.; - Multi-purpose arena and event center with approximately 150,000 sq ft under roof and an additional 57,000 sq ft of covered area.; - **Two separate indoor arenas under one roof and seating for close to 3,000 spectators.**
    (817) 964-7559
    Request Owner's contact information
    4696 N Us Highway 377 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
    4696 N Us Highway 377 Stephenville, TX 76401
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    Listing Contact
    Nikki Light
    Real Estate License ID: 0705405
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