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    Lakefront Homesite in Premier Community Title is generated by Realmo AI

    215 Cove Side Court, Honey Grove, TX 75446

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    For Sale
    $199,900

    LAND - Honey Grove, TX

    Lot size:
    1.00 Acre
    Added:
    Apr 24, 2026
    Days on Market:
    45
    Last Refresh:
    Jun 7 at 5:06 am

    Property Features for 215 Cove Side Court

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    000000138487
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Description
    SHORES AT THE PENINSULA, LOT 40, ACRES 1.00
    Tax Annual Amount
    3041

    We can help!

    Listing Contact
    Khristy Deaton

    Listing agent Khristy Deaton License #0547952

    Listing office The Agency Rockwall Rockwall, TX

    Listing date Apr 24, 2026

    MLS# 21247023 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

    • Homesite in The Shores at the Peninsula on the shores of Bois D'Arc Lake
    • Access to an amenity center with an infinity pool, state‑of‑the‑art fitness center, and clubhouse
    • Future community amenities planned: fenced dog park, picnic area, playground, and multi sport field
    • Community marinas planned for boating and waterfront access

    Overview

    This waterfront homesite offers a quiet setting for a custom build, positioned on the shores of Bois D'Arc Lake within the Shores at the Peninsula. The property is presented as an ideal canvas for either a full-time residence or a weekend getaway, with the emphasis on privacy, serenity, and water views.

    Located at 215 Cove Side Court in Honey Grove, TX (Fannin County), the parcel is described as providing easy access to boating and fishing, along with peaceful waterfront moments. Residents will also have access to an amenity center that includes an infinity pool, state-of-the-art fitness center, and clubhouse. The community amenities are further outlined to include planned additions such as a fenced dog park, picnic area, playground, and multi-sport field, along with community marinas.

    For buyers and builders seeking a lake-driven lifestyle, this homesite is well suited for those who want to design a retreat around the waterfront experience. Its community-forward setup, paired with planned recreational features, makes it an attractive option for investors and owner-users looking for a distinctive property in an emerging waterfront enclave in North Texas.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Honey Grove
    County
    Fannin
    State
    Texas
    Longitude
    -95.9128
    Latitude
    33.6219

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    FAQs

    What type of property is this?
    Waterfront Land - Build a custom retreat with sweeping Bois D'Arc Lake views and private community amenities in Honey Grove.
    Where is this waterfront land located?
    The property is located at 215 Cove Side Court Honey Grove, TX.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: Homesite in The Shores at the Peninsula on the shores of Bois D'Arc Lake; Access to an amenity center with an infinity pool, state‑of‑the‑art fitness center, and clubhouse; Future community amenities planned: fenced dog park, picnic area, playground, and multi sport field
    (972) 782-5686
    We can help!
    Listing Contact
    Khristy Deaton
    Real Estate License ID: 0547952
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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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