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    Waterfront Land Near Lake Eufaula Title is generated by Realmo AI

    232 Hillbilly Road, McAlester, OK 74501

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    Claim this Listing
    For Sale
    $169,900

    LAND - McAlester, OK

    Lot size:
    22.37 Acres
    Added:
    Apr 16, 2026
    Days on Market:
    44
    Last Refresh:
    May 29 at 7:06 pm

    Property Features for 232 Hillbilly Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Agriculture
    Standard status
    Active
    APN
    232NONEHillbilly74501
    Lot size
    22.37 Acres

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Derik Keith
    Derik Keith

    Listing agent Derik Keith License #149848

    Listing office Metro Brokers-Keith Home Team 1601 E Veterans Memorial Hwy, Blanchard, OK

    Listing date Apr 16, 2026

    MLS# 1224319 Listing URL

    Copyright © 2026 MLSOK, 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

    • Waterfront property on Coal Creek with direct boat access to Lake Eufaula
    • Borders Lake Eufaula CORP Land, providing access to additional recreational opportunities
    • 22.37 unrestricted acres offering diverse usage possibilities: building, recreation, investment
    • Rural water meter and electric service (PSO) available on site
    • Conveniently located near multiple boat ramps for both Lake Eufaula and Lake McAlester
    • Private location on a dead‑end road with hilltop views and abundant wildlife

    Overview

    This 22.37-acre waterfront property is located between Lake Eufaula and Lake McAlester, offering direct access to Eufaula waters via Coal Creek. The land adjoins Lake Eufaula CORP Land, presenting opportunities for building a lake home, weekend retreat, or investment property with views of Coal Creek. The property allows for boating, with a 2.7-mile boat ride down Coal Creek to Lake Eufaula. The location is unrestricted, suitable for hunting, fishing, camping, and recreational vehicle use. The property features hilltop views and 662.6 feet of CORP Land Frontage. The elevation ranges from 639824 feet (769 feet average) from north to south. A winding drive extends from Key Road down to Coal Creek, providing privacy on a dead-end road. The land includes mixed woods and is populated with wildlife. Electric service from PSO is available, and a rural water meter from Pittsburg County Rural Water District 9 is on site. The property is located 2 miles from the Shady Grove Fire Department, 7 miles from Cardinal Point, which offers multiple boat ramps accessing Lake Eufaula, and 6 miles from boat ramps and slips accessing Lake McAlester. Juniper Point Park, with campgrounds and boat ramps for access to Lake Eufaula, is 11 miles away. An old mobile home on the property has no value. The property is 1.6 miles to Hwy 113, 6 miles to Hwy 69, 10 miles from Indianola Public Schools, and 11 miles from the center of McAlester, OK, which includes a regional health center, country club, retail stores, restaurants, and fuel options. The Choctaw Casino - McAlester is 14 miles away, and Eufaula, OK, is 27 miles away. The property is located in Pittsburg County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    McAlester
    County
    Pittsburg
    State
    Oklahoma
    Longitude
    -95.75124
    Latitude
    35.028901

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    FAQs

    What type of property is this?
    Waterfront Land - 22.37 acres with waterfront and bordering Corp land.
    Where is this waterfront land located?
    The property is located at 232 Hillbilly Road McAlester, OK.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: Waterfront property on Coal Creek with direct boat access to Lake Eufaula; Borders Lake Eufaula CORP Land, providing access to additional recreational opportunities; 22.37 unrestricted acres offering diverse usage possibilities: building, recreation, investment
    (405) 485-4461
    We can help!
    Listing Contact
    Derik Keith
    Derik Keith
    Real Estate License ID: 149848
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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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    232 Hillbilly Road, McAlester, OK 74501
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