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    Resort Golf Course Homesite Title is generated by Realmo AI

    170 Colonial Drive, Graford, TX 76449

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    LAND - Possum Kingdom Lake, TX

    Lot size:
    0.37 Acres
    Added:
    May 11, 2026
    Days on Market:
    26
    Last Refresh:
    Jun 5 at 11:06 am

    Property Features for 170 Colonial Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    RV
    Standard status
    Active
    APN
    12146
    Lot size
    0.37 Acres

    Taxes and HOA fees

    Tax Description
    ACRES: 0.368 CLIFFS PHASE I LOT 36
    Tax Annual Amount
    386

    Utilities

    Sewer type
    Private Sewer
    Water source
    Private

    We can help!

    Listing Contact
    Jo Lynn Miller
    Jo Lynn Miller

    Listing agent Jo Lynn Miller License #0595352

    Listing office Lake Homes Realty, LLC Pelham, TX

    Listing date May 11, 2026

    MLS# 21136398 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

    • .368‑acre homesite in Phase 1 of The Cliffs Resort
    • Backs up to the #4 hole on the Cliffs Golf Course with views of the greens and the Brazos River Valley
    • Close to the main swimming pool, clubhouse, and restaurant within The Cliffs Resort
    • Private water supply and private sewer
    • RV parking available

    Overview

    This for-sale homesite at The Cliffs Resort is a larger residential lot positioned in Phase 1, offering an ideal setting for a custom build. The property backs up to the #4 hole of the Cliffs Golf Course, providing expansive sightlines toward both the greens and the Brazos River Valley. For buyers who want a relaxed, scenery-forward location, the surrounding Palo Pinto Hills add to the overall backdrop and vacation-lifestyle feel.

    Set in a neighborhood with established homes and recent new construction, the lot is also close to key resort amenities. It’s conveniently located near the main swimming pool, clubhouse, and restaurant, supporting day-to-day ease for weekend stays and full-time living alike.

    With its combination of course frontage positioning and proximity to clubhouse and pool areas, this homesite is well suited to buyers seeking a peaceful retreat within an active community. It also fits well for investors or second-home owners looking to capitalize on the full Cliffs Resort lifestyle, including community events, golf, and lake-oriented living near Possum Kingdom Lake.
    Property Profile Location Intelligence

    Current Use by Public Records

    Recreation land

    Suggested Use

    Restaurant Spa & Massage Center Gym & Fitness Center Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Graford
    County
    Palo Pinto
    State
    Texas
    Longitude
    -98.42769
    Latitude
    32.85277

    Nearby Similar for Sale

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      Waterfront Land Homesite

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      Prepped Double Golf Course Homesite

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    FAQs

    What type of property is this?
    Recreation land - Build in Phase 1 of The Cliffs Resort on a homesite with golf and Brazos River Valley views.
    Where is this recreation land located?
    The property is located at 170 Colonial Drive Graford, TX.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: .368‑acre homesite in Phase 1 of The Cliffs Resort; Backs up to the #4 hole on the Cliffs Golf Course with views of the greens and the Brazos River Valley; Close to the main swimming pool, clubhouse, and restaurant within The Cliffs Resort
    (205) 985-2991
    We can help!
    Listing Contact
    Jo Lynn Miller
    Jo Lynn Miller
    Real Estate License ID: 0595352
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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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