Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    49 Acres Multifamily Development Tract Title is generated by Realmo AI

    106 Park Rd, Wolfforth, TX 79382

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    49 +/- acre multifamily development tract in Wolfforth, TX.

    Type:Land
    Lot size:
    49.00 Acres
    Added:
    Oct 18, 2023
    Days on Market:
    959
    Last Refresh:
    May 12 at 10:56 pm

    Property Features for 106 Park Rd

    General Information

    Standard status
    Active
    Lot size
    49.00 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Cindy Snell

    Listing agent Cindy Snell License #TX

    Listing office Westar Commercial Realty

    Listing date Oct 18, 2023

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Westar Commercial Realty

    HighLights

    • Excellent multi‑family development tract in Wolfforth, TX.
    • 49 +/- Acres, divisible at adjusted rate.
    • Availability of city water and sewer.
    • Excellent access to State Rd 193 and FM 179 (Dowden Rd).
    • Near Frenship High School.
    • Overlooks Patterson Park and lake on access road.

    Overview

    This property features a 49 +/- acre tract suitable for multi-family development in Wolfforth, TX. The site has an irregular shape and fronts 62/82. City water and sewer are available, with details obtainable from the cities of Wolfforth and Lubbock. Drainage is directed to a playa lake. The property benefits from excellent access to State Road 193 and FM 179 (Dowden Road). It is located near Frenship High School and overlooks Patterson Park and lake on the access road. Reference Wolfforth zoning for apartment tracts.
    Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Wolfforth
    County
    Lubbock
    State
    Texas
    Longitude
    -102.043
    Latitude
    33.5281

    Nearby Similar for Sale

    • $550,000
      5,000 SF

      Spacious Office/Warehouse on Fenced Lot

      5,000 SF office/warehouse on one-acre fenced lot for sale.
      9402-D FM 1585, Wolfforth, TX 79382
      View Details
    • $449,000
      54,014 SF

      Wolfforth Commercial Land For Sale

      Prime commercial land in Wolfforth, TX, with utilities included.
      405 N Dowden Road, Wolfforth, TX 79382
      View Details
    • $449,000
      54,014 SF

      Wolfforth Commercial Land For Sale

      Prime commercial land in Wolfforth, utilities included.
      400 Dowden Road, Wolfforth, TX 79382
      View Details
    • $365,000
      2,720 SF

      New Duplex Investment Opportunity

      New duplex in Wolfforth, Frenship ISD, with strong rental appeal.
      2009 Corpus Avenue, Wolfforth, TX 79382
      View Details
    • $365,000
      2,720 SF

      New Duplex in Wolfforth, TX

      New duplex in Frenship ISD with strong rental appeal.
      2010 Corpus Avenue, Wolfforth, TX 79382
      View Details
    • $365,000
      2,720 SF

      Wolfforth Duplex Investment Opportunity

      New duplex in Frenship ISD with strong rental appeal.
      2005 Corpus Avenue, Wolfforth, TX 79382
      View Details
    • $365,000
      2,720 SF

      Wolfforth Duplex Investment Opportunity

      New duplex in Wolfforth, Frenship ISD, strong rental appeal.
      2004 Corpus Avenue, Wolfforth, TX 79382
      View Details
    • $550,000
      5,000 SF

      Office/Warehouse Space on Fenced Lot

      5,000 SF office/warehouse on one-acre fenced lot for lease.
      9402 FM 1585, Wolfforth, TX
      View Details
    • $349,900
      2,957 SF

      Fully Leased Duplex Investment Property

      Turnkey duplex in Frenship ISD, offering immediate cash flow.
      1113 Preston Trail, Wolfforth, TX 79382
      View Details
    • $365,000
      2,720 SF

      New Duplex in Frenship ISD

      New duplex in Wolfforth, TX, with strong rental appeal.
      2006 Corpus Avenue, Wolfforth, TX 79382
      View Details
    • $572,500

      Wolfforth Commercial Development Opportunity

      1.31-acre tract ideal for commercial development in Wolfforth, Texas.
      13005 S FM 179, Wolfforth, TX 79382
      View Details
    • $1,400,000

      Prime Wolfforth Development Opportunity

      Almost 200 acres of prime development opportunity near Wolfforth.
      21318 FM179, Wolfforth, TX 79382
      View Details

    FAQs

    What type of property is this?
    Land - 49 +/- acre multifamily development tract in Wolfforth, TX.
    Where is this land located?
    The property is located at 106 Park Rd Wolfforth, TX.
    What are key features of this property?
    This property features: Excellent multi‑family development tract in Wolfforth, TX.; 49 +/- Acres, divisible at adjusted rate.; Availability of city water and sewer.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Cindy Snell
    Real Estate License ID: TX
    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
    106 Park Rd, Wolfforth, TX 79382
    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!