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    Flat Fully Wooded Home Site Title is generated by Realmo AI

    Forest Lakes Drive lot 15B, Gordonville, TX 76245

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    For Sale
    $64,900

    LAND - Gordonville, TX

    Lot size:
    0.23 Acres
    Added:
    Feb 6, 2026
    Days on Market:
    117
    Last Refresh:
    Jun 3 at 1:06 pm

    Property Features for Forest Lakes Drive lot 15B

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    450032
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Description
    CASTLE PINES PHASE 2 ADDITION, BLOCK B, LOT 15
    Tax Annual Amount
    450

    Utilities

    Sewer type
    Private Sewer
    Water source
    Private

    We can help!

    Listing Contact
    Phil Helton

    Listing agent Phil Helton License #0673824

    Listing office Keller Williams Frisco Stars Frisco, TX

    Listing date Feb 6, 2026

    MLS# 21171447 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

    • Flat, fully wooded lot with maximum privacy; no home can be built directly behind the property.
    • Phase 2 Castle Pines roads have just been paved, and the lot is ready for your dream home (no required build date).
    • Private water source and private sewer (private sewer).
    • Gated community with 24‑hour security.
    • Community amenities include a pool, clubhouse, tennis, pickleball courts, and a fitness center.
    • Rock Creek Golf Club membership included: $100/month includes 6 rounds of golf; Nicklaus‑designed golf course ranked 19th in TX by Texas Outside.

    Overview

    This homesite is a flat, fully wooded lot ready for a custom build. The listing notes that no home can be built directly behind the property due to how the lots are situated, supporting a greater sense of privacy. Roads in Phase 2 have been paved, and there is no required build date, giving buyers flexibility on timing. The lot is sized at 0.23 acres.

    Located in Gordonville, Texas along Forest Lakes Drive, the property is positioned within the Castle Pines resort community. The remarks describe the community as being central to the clubhouse area and tied to resort amenities, including a community pool, restaurant, clubhouse, tennis and pickleball courts, and a fitness center. The community is gated with 24-hour security. The listing also highlights an onsite marina with boat rentals, slips, and guided fishing trips.

    For buyers looking to build in an amenity-forward lake resort setting, this site offers a practical foundation for a primary residence, second home, or investment-focused spec build. With the stated membership benefit to Rock Creek Golf Club included in the price and access to resort activities such as golf and recreation, the lot is well suited to buyers prioritizing lifestyle convenience alongside a wooded, more private backdrop.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Gordonville
    County
    Grayson
    State
    Texas
    Longitude
    -96.8872
    Latitude
    33.8367

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    FAQs

    What type of property is this?
    Residential land & home lot - A flat, wooded homesite in a gated resort community with ready-to-build conditions and privacy benefits behind the property.
    Where is this residential land & home lot located?
    The property is located at Forest Lakes Drive lot 15B Gordonville, TX.
    What is the asking price?
    The asking price for this property is $64,900.
    What are key features of this property?
    This property features: Flat, fully wooded lot with maximum privacy; no home can be built directly behind the property.; Phase 2 Castle Pines roads have just been paved, and the lot is ready for your dream home (no required build date).; Private water source and private sewer (private sewer).
    (972) 712-9898
    We can help!
    Listing Contact
    Phil Helton
    Real Estate License ID: 0673824
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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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