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    Affordable Residential Land Tract Title is generated by Realmo AI

    Old Joy Shannon lot 7, Bluegrove, TX 76352

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    Claim this Listing
    For Sale
    $109,120

    LAND - Bluegrove, TX

    Lot size:
    13.64 Acres
    Added:
    Apr 21, 2026
    Days on Market:
    47
    Last Refresh:
    Jun 6 at 1:06 am

    Property Features for Old Joy Shannon lot 7

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Wooded, Brush
    Standard status
    Active
    APN
    999-80-7
    Lot size
    13.64 Acres

    We can help!

    Listing Contact
    Bruce Furgerson

    Listing agent Bruce Furgerson License #0369856

    Listing office Parker Properties Real Estate Decatur, TX

    Listing date Apr 21, 2026

    MLS# 20119047 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

    • 13.64‑acre tract of land in ranch‑country area
    • No HOA and no size restrictions reported
    • Electricity available along the road
    • County‑maintained road access
    • Good water wells in the area
    • Minimal restrictions; restrictions noted to apply in transactions

    Overview

    This offering is for a 13.64-acre residential land tract in Bluegrove, TX, positioned as an attainable build site within a larger ranch setting. The property is marketed as an affordable option with minimal restrictions, including no HOA and no stated size restrictions, providing flexibility for families planning their next home and lifestyle. Electricity is available along the road, and the area is noted as suitable for good water wells. Buyers receive aerial and map materials as part of the listing package, and restrictions are handled within the transaction details.

    The land sits on a county maintained road, supporting straightforward access for prospective buyers and for ongoing site planning. The surrounding area is described as ranch country, with views and local wildlife activity highlighted as part of the appeal. The location is in a community with a small school district, which is presented as a consideration for families looking for space and a slower pace.

    This tract is likely to fit buyers seeking a modestly sized parcel with room for outdoor living and potential animals, while keeping development rules comparatively light. With electricity along the road and local well conditions referenced as favorable, it supports the practical early steps of planning a new residential build, subject to verifying all intended utilities and any applicable transaction restrictions.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Bluegrove
    County
    Clay
    State
    Texas
    Longitude
    -98.2298
    Latitude
    33.6736

    FAQs

    What type of property is this?
    Residential land & home lot - Hard-to-find small tract offers views, wildlife, and utilities nearby with minimal restrictions for a future home site.
    Where is this residential land & home lot located?
    The property is located at Old Joy Shannon lot 7 Bluegrove, TX.
    What is the asking price?
    The asking price for this property is $109,120.
    What are key features of this property?
    This property features: 13.64‑acre tract of land in ranch‑country area; No HOA and no size restrictions reported; Electricity available along the road
    (940) 627-9040
    We can help!
    Listing Contact
    Bruce Furgerson
    Real Estate License ID: 0369856
    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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    Old Joy Shannon lot: 7, Bluegrove, TX 76352
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