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    Gated Lake-View Homesite Title is generated by Realmo AI

    138 Cortez Drive, Nocona, TX 76255

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    Claim this Listing
    For Sale
    $59,000

    LAND - Nocona, TX

    Lot size:
    0.52 Acres
    Added:
    Jan 21, 2026
    Days on Market:
    136
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 138 Cortez Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    R000019271
    Lot size
    0.52 Acres

    Taxes and HOA fees

    Tax Description
    Lots 1405 & 1406 Nocona Hills

    We can help!

    Listing Contact
    Angela Deacon

    Listing agent Angela Deacon License #0771631

    Listing office Great Western Realty Plano, TX

    Listing date Jan 21, 2026

    MLS# 21159277 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

    • Access to two private lakes, including a Top 5 Bass Fishing Lake in Texas, with community boat dock and ramp.
    • Gated community with 24‑hour guarded entrance providing security and peace of mind.
    • Prime location only 1.5 hours from DFW, offering both privacy and convenient access to city amenities.
    • No time limit to build, allowing flexibility in construction plans.
    • Utilities in place (co‑op water and electricity) for easy building.
    • Access to an 18‑hole golf course and a renovated country club with a restaurant (scheduled to reopen).

    Overview

    This homesite is located in the prestigious, gated Nocona Hills subdivision and offers lake views with access to two private lakes. Residents can enjoy a community boat dock and ramp for convenient days on the water, along with a 24-hour guarded entrance and the flexibility of no time limit to build. The property has co-op water and electricity available, and the area is described as wildlife-rich, with deer frequently seen.

    Set within Nocona Hills, the community includes access to an 18-hole golf course. The country club and restaurant are currently being renovated and are scheduled to reopen. An on-site airstrip is also part of the community’s amenities. The property is located in Montague County, near historic Nocona, Saint Jo, and Muenster, with a short drive to nearby casinos.

    For buyers planning a custom primary or secondary residence, the combination of gated privacy, water access, and established utilities supports a straightforward build path when you’re ready. Those seeking a recreational lifestyle can also factor in the on-site golf and boating features, with the subdivision’s guarded entry and longer-term build flexibility appealing to owner-builders.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Kitchen & Bath Showroom Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Nocona
    County
    Montague
    State
    Texas
    Longitude
    -97.659115
    Latitude
    33.851398

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    FAQs

    What type of property is this?
    Residential land & home lot - Build on a gated homesite with lake access, community dock facilities, and utilities already available.
    Where is this residential land & home lot located?
    The property is located at 138 Cortez Drive Nocona, TX.
    What is the asking price?
    The asking price for this property is $59,000.
    What are key features of this property?
    This property features: Access to two private lakes, including a Top 5 Bass Fishing Lake in Texas, with community boat dock and ramp.; Gated community with 24‑hour guarded entrance providing security and peace of mind.; Prime location only 1.5 hours from DFW, offering both privacy and convenient access to city amenities.
    (214) 808-7676
    We can help!
    Listing Contact
    Angela Deacon
    Real Estate License ID: 0771631
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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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    138 Cortez Drive, Nocona, TX 76255
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