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    5300 CR 132 Morgan Mill, TX 76465

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    Claim this Listing
    For Sale
    Under Contract
    $324,000

    Unimproved Land - Morgan Mill, TX

    Type:Unimproved Land
    Lot size:
    15.19 Acres
    Added:
    Apr 27, 2026
    Days on Market:
    8
    Last Refresh:
    May 4 at 12:06 am

    Property Features for 5300 CR 132

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active Under Contract
    APN
    76912
    Lot size
    15.19 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Michelle Reed

    Listing agent Michelle Reed License #669860

    Listing office Trinity Country Real Estate 208 N. Main #100, Weatherford, TX

    Listing date Apr 27, 2026

    MLS# 21202315 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

    Breathtaking Acres in Morgan Mill

    This 15.186-acre property in the Morgan Mill area of Erath County offers a combination of natural beauty, topography, and infrastructure. The land features approximately 90 feet of elevation change, providing hilltop build sites with panoramic views. A 0.37-acre pond is nestled among mature hardwood trees. The terrain is usable, offering space, seclusion, and scenic beauty. Utilities are in place, including a water well drilled to 260 feet that yields 25 gallons per minute, and electricity. The property is Ag Exempt and has abundant wildlife and paved road frontage. Located minutes from Stephenville and within the Morgan Mill ISD. Light deed restrictions state a minimum 1,800 SF home and no mobile homes allowed. The property is suitable for building a dream home, weekend retreat, or ranchette.
    Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Map

    City
    Morgan Mill
    County
    Erath
    State
    Texas
    Longitude
    -98.1668
    Latitude
    32.3884

    FAQs

    What type of property is this?
    Agricultural land / Farmland - 15.186 acres with utilities, pond, and panoramic views.
    Where is this agricultural land / farmland located?
    The property is located at 5300 CR 132 Morgan Mill, TX.
    What is the asking price?
    The asking price for this property is $324,000.
    What are key features of this property?
    This property features: Assumable 4.5% interest rate with yearly dividends.; Outstanding water well drilled to 260 feet yielding 25 gallons per minute.; Electricity is already in place.
    (817) 594-8183
    We can help!
    Listing Contact
    Michelle Reed
    Real Estate License ID: 669860
    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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    5300 CR 132, Morgan Mill, TX 76465

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