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    1800 County Road 479, Gorman, TX 76454

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    For Sale
    $516,800

    LAND - Other - Gorman, TX

    Lot size:
    54.40 Acres
    Added:
    Feb 8, 2026
    Days on Market:
    116
    Last Refresh:
    Jun 4 at 8:06 pm

    Property Features for 1800 County Road 479

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Grassed, Cleared
    Exterior features
    Storage
    Fencing
    Fenced
    Standard status
    Active
    APN
    12063942
    Lot size
    54.40 Acres

    Taxes and HOA fees

    Tax Description
    A01817 CARWILE, S. J., ACRES 54.44

    Utilities

    Utilities
    Propane
    Sewer type
    Septic Tank, Private Sewer
    Heating system
    Propane (Heating), Wood Stove, Wood
    Cooling system
    Window Unit(s), Ceiling Fan(s)
    Water source
    Well, Private

    Building Details

    Year built
    1951
    Architectural style
    Other
    Additional Structures
    Storage, Barn(s)

    We can help!

    Listing Contact
    Rachel Reeves Lewallen

    Listing agent Rachel Reeves Lewallen

    Listing office Verde Builders Group Stephenville, TX

    Listing date Feb 8, 2026

    MLS# 21085661 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

    • Secluded 54.4‑acre farm with approx. 46 cultivated acres, fenced and cross‑fenced
    • Water features include two stock tanks (one spring‑fed) and a 30 GPM water well, plus close proximity to a nearby river
    • Working facilities: large shop with cement floor, 2 raw outbuildings, greenhouse, small horse shed, and working cattle pens
    • Partially renovated farmhouse (year built 1951) with shiplap, beadboard, quarter sawn pine floors, and Saltillo tile in the kitchen
    • Kitchen includes custom cabinets made from late 1800s vintage reclaimed wood from the Katy Railroad; original fir doors
    • Utilities and services: propane heating, ceiling fan and window unit cooling, private well water, and septic tank/private sewer

    Overview

    This secluded ranch property spans 54.4 acres with approximately 46 cultivated. It is fenced and cross-fenced for practical livestock management and includes working cattle pens, a small horse shed, and two stock tanks, one of which is spring-fed. A 30-gallon-per-minute water well supports day-to-day operations, with close proximity to a nearby river. Outbuildings include a large shop with a cement floor, two raw outbuildings, and a greenhouse. The home is a partially renovated farmhouse with interior finishes such as shiplap, beadboard, and quarter sawn pine floors, along with Saltillo tile in the kitchen area, custom cabinets made from late 1800s vintage reclaimed wood, and original fir doors—ideal for buyers looking to put the finishing touches on.

    The property offers a country setting while remaining accessible, approximately 100 miles from Fort Worth and about 25 miles from Eastland and Stephenville, with easy access to I-20.

    With its mix of cultivated acreage, fenced perimeter, and on-site water features, the ranch is well-suited for cattle production, horse use, and hunting interests. Owner’s portion of minerals will convey, adding additional long-term value for the right operator or investor.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ranches

    Suggested Use

    (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Gorman
    County
    Eastland
    State
    Texas
    Longitude
    -98.656935
    Latitude
    32.17807

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    FAQs

    What type of property is this?
    Ranch - Fenced and cross-fenced acreage with cultivated fields, stock tanks, and productive water for cattle, horses, and hunting.
    Where is this ranch located?
    The property is located at 1800 County Road 479 Gorman, TX.
    What is the asking price?
    The asking price for this property is $516,800.
    What are key features of this property?
    This property features: Secluded 54.4‑acre farm with approx. 46 cultivated acres, fenced and cross‑fenced; Water features include two stock tanks (one spring‑fed) and a 30 GPM water well, plus close proximity to a nearby river; Working facilities: large shop with cement floor, 2 raw outbuildings, greenhouse, small horse shed, and working cattle pens
    (972) 898-8464
    We can help!
    Listing Contact
    Rachel Reeves Lewallen
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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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