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    507 Garrett Morris Pkwy Mineral Wells, TX 76067

    Sponsored
    For Sale
    $525,000

    Unimproved Land - Mineral Wells, TX

    Type:Unimproved Land
    Lot size:
    10.00 Acres
    Days on Market:
    195
    Last Refresh:
    Feb 8 at 12:06 pm

    Property Features for 507 Garrett Morris Pkwy

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Standard status
    Active
    APN
    R000007141
    Lot size
    10.00 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Suzan Nicholson

    eXp Realty, LLC (888) 519-7431

    Listing agent Suzan Nicholson (888) 519-7431 License #0781199

    Listing date Jul 29, 2025

    MLS# 20805193 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

    Prime Vacant Land Near Downtown

    This 10-acre parcel of vacant land is located near downtown Mineral Wells, Texas, approximately half a mile from Hwy 180. The property is adjacent to a planned 486-lot housing project on 113 acres named The Wells, located on Mineral Wells’ southeast corner on the east side of Garrett Morris Parkway. A groundbreaking ceremony for this development took place in the fall of 2022. The development plans include a T-ball field, a fishing area, and several picnic areas. Downtown Mineral Wells is undergoing revitalization, including the renovation of the Crazy Water Hotel, which has already re-opened, and the future grand opening of the Baker Hotel and Spa. The property is also located 4 miles from Lake Mineral Wells State Park, which offers camping, fishing, rock climbing, and hiking areas. This property presents an investment opportunity for developing a residential community or a commercial venture.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Mineral Wells
    County
    Palo Pinto
    State
    Texas
    Longitude
    -98.080196
    Latitude
    32.802372

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    FAQs

    What type of property is this?
    Land - 10-acre vacant land near downtown Mineral Wells, Texas.
    Where is this land located?
    The property is located at 507 Garrett Morris Pkwy Mineral Wells, TX.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: - 10-acre vacant land parcel offering a substantial development opportunity.; - Located adjacent to 'The Wells,' a 486-lot master-planned community, promising increased property value and access to amenities.; - Proximity to downtown Mineral Wells, undergoing revitalization with the re-opening of the Crazy Water Hotel.
    (888) 519-7431
    Request Owner's contact information
    507 Garrett Morris Pkwy Mineral Wells, TX 76067
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    Mineral Wells, TX 76067
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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
    507 Garrett Morris Pkwy Mineral Wells, TX 76067
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    We can help!
    Listing Contact
    Suzan Nicholson
    Real Estate License ID: 0781199
    (888) 519-7431
    Learn more
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