Add Listing
    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

    492 W Forest Grove Road Lucas, TX 75002

    View on Map
    New
    For Sale
    $1,997,000

    Unimproved Land - Lucas, TX

    Type:Unimproved Land
    Lot size:
    5.72 Acres
    Added:
    Apr 1, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 3 at 9:06 am

    Property Features for 492 W Forest Grove Road

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Standard status
    Active
    APN
    R602800316601
    Lot size
    5.72 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Melanie Brigante
    Melanie Brigante

    Listing agent Melanie Brigante License #0537286

    Listing office Delahn Realty 720 E. Main Suite C6, Allen, TX

    Listing date Apr 1, 2026

    MLS# 21128798 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.

    Overview

    Lucas, TX Estate Build Site

    This 5.722-acre property is located in Lucas, Collin County, Texas, within the Lovejoy Independent School District. It is positioned as a suitable site for building an estate. Mature trees line the creek along the western property line. The property offers convenient access to Lake Lavon, area schools, upscale dining, and local shopping. Highway 75 is easily accessible, providing access to employment centers. There is no Homeowners Association (HOA) and no deadline for beginning construction. Horses are permitted on the property, and subdivision may be possible with city approval. A radio tower and related equipment are currently located on the property and will be removed.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Lucas
    County
    Collin
    State
    Texas
    Longitude
    -96.6341
    Latitude
    33.0968

    Nearby Similar for Sale

    • $595,000

      One Acre Lot with Views

      One acre lot with lake views in Lucas, Texas.
      1134 Top Deck Trail, Lucas, TX 75002
      View Details
    • $595,000

      Residential Land in Lucas, TX

      Unimproved land suitable for building a custom home.
      735 Peppy San, Lucas, TX 75002
      View Details
    • $600,000

      Land with Lake Lavon Views

      One-acre lot with utilities ready for custom home construction.
      1074 Top Deck Trail, Lucas, TX 75002
      View Details
    • $295,000

      Land Near Lake Lavon

      One-acre lot near Lake Lavon to build your dream home.
      750 Meadowbrook Drive, Lucas, TX 75098
      View Details
    • $1,100,000

      Land Near Allen Premium Outlet

      8+ acre property near Allen Premium Outlet and Lake Lavon.
      1705 Stinson Road, Lucas, TX 75002
      View Details
    • $65,000

      Residential Lot Near Lake Lavon

      Vacant residential lot near Lake Lavon, ideal for custom home.
      Tbd County Road 890, Lucas, TX 75002
      View Details
    • $550,000

      Lucas, Texas Homesite Opportunity

      2.1 acres to build your dream home in Lovejoy ISD.
      600 Long Lot 11 Road, Lucas, TX 75002
      View Details
    • $459,000

      Land with Mature Trees, Pond

      3-acre homesite with mature trees, pond, and barns in Lucas, TX.
      290 E Forest Grove Road, Lucas, TX 75002
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 5.722 acre estate lot in Lovejoy ISD, no HOA.
    Where is this residential land & home lot located?
    The property is located at 492 W Forest Grove Road Lucas, TX.
    What is the asking price?
    The asking price for this property is $1,997,000.
    What are key features of this property?
    This property features: Prime estate build site in highly desirable Lovejoy ISD.; No HOA and no deadline to begin building.; Convenient location with easy access to Highway 75, Lake Lavon, schools, dining, and shopping.
    (214) 499-6236
    We can help!
    Listing Contact
    Melanie Brigante
    Melanie Brigante
    Real Estate License ID: 0537286
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!