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    Golf Course Resort Lot Title is generated by Realmo AI

    120 Riviera Drive, Graford, TX 76449

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    Claim this Listing
    For Sale
    $70,000

    LAND - Graford, TX

    Lot size:
    0.19 Acres
    Added:
    Mar 12, 2026
    Days on Market:
    86
    Last Refresh:
    Jun 5 at 3:06 pm

    Property Features for 120 Riviera Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    13283
    Lot size
    0.19 Acres

    Taxes and HOA fees

    Tax Description
    ACRES: 0.185 CLIFFS PHASE VII LOT 113 G#C0250
    Tax Annual Amount
    353

    Utilities

    Sewer type
    Private Sewer
    Water source
    Private

    We can help!

    Listing Contact
    Mallory Adkins
    Mallory Adkins

    Listing agent Mallory Adkins License #0715585

    Listing office Cates & Company Millsap, TX

    Listing date Mar 12, 2026

    MLS# 21013906 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

    • Golf course lot in The Cliffs Resort at Possum Kingdom Lake, located on Hole #12
    • Opportunity for potential lake views from a two‑story home
    • Water source: private; sewer: private sewer
    • Resort amenities include 36 free rounds of golf per year
    • Amenities include two pools, marina access, tennis & pickleball courts, and clubhouse dining

    Overview

    This is a recreation-focused land lot within The Cliffs Resort at Possum Kingdom Lake, offering a setting right on Hole #12. The property is described as having potential lake views from a two-story home, with a location just one block from the Oyster Bay cliff line.

    Positioned at 120 Riviera Drive in Graford, TX (Palo Pinto County), the site is within easy reach of resort amenities. The listing notes proximity to the VIP marina, main pool, and restaurant, along with access to two pools, marina access, tennis and pickleball courts, and clubhouse dining. Golf privileges are highlighted as 36 free rounds of golf per year.

    For buyers looking to design and build on their own schedule, the listing states there is no build timeline and minimal restrictions. With the ability to bring your own builder, this lot can suit a primary home plan, a second-home concept, or a weekend retreat where resort-style recreation is built into the day-to-day experience.
    Property Profile Location Intelligence

    Current Use by Public Records

    Recreation land

    Suggested Use

    Gym & Fitness Center Department Store Bar & Pub Clothing & Fashion Store Clothing & Fashion Store Clothing & Fashion Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Graford
    County
    Palo Pinto
    State
    Texas
    Longitude
    -98.41169
    Latitude
    32.957751

    Nearby Similar for Sale

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    • $950,000

      Waterfront Land Homesite

      Lakefront land with mature trees and expansive views, offering a rare canvas for a private retreat at Possum Kingdom Lake.
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    • $875,000

      Waterfront Trail Ridge Homesite

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    • $3,995,000

      Automotive Service & Storage Facility

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      Lake View Waterfront Land

      Waterfront lot with panoramic views in a gated development with resort-style amenities and private boat access.
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    • $425,000

      Prepped Double Golf Course Homesite

      A rare double lot with substantial site prep and utilities in place, ready for a custom build within a resort community.
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    FAQs

    What type of property is this?
    Recreation land - Build your own lake-view home or weekend escape on a golf course lot within The Cliffs Resort at Possum Kingdom Lake.
    Where is this recreation land located?
    The property is located at 120 Riviera Drive Graford, TX.
    What is the asking price?
    The asking price for this property is $70,000.
    What are key features of this property?
    This property features: Golf course lot in The Cliffs Resort at Possum Kingdom Lake, located on Hole #12; Opportunity for potential lake views from a two‑story home; Water source: private; sewer: private sewer
    (817) 946-7775
    We can help!
    Listing Contact
    Mallory Adkins
    Mallory Adkins
    Real Estate License ID: 0715585
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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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