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    Hilltop Development Land with Road Frontage Title is generated by Realmo AI

    10136 Fm 121 Freeway, Van Alstyne, TX 75495

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    Claim this Listing
    For Sale
    $4,590,000

    LAND - Other - Van Alstyne, TX

    Property size:
    3,500 SF
    Lot size:
    51.91 Acres
    Price / SF:
    $1,311/SF
    Added:
    Aug 22, 2025
    Days on Market:
    289
    Last Refresh:
    Jun 6 at 9:06 am

    Property Features for 10136 Fm 121 Freeway

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Grassed
    Standard status
    Active
    APN
    135645
    Lot size
    51.91 Acres

    Taxes and HOA fees

    Tax Description
    G-0770 MCKINNEY JAMES &HRS A-G0770, ACRES 51.
    Tax Annual Amount
    6349

    Utilities

    Sewer type
    Aerobic Septic
    Heating system
    Central
    Cooling system
    Central Air, Ceiling Fan(s), Electric, Attic Fan, Gas (Cooling)

    Building Details

    Year built
    1961
    Architectural style
    Other
    Additional Structures
    Arena

    We can help!

    Listing Contact
    William Benton

    Listing agent William Benton License #0254366

    Listing office Benton-Luttrell Real Estate Co Van Alstyne, TX

    Listing date Aug 22, 2025

    MLS# 21039820 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

    • 3,500 sq ft ranch‑style home built in 1961 with central heating and central air
    • All city utilities are on the property, adjacent to the property, or very close to the property
    • Aerobic septic system
    • Approximately 3,000 ft of road frontage
    • Extra‑high hilltop with 360‑degree views

    Overview

    Set on an extraordinary high hilltop with 360-degree views, this 51.91-acre property offers flexible possibilities for residential development or single-owner use. City utilities are available on the property, adjacent to it, or very close by, supporting an in-city subdivision concept. The site also includes a 1960-vintage ranch-style home, totaling approximately 3,500 square feet, which could serve as an existing residence or provide interim utility while plans are refined.

    Located at 10136 FM 121 Freeway in Van Alstyne, Texas, the property benefits from about 3,000 feet of road frontage, providing practical exposure and access along a primary corridor. The surrounding context and utility access make the land particularly well-suited for buyers looking to balance development optionality with the character of a view-oriented hilltop setting in Grayson County.

    For developers, the combination of extensive frontage and utility availability supports consideration of an in-city subdivision. For private buyers or investors, the hilltop setting and existing ranch home offer a compelling foundation for an estate-style property or an investment strategy that leverages the site’s long-term value.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Van Alstyne
    County
    Grayson
    State
    Texas
    Longitude
    -96.5542085
    Latitude
    33.4282386

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    FAQs

    What type of property is this?
    Residential land & home lot - High hilltop acreage with extensive road frontage and city-utility potential for subdivision or private estate.
    Where is this residential land & home lot located?
    The property is located at 10136 Fm 121 Freeway Van Alstyne, TX.
    What is the asking price?
    The asking price for this property is $4,590,000.
    What are key features of this property?
    This property features: 3,500 sq ft ranch‑style home built in 1961 with central heating and central air; All city utilities are on the property, adjacent to the property, or very close to the property; Aerobic septic system
    (903) 482-8400
    We can help!
    Listing Contact
    William Benton
    Real Estate License ID: 0254366
    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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