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    Lots 536 & 537 Choctaw Drive Gordonville, TX 76245

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    Claim this Listing
    For Sale
    $39,000

    Unimproved Land - Gordonville, TX

    Type:Unimproved Land
    Lot size:
    0.23 Acres
    Added:
    Feb 27, 2026
    Days on Market:
    51
    Last Refresh:
    Apr 19 at 1:06 am

    Property Features for Lots 536 & 537 Choctaw Drive

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Standard status
    Active
    APN
    104036
    Lot size
    0.23 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Samuel Smithers
    Samuel Smithers

    Listing agent Samuel Smithers License #0750534

    Listing office White Rock Realty 1501 S Loop 288, #104-172, Flower Mound, TX

    Listing date Feb 27, 2026

    MLS# 21188525 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

    Sherwood Shores Land Near Lake

    Located in Sherwood Shores, TX, near Lake Texoma, are two adjoining lots totaling approximately 0.23 acres. The lots, each 0.115 acres, can be maintained as separate homesites or combined into a corner property. Water service is available through American Southwest Water Company, with water meter installation available. Electric service is provided by Grayson-Collin Electric Cooperative. A septic system will need to be installed by the buyer, who is responsible for verifying soil suitability, permitting requirements, and installation costs. The property is approximately 1.5 miles from Shady Park, Cedar Mills Airport, and Pelican's Landing. Cedar Mills Marina & Resort is also nearby. Additional shopping, dining, and small-town conveniences are about 15 miles south in Whitesboro. Megastar Casino is approximately 7 miles north across Lake Texoma in Kingston, OK. This property is suitable for a full-time residence, weekend retreat, or vacation getaway.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Auto Repair Shop Hotel & Motel Department Store Barber Shop Travel Agency Bed & Breakfast Florist Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Gordonville
    County
    Grayson
    State
    Texas
    Longitude
    -96.8145526
    Latitude
    33.8445862

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    FAQs

    What type of property is this?
    Residential land & home lot - Two adjoining lots near Lake Texoma in Sherwood Shores, TX.
    Where is this residential land & home lot located?
    The property is located at Lots 536 & 537 Choctaw Drive Gordonville, TX.
    What is the asking price?
    The asking price for this property is $39,000.
    What are key features of this property?
    This property features: Two adjoining lots (approx. 0.23 acres) offer flexibility for building one larger property or maintaining two separate homesites.; Prime location in Sherwood Shores, a lakeside community near Lake Texoma, providing easy access to recreational amenities.; Utility access available: Water service through American Southwest Water Company and Electric service provided by Grayson‑Collin Electric Cooperative.
    (940) 343-5113
    We can help!
    Listing Contact
    Samuel Smithers
    Samuel Smithers
    Real Estate License ID: 0750534
    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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