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    Shovel-Ready Waterfront Development Lots Title is generated by Realmo AI

    2003 Portofino Drive, Rockwall, TX 75032

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    For Sale
    $995,000

    Six permit-ready lakeside lots in a planned Rockwall waterfront community with HOA flexibility for townhomes.

    Type:Commercial Lots & Land
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 2:09 am

    Property Features for 2003 Portofino Drive

    General Information

    Standard status
    Active
    Property subtype
    Commercial Lots & Land

    We can help!

    Listing Contact
    Jennifer Permenter

    Listing agent Jennifer Permenter License #0397828

    Listing office Younger Partners Dallas, LLC

    Listing date Jun 4, 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 Younger Partners Dallas, LLC

    HighLights

    • Six (6) fully entitled, shovel‑ready luxury condominium development lots at 2028–2038 Portofino Drive in Watersedge at Lake Ray Hubbard.
    • Development plans and permits fully approved, with immediate permit issuance upon payment of fees.
    • Infrastructure is complete, with no off‑site improvements required.
    • HOA‑approved flexibility allows a townhome configuration for the development.
    • Mediterranean architectural theme aligned with existing community residences.
    • Walkable access to the marina and nearby dining, entertainment, and boutique retail, with immediate I‑30 access to Downtown Dallas (about 30–35 minutes).

    Overview

    This offering includes six shovel-ready lakeside development lots in Watersedge at Lake Ray Hubbard. The sites are fully entitled and permit-ready, with development plans and permits already approved and described as providing immediate permit issuance upon payment of fees. The infrastructure is noted as complete, with no off-site improvements required, and the HOA is described as allowing flexibility for a townhome configuration. The community’s architectural theme is stated as Mediterranean, intended to align with existing development.

    The lots are positioned in Rockwall’s Lakeside Harbor District and are described as steps from the Hilton Rockwall Lakefront Resort. The address provided for the collection is 2028–2038 Portofino Drive, adjacent to a newly completed residence at 2026 Portofino Drive within the same development.

    For buyers and developers, the practical value here is the straight path from entitled land to vertical construction, supported by the “permit-ready” status and complete infrastructure noted in the remarks. The HOA flexibility for a townhome configuration may support product planning decisions while keeping design consistent with the existing community theme.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockwall
    County
    Rockwall
    State
    Texas
    Longitude
    -96.481255
    Latitude
    32.88683

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    FAQs

    What type of property is this?
    Waterfront Land - Six permit-ready lakeside lots in a planned Rockwall waterfront community with HOA flexibility for townhomes.
    Where is this waterfront land located?
    The property is located at 2003 Portofino Drive Rockwall, TX.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Six (6) fully entitled, shovel‑ready luxury condominium development lots at 2028–2038 Portofino Drive in Watersedge at Lake Ray Hubbard.; Development plans and permits fully approved, with immediate permit issuance upon payment of fees.; Infrastructure is complete, with no off‑site improvements required.
    (214) 238-8000
    We can help!
    Listing Contact
    Jennifer Permenter
    Real Estate License ID: 0397828
    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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    2003 Portofino Drive, Rockwall, TX 75032
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