Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Unimproved Land in Evolving Community Title is generated by Realmo AI

    230 Cortez Drive, Nocona, TX 76255

    View on Map
    Claim this Listing
    For Sale
    $59,000

    LAND - Nocona, TX

    Lot size:
    0.53 Acres
    Added:
    Apr 6, 2026
    Days on Market:
    62
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 230 Cortez Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    RV
    Standard status
    Active
    APN
    R000019088
    Lot size
    0.53 Acres

    Taxes and HOA fees

    Tax Description
    LOT 1192-1193; NOCONA HILLS; INVENTORY

    We can help!

    Listing Contact
    Courtney Rhyne

    Listing agent Courtney Rhyne License #0811823

    Listing office Parker Properties Real Estate Decatur, TX

    Listing date Apr 6, 2026

    MLS# 21217750 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

    • Private lake access
    • Private golf course
    • Enjoy peace of mind with 24‑hour guarded entry
    • 3,000‑ft landing strip with hangar sites available
    • Water lines installed throughout the development
    • Clubhouse undergoing significant renovations with dining and gathering space

    Overview

    Located in Nocona Hills along Lake Nocona, this unimproved 0.53-acre lot is situated within a developing community. Water service is sourced from the Trinity Aquifer and managed through a non-profit corporation governed by property owners. Water lines have been installed throughout the development to serve homesites. The community provides private lake access, a private golf course, 24-hour guarded entry, a 3,000-ft landing strip with hangar sites, RV and camping areas, a volunteer fire department, and a community church. The clubhouse is currently undergoing significant renovations, including plans for dining and gathering space. The property is located in Nocona, Texas, with postal code 76255, in Montague County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Kitchen & Bath Showroom Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Nocona
    County
    Montague
    State
    Texas
    Longitude
    -97.658541
    Latitude
    33.851468

    Nearby Similar for Sale

    • $600,000

      Downtown Office Building Corner

      Well-maintained office building with private offices, kitchenette, and server room, ideally positioned for professional or medical users.
      201 Clay Street, Nocona, TX 76255
      View Details
    • $1,150,000

      Historic Feed Store and Storage

      Historic feed store with extensive storage and working truck scales, positioned for strong access off multiple main roads.
      9 Clay Street, Nocona, TX 76255
      View Details
    • $876,000

      Waterfront Development Land

      Prime Lake Nocona frontage with expansive views and multiple commercial and hospitality development options.
      Conejos Drive lot: 2073, Nocona, TX 76255
      View Details
    • $524,550

      Commercial Development Land with Highway Frontage

      A 26.9-acre tract with Highway 82 frontage and flexible zoning potential for commercial or residential development.
      W Hwy 82, Nocona, TX 76255
      View Details
    • $4,071,665

      Ranch Land with Ponds

      North Texas ranch offering improved pastures, multiple ponds, and onsite utilities for flexible livestock and recreation use.
      2116 Fm-3301, Nocona, TX 76255
      View Details
    • $950,000

      Waterfront Development Tract with Shoreline

      Rare Lake Nocona frontage offering raw land flexibility plus a well and outbuildings for a future waterfront plan.
      Storey Road, Nocona, TX 76255
      View Details
    • $795,000

      Fully Fenced Ranch with 2023 Shop

      A fully fenced 80-plus acre ranch with a new 60' x 40' shop, water infrastructure, and abundant wildlife.
      3641 Carpenter Road, Nocona, TX 76255
      View Details
    • $115,000

      Commercial Land with Highway Frontage

      Nearly nine acres with highway frontage, native vegetation, and flexible potential for commercial or residential development.
      W Hwy 82, Nocona, TX 76255
      View Details

    FAQs

    What type of property is this?
    Land - Unimproved lot in Nocona Hills with lake and golf access.
    Where is this land located?
    The property is located at 230 Cortez Drive Nocona, TX.
    What is the asking price?
    The asking price for this property is $59,000.
    What are key features of this property?
    This property features: Private lake access; Private golf course; Enjoy peace of mind with 24‑hour guarded entry
    (940) 627-9040
    We can help!
    Listing Contact
    Courtney Rhyne
    Real Estate License ID: 0811823
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    230 Cortez Drive, Nocona, TX 76255
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!