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    Equestrian Ranch with Indoor Arena Title is generated by Realmo AI

    15200a Choice Acres Court, Lipan, TX 76462

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    For Sale
    $5,250,000

    Turn-key equestrian ranch featuring indoor and outdoor arenas, show barn, and multiple residences on well-fenced acreage.

    Type:Farm & Ranch
    Lot size:
    307.00 Acres
    Added:
    Jun 4, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 1:50 am

    Property Features for 15200a Choice Acres Court

    General Information

    Standard status
    Active
    Lot size
    307.00 Acres
    Property subtype
    Farm & Ranch

    We can help!

    Listing Contact
    Tara Stark
    Tara Stark

    Listing agent Tara Stark License #0514583

    Listing office Keller Williams Heritage West

    Listing date Jun 4, 2026

    Source Signaturere

    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 Keller Williams Heritage West

    HighLights

    • 307‑acre equestrian ranch in Lipan, TX with gently rolling pastures and mature trees
    • Indoor arena: 115' x 136' plus outdoor arena: 100' x 200'
    • Show barn includes 16‑stall capacity; also features two round pens and a 60' breaking pen
    • Kickapoo Creek runs through the property, with multiple turnouts and loafing sheds
    • Impeccably fenced and cross fenced with covered cattle working pens and improved coastal fields
    • Multiple residences on‑site: three mobiles and three apartments

    Overview

    Turn-key equestrian ranch offered with 307 acres of gently rolling pastures, mature trees, and expansive distant views. Kickapoo Creek runs through the property, complementing the open landscape and seclusion. Improvements include an indoor arena measuring 115' x 136' along with a 16-stall show barn, two round pens, and a 60' breaking pen. There is also a 100' x 200' outdoor arena. The ranch is cross fenced and well-equipped with multiple turnouts and loafing sheds, covered cattle working pens, and improved coastal fields, plus multiple build sites overlooking the rolling Texas terrain. The property also includes several residences: three mobiles and three apartments.

    Located in Lipan, TX at 15200A Choice Acres Court (76462), the property is described as having no neighbors in sight and offers a quiet, pastoral setting. The listing notes the ranch is approximately 60 miles to Will Rogers Coliseum.

    This is a practical fit for operators and owners seeking an established equestrian setup with purpose-built riding and handling areas, including indoor and outdoor arenas, multiple pens, and covered cattle working space. The combination of equestrian infrastructure, improved grazing, and on-site living options (mobiles and apartments) supports a range of personal and professional use scenarios, while the presence of hunting and fishing spots broadens the lifestyle appeal.
    Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Lipan
    County
    Hood
    State
    Texas
    Longitude
    -98.0481825
    Latitude
    32.5416245

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    FAQs

    What type of property is this?
    Ranch - Turn-key equestrian ranch featuring indoor and outdoor arenas, show barn, and multiple residences on well-fenced acreage.
    Where is this ranch located?
    The property is located at 15200a Choice Acres Court Lipan, TX.
    What is the asking price?
    The asking price for this property is $5,250,000.
    What are key features of this property?
    This property features: 307‑acre equestrian ranch in Lipan, TX with gently rolling pastures and mature trees; Indoor arena: 115' x 136' plus outdoor arena: 100' x 200'; Show barn includes 16‑stall capacity; also features two round pens and a 60' breaking pen
    (817) 266-2816
    We can help!
    Listing Contact
    Tara Stark
    Tara Stark
    Real Estate License ID: 0514583
    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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