Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Expansive 723-Acre Working Ranch Title is generated by Realmo AI

    Tbd County Road 386, Carlton, TX 76436

    View on Map
    Claim this Listing
    For Sale
    $4,950,000

    Ranch - Carlton, TX

    Type:Ranch
    Lot size:
    723.00 Acres
    Added:
    Apr 6, 2026
    Days on Market:
    41
    Last Refresh:
    May 16 at 12:06 am

    Property Features for Tbd County Road 386

    General Information

    Property type
    Land
    Property subtype
    Ranch
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active
    APN
    000000008996
    Lot size
    723.00 Acres

    Building Details

    Architectural style
    Ranch

    We can help!

    Listing Contact
    Danny Armstrong
    Danny Armstrong

    Listing agent Danny Armstrong License #356677

    Listing office ARMSTRONG REAL ESTATE P.O. Box 564 300 N. Austin, Comanche, TX

    Listing date Apr 6, 2026

    MLS# 20747617 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.

    HighLights

    • Expansive 723‑acre ranch in Central Texas.
    • Diverse topography with rolling hills and significant elevation changes.
    • Abundant water features including three stock tanks and a rocky creek.
    • Established perimeter fencing and multiple electrical access points.
    • Diverse wildlife population including whitetail deer and turkey.
    • Conveniently located within 1.5 to 2 hours of Fort Worth, Austin, Waco, and Abilene.

    Overview

    This expansive 723-acre ranch in Comanche County offers rolling terrain with 60-foot elevation changes, native grasses, and a mix of hardwoods including live oak, mesquite, cedar, and elm. The land features natural arroyo rock creek beds and diverse vegetation. Water features include three defined stock tanks and a rocky creek meandering across the entire property, with water accumulation throughout the creek system. A water well is located at the hunter’s camp. Multiple electrical access points are available via Comanche County Electric. The property is home to whitetail deer, turkey, dove, occasional quail, and signs of wild hogs. It is fenced with solid 6-strand barbed wire. Soil variation is evident through changing tree cover and plant life. Numerous potential building sites are located across varied elevations. A grazing lease has been in place with a single family for nearly 20 years. No mineral rights are included in the sale. The ranch is located 20 minutes from nearby towns and is 1.5 to 2 hours from Fort Worth, Austin, Waco, and Abilene. Access is by appointment only during hunting season.
    Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Carlton
    County
    Hamilton
    State
    Texas
    Longitude
    -98.1337
    Latitude
    31.9055

    FAQs

    What type of property is this?
    Ranch - 723-acre ranch with rolling terrain, diverse vegetation, and water features.
    Where is this ranch located?
    The property is located at Tbd County Road 386 Carlton, TX.
    What is the asking price?
    The asking price for this property is $4,950,000.
    What are key features of this property?
    This property features: Expansive 723‑acre ranch in Central Texas.; Diverse topography with rolling hills and significant elevation changes.; Abundant water features including three stock tanks and a rocky creek.
    (254) 842-7612
    We can help!
    Listing Contact
    Danny Armstrong
    Danny Armstrong
    Real Estate License ID: 356677
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    Tbd County Road 386, Carlton, TX 76436
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!