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    Commercial Corner Development Land Title is generated by Realmo AI

    151 Acres PRESTON Road, Sherman, TX 75092

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    Claim this Listing
    For Sale
    $18,900,000

    LAND - Sherman, TX

    Lot size:
    151.17 Acres
    Added:
    Apr 21, 2026
    Days on Market:
    44
    Last Refresh:
    Jun 3 at 10:06 am

    Property Features for 151 Acres PRESTON Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    122899
    Lot size
    151.17 Acres

    Taxes and HOA fees

    Tax Description
    G-0348 DEAVER JOHN A-G0348, ACRES 151.173
    Tax Annual Amount
    157

    We can help!

    Listing Contact
    Sonya Rafie
    Sonya Rafie

    Listing agent Sonya Rafie License #0330549

    Listing office Sonya Realty, LLC Dallas, TX

    Listing date Apr 21, 2026

    MLS# 21141965 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

    • 151‑acre property on a corner lot of Preston Rd and Elliot Rd
    • 2500+ ft frontage on Preston Rd
    • 2500+ ft frontage on Elliot Rd
    • Survey is in the Transaction Desk
    • Property may have a small amount of flood in the south east corner

    Overview

    This offering is a 151-acre corner-lot property positioned for development, with survey materials available in the transaction desk. The site’s primary improvements are its overall land configuration and substantial road frontage along two sides. Public remarks also note that the south-east corner may have a small amount of flood, which should be reviewed as part of due diligence.

    The property sits on the corner of Preston Road and Elliott Road, with approximately 2,500+ feet of frontage on Preston and 2,500+ feet of frontage on Elliott. The asset is presented as “great commercial” with residential property potential, giving it practical appeal for buyers evaluating mixed-use or land-driven development plans.

    From a tenant or buyer perspective, the scale and corner positioning make this land well-suited for a variety of site layouts where visibility and access from two roads matter. Because the listing emphasizes both commercial and residential potential, it may fit investors and developers looking for flexible acreage to reimagine for future uses, subject to local approvals. Consider confirming flood conditions and reviewing the provided survey before moving forward.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Sherman
    County
    Grayson
    State
    Texas
    Longitude
    -96.6968278
    Latitude
    33.6281528

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    FAQs

    What type of property is this?
    Commercial land - Large corner-lot acreage with frontage on two roads, offering strong development flexibility for commercial and residential use.
    Where is this commercial land located?
    The property is located at 151 Acres PRESTON Road Sherman, TX.
    What is the asking price?
    The asking price for this property is $18,900,000.
    What are key features of this property?
    This property features: 151‑acre property on a corner lot of Preston Rd and Elliot Rd; 2500+ ft frontage on Preston Rd; 2500+ ft frontage on Elliot Rd
    (972) 948-9200
    We can help!
    Listing Contact
    Sonya Rafie
    Sonya Rafie
    Real Estate License ID: 0330549
    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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