Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    451 Pleasant Grove Rd Elgin, TX 78621

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,000,000

    48+ acres with improvements, development potential in Elgin, Texas.

    Lot size:
    48.54 Acres

    Property Features for 451 Pleasant Grove Rd

    General Information

    Lot size
    48.54 Acres

    We can help!

    Listing Contact
    Lawrence Pritchett
    Source: Elliman

    Listing Agent: Lawrence Pritchett

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

    Learn more

    Overview

    Cleared Land in Growing Elgin

    This property features over 48 acres of land in Elgin, Texas. The land has undergone significant improvements, including the clearing of 1,000 yards of brush, replacement of broken fencing with drill pipe and barbed wire, and debris removal. Front fence lines, road easements, and ditches have been cleared, graded, mowed, and chemically treated for maintenance. A feasibility study and proposed subdivision plans are available, along with architectural drawings for a home. The property is located near developments and companies such as Samsung, Tesla, and Applied Materials.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Elgin
    County
    Bastrop
    State
    Texas
    Longitude
    -97.3296551
    Latitude
    30.3752835

    Nearby Similar for Sale

    • $2,500,000
      51.04 Acres

      Unrestricted Ranch Near Elgin, TX

      51-acre ranch with home and barndominium near Taylor and Elgin.
      0000 County Road 463, Elgin, TX 78621
      View Details
    • $2,500,000
      51.04 Acres

      Unrestricted Ranch Near Taylor and Elgin

      51-acre ranch with home, barndominium, ponds, and development potential.
      Tract 3 -- County Rd 463, Elgin, TX 78621
      View Details
    • New
      $800,000
      5,618 SF

      Historic Elgin Mixed-Use Building

      Charming historic building in Elgin's Historic District with retail/office space.
      34 N Main St, Elgin, TX 78621
      View Details
    • New
      $285,000
      1,510 SF

      Elgin Mixed-Use Commercial Opportunity

      Flexible live/work space in downtown Elgin, suitable for various businesses.
      304 S Main St, Elgin, TX 78621
      View Details
    • $699,000
      26.00 Acres

      Elgin Ranch with Development Potential

      25+ acre ranch suitable for building, grazing, or development.
      4605 County Road 467, Elgin, TX 78621
      View Details
    • $1,300,000
      544 SF

      Texas Hill Country Glamping Park

      25-acre glamping park with eco-lodging near Austin.
      2889 Fm 1704, Elgin, TX 78621
      View Details
    • $285,000

      Prime Commercial Opportunity in Elgin

      Commercial property in historic downtown Elgin, Texas, with high visibility.
      313 N Main St, Elgin, TX 78621
      View Details
    • $1,425,000

      Charming Texas Estate: Rust Bucket Farm

      Historic Texas estate with reconstructed home, barn, and mature trees.
      1610 County Road 463, Elgin, TX 78621
      View Details
    • $600,000

      Elgin Acreage with Barns

      Unrestricted 12.92-acre property with barns, well, and pasture.
      174 Wilson Rd, Elgin, TX 78621
      View Details
    • $1,600,000

      Elgin Multifamily Investment Opportunity

      Six-unit multifamily property near major employers and Highway 290.
      109 113, Elgin, TX 78621
      View Details
    • $550,000

      Elgin Triplex Investment Opportunity

      Fully occupied triplex near major employers and Highway 290.
      111 Fisher St, Elgin, TX 78621
      View Details
    • $550,000

      Income-Producing Duplex Near Factories

      Fully occupied duplex near major employers, offering investment potential.
      109 Fisher St, Elgin, TX 78621
      View Details

    FAQs

    What type of property is this?
    Land - 48+ acres with improvements, development potential in Elgin, Texas.
    Where is this land located?
    The property is located at 451 Pleasant Grove Rd Elgin, TX.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: - 48+ acres of cleared and well-maintained land in Elgin.; - $300,000+ in improvements completed by the seller.; - Low restrictions offering a significant development opportunity.
    (512) 920-6245
    Request Owner's contact information
    451 Pleasant Grove Rd Elgin, TX 78621
    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.
    451 Pleasant Grove Rd
    Elgin, TX 78621
    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
    451 Pleasant Grove Rd Elgin, TX 78621
    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

    We can help!
    Listing Contact
    Lawrence Pritchett
    (512) 920-6245
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.