Agricultural Land with Insulated
For Sale
$500,000
611 Johnston Road, Waxahachie, TX 75167
LAND - Other - Waxahachie, TX
Property Size4,000 SF
Lot Size12.13 Acres
Price / SF$125
Days on Market52
Property Features for 611 Johnston Road
General Information
Property type
Land
Property subtype
Other
Zoning description
Located in ETJ - County - No zoning
Exterior features
RvHookup
Subdivision
Yale Farm
Lot features
Acreage, Agricultural, Cleared, Pasture, Many Trees
Elementary school
Dunaway
Middle school
Finley
High school
Waxahachie
Elementary school district
Waxahachie ISD
Middle school district
Waxahachie ISD
High school district
Waxahachie ISD
Directions
From Waxahachie head south on FM 77 towards Forreston, turn right on Johnston Rd and go over 35E. Property will be on the South side of the road.
Standard status
Active
APN
157556
Lot size
12.13 Acres
Taxes and HOA fees
Tax Description
LOT 3 YALE FARM 12.13 AC
Tax Annual Amount
2233
Legal Description
LOT 3 YALE FARM 12.13 AC
Utilities
Sewer type
Septic Tank
Water source
Public
Building Details
Year built
1985
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
OnDemand Realty
(214) 766-5833
Listed By:
Katy Nolen · License #0645153
(214) 766-5833
Added: Jul 11
Changed: Aug 10
Last Checked: Aug 31 at 4:06AM
MLS# 21327466
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.
Investment Insights
Based on property information with market context.
This agricultural property offers flexible land use supported by existing site improvements. Set on 12.13 acres just south of Waxahachie, the land is completely fenced and includes a pond near the center of the property, creating practical space for livestock or recreational use. Utilities are already in place, including a water meter through BVBUD, electric service, and an existing septic system. The property also has no known deed restrictions, supporting a variety of planning approaches.
Improvements include a 50' x 80' insulated shop with approximately 14-foot sidewalls, plus roll-up and large walk-through door access. Additional covered space includes a 36' x 36' tall covered area on the east side, a 32' x 60' covered parking area on the west side, and a 20' x 20' covered section on the south that could be enclosed for additional workspace or storage. An RV hookup is also listed as an exterior feature.
The property is positioned in the Waxahachie ETJ with ample road frontage, and it is currently described as being in ag use for low property taxes with no city taxes.
Improvements include a 50' x 80' insulated shop with approximately 14-foot sidewalls, plus roll-up and large walk-through door access. Additional covered space includes a 36' x 36' tall covered area on the east side, a 32' x 60' covered parking area on the west side, and a 20' x 20' covered section on the south that could be enclosed for additional workspace or storage. An RV hookup is also listed as an exterior feature.
The property is positioned in the Waxahachie ETJ with ample road frontage, and it is currently described as being in ag use for low property taxes with no city taxes.
Key Highlights
- 12.13‑acre fenced agricultural property just south of Waxahachie
- Waxahachie ETJ location with ample road frontage and no known deed restrictions
- Pond near the center of the property for on‑site recreation or livestock use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,815
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$556,300
$556.3K
Cap Rate 7%
$397,357
$397.4K
Cap Rate 9%
$309,056
$309.1K
Market Conditions
NOI Build-Up for 4,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.0K $9.00/SF
− Vacancy
−$3.3K −$0.82/SF
EGI
$32.7K $8.18/SF
− OpEx
−$4.9K −$1.23/SF
NOI
$27.8K $6.95/SF
Area
Ellis County, TX
Vacancy
9.10%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$556,300
Cap Rate 7%
$397,357
Cap Rate 9%
$309,056
Alternative Uses
Best Use
Warehouse
$397.4K
$347.7K – $463.6K
NOI $27,815 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$43.65M
$38.19M – $50.92M
NOI $3,055,261 @ 7.0% cap · market cap 611.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 75167, TX
12,455
Population
4,298
Households
2.9
Avg Household Size
39
Median Age
34%
College-Educated
89%
High-School Grad
95.8 sq mi
ZIP Area
130
Density / Sq Mi
$113,409
Median Household Income
$50,161
Median Earnings
$1,934
Median Rent
$369,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Agricultural land / Farmland - Fenced agricultural acreage in the Waxahachie ETJ with a pond, utilities in place, and an insulated shop building for flexible use.
Where is this agricultural land / farmland located?
The property is located at 611 Johnston Road Waxahachie, TX.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 12.13‑acre fenced agricultural property just south of Waxahachie; Waxahachie ETJ location with ample road frontage and no known deed restrictions; Pond near the center of the property for on‑site recreation or livestock use
