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    Hico, Texas Ag-Exempt Acreage Title is generated by Realmo AI

    2440 County Road 243, Hico, TX 76457

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    For Sale
    $999,000

    26 acres with custom home, shop, and guest house.

    Type:Farm/Ranch
    Property size:
    2,000 SF
    Lot size:
    26.00 Acres
    Price / SF:
    $499/SF
    Added:
    Oct 25, 2024
    Days on Market:
    592
    Last Refresh:
    Mar 13 at 1:33 pm

    Property Features for 2440 County Road 243

    General Information

    Standard status
    Active
    Size
    2,000 SF
    Lot size
    26.00 Acres
    Property subtype
    Farm/Ranch

    Building Details

    Year Built
    2003

    We can help!

    Listing Contact
    Tai Cobb Klam

    Listing agent Tai Cobb Klam License #0594871

    Listing office COBB RANCH PROPERTIES, LLC

    Listing date Oct 25, 2024

    Source Compass

    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 COBB RANCH PROPERTIES, LLC

    HighLights

    • 26 ag‑exempt acres in Bosque County, offering tax benefits.
    • Custom‑built main house features 2 bedrooms, 3 baths, stonework, and wood‑vaulted ceilings.
    • Large shop and separate equipment barn with electricity and 220‑volt service, including an insulated workshop area.
    • Guest house with 2 bedrooms and kitchenette provides additional space.
    • Deep water well with updated pressure tank and water softener.
    • Fully fenced property with shaded oak trees and a large stock tank.

    Overview

    This 26-acre ag-exempt property is located in Bosque County, near Hico, Texas. The property includes a custom-built home, a large shop, and a separate equipment barn. The main house features 2 bedrooms and 3 baths, with stonework in the kitchen, wood-vaulted ceilings, tin ceilings in the living room, tile flooring, and large windows. The open-concept layout connects the kitchen, dining, and living areas. The primary suite, located on the main floor, includes a private bath and an attached laundry room with additional closet space. Upstairs, a second private suite features hardwood floors, a walk-in closet, a full bathroom, and a balcony overlooking the property. A 2-bedroom guest house with a kitchenette provides additional space. The property is adorned with shaded oak trees and includes a large stock tank. It is fully fenced, making it suitable for livestock, recreation. The property features a deep water well with an updated pressure tank and water softener. There are two large equipment barns, both equipped with electricity and 220-volt service. The center section of one of the barns has been insulated and includes a roll-up door with concrete flooring, making it suitable for a workshop area. The property is located minutes from Hico, known for its restaurants, boutiques, and live music.
    Location Intelligence

    Current Use by Public Records

    Ranches

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Pharmacy Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Hico
    County
    Hamilton
    State
    Texas
    Longitude
    -98.023799
    Latitude
    31.989482

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    FAQs

    What type of property is this?
    Ranch - 26 acres with custom home, shop, and guest house.
    Where is this ranch located?
    The property is located at 2440 County Road 243 Hico, TX.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: 26 ag‑exempt acres in Bosque County, offering tax benefits.; Custom‑built main house features 2 bedrooms, 3 baths, stonework, and wood‑vaulted ceilings.; Large shop and separate equipment barn with electricity and 220‑volt service, including an insulated workshop area.
    (254) 253-0157
    We can help!
    Listing Contact
    Tai Cobb Klam
    Real Estate License ID: 0594871
    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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