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    6670 Fm 2303 Stephenville, TX 76401

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    For Sale
    $4,500,000

    Farm/Ranch - Stephenville, TX

    Type:Farm
    Property size:
    800 SF
    Lot size:
    80.01 Acres
    Price / SF:
    $5,625/SF
    Added:
    Feb 25, 2026
    Days on Market:
    65
    Last Refresh:
    May 1 at 11:06 am

    Property Features for 6670 Fm 2303

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Bedrooms
    1
    Bathrooms
    1
    Rooms
    Bathroom 1, Bedroom 1
    Interior features
    Open Floorplan
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active
    APN
    R000021076
    Size
    800 SF
    Lot size
    80.01 Acres

    Building Details

    Year built
    2010
    Floors in Building
    1
    Architectural style
    Ranch

    We can help!

    Listing Contact
    John Boyett

    Listing agent John Boyett License #0738475

    Listing office Keller Williams Brazos West 2301 Senator Robert J Glasgow Loop Suite 102, Weatherford, TX

    Listing date Feb 25, 2026

    MLS# 21125747 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

    Premier Equestrian Facility Near Stephenville

    Lightning Bar Ranch is a premier equestrian facility located minutes from downtown Stephenville, TX. This 80.01-acre property is designed for serious competitors, offering world-class training amenities alongside ranch-style comfort. The property features a 175' x 250' covered arena, ideal for barrel racing, team roping, and calf roping, equipped with a calf lane, catch pen, and chute. The horse facilities include a 20-stall barn with two tack and feed rooms, one with a rotating saddle wall and the other plumbed for conversion into an apartment. There is room to expand with additional stalls or add turnouts. The ranch also includes two tanks providing water and views, and numerous turnout pens. A 8,800 sq ft building features a 110 ft swim lane for conditioning, 10 custom stalls, an office, laundry, a full bathroom, and a covered custom Wildfire Walker. Supporting operations is a 40’ x 80’ machine shed for equipment, feed, and storage, plus a one-bedroom cottage suitable for guests, staff, or rental income. This property delivers elite infrastructure in a prime location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lightning Bar Ranch Equestrian Facility Cowboy Capital Youth ... DJ & Entertainment

    Suggested Use

    Big Box & Wholesale Store Auto Repair Shop Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.261696
    Latitude
    32.268119

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    FAQs

    What type of property is this?
    Horse & equestrian property - Turn-key horse property with world-class training amenities and ranch comfort.
    Where is this horse & equestrian property located?
    The property is located at 6670 Fm 2303 Stephenville, TX.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: Premier equestrian facility designed for serious competitors, located minutes from Stephenville, the "Cowboy Capital of the World."; **175' x 250' covered arena equipped for various equestrian sports** (barrel racing, team roping, calf roping) with calf lane, catch pen, and chute.; **Massive 8,800 sq ft building featuring a 110 ft swim lane, 10 custom stalls, office, laundry, and full bathroom.**
    (254) 335-0500
    We can help!
    Listing Contact
    John Boyett
    Real Estate License ID: 0738475
    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.

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    6670 Fm 2303, Stephenville, TX 76401

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