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    Turn-Key Horse Ranch with Arena Title is generated by Realmo AI

    3900 County Road 304, Comanche, TX 76442

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    New
    For Sale
    $875,000

    Fully set up for horse operations with multiple barns, pens, and an arena plus an updated brick home.

    Type:Farm & Ranch
    Property size:
    2,200 SF
    Price / SF:
    $397/SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 2:29 am

    Property Features for 3900 County Road 304

    General Information

    Standard status
    Active
    Size
    2,200 SF
    Property subtype
    Farm & Ranch

    Building Details

    Year Built
    1964

    We can help!

    Listing Contact
    Danny Armstrong
    Danny Armstrong

    Listing agent Danny Armstrong License #356677

    Listing office ARMSTRONG REAL ESTATE

    Listing date Jun 3, 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 ARMSTRONG REAL ESTATE

    HighLights

    • Updated 4BR/3BA brick home built in 1964 with 1,650 SF and an open floor plan
    • Major upgrades since Fall 2024: metal roof, HVAC, septic system, electrical updates, and all kitchen appliances
    • Horse facilities include an 8‑stall main barn and a 4‑stall mare‑foal barn with cameras
    • Riding arenas and pens: 115x220 arena, lighted 110x110 working pen, and a 50x50 covered square pen
    • Grounds setup includes multiple runs with sheds/covers, grass traps, feed storage, and tractor parking
    • Water and utilities for operations: buried water lines (2+ ft deep), frost‑free spigots to all pastures, plus RV hookups with septic and a 30x40 metal shop

    Overview

    This turn-key horse property features an updated 4-bedroom, 3-bath brick home with an open floor plan and new bathrooms. Major improvements completed since Fall 2024 include a metal roof, HVAC, septic system, electrical updates, and the included kitchen appliances. The property also includes a 550-square-foot efficiency apartment, a 30x40 metal shop with a cement floor and electrical wire down each side, and full RV hookups with septic.

    Horse facilities are designed to support a range of disciplines. Improvements include an 8-stall main barn, a 4-stall mare-foal barn with cameras, a 50x50 covered square pen, and a lighted 110x110 outdoor working pen. An approximately 115x220 arena is also on-site, along with multiple runs with sheds or covers, grass traps, feed storage, and tractor parking. Water service includes buried lines (2+ feet deep), frost-free spigots, and water to all pastures, plus a stock tank.

    Set on large pastures with coastal-native grasses and Indian Creek frontage, the property is built for day-to-day horse management with gated entry and thoughtfully connected infrastructure. With extensive specialized facilities already in place, it offers a practical setup for an owner-operator seeking an established equestrian operation, located about 7 minutes from Comanche and within commuting distance to regional equestrian destinations.
    Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Comanche
    County
    Comanche
    State
    Texas
    Longitude
    -98.428175
    Latitude
    31.88767

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    FAQs

    What type of property is this?
    Horse & equestrian property - Fully set up for horse operations with multiple barns, pens, and an arena plus an updated brick home.
    Where is this horse & equestrian property located?
    The property is located at 3900 County Road 304 Comanche, TX.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: Updated 4BR/3BA brick home built in 1964 with 1,650 SF and an open floor plan; Major upgrades since Fall 2024: metal roof, HVAC, septic system, electrical updates, and all kitchen appliances; Horse facilities include an 8‑stall main barn and a 4‑stall mare‑foal barn with cameras
    (254) 842-7612
    We can help!
    Listing Contact
    Danny Armstrong
    Danny Armstrong
    Real Estate License ID: 356677
    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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