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    Waterfront Homebuilding Lot with Pond Title is generated by Realmo AI

    239 Bh Cooke Lane, Van Alstyne, TX 75495

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    Claim this Listing
    For Sale
    $395,000

    LAND - Van Alstyne, TX

    Lot size:
    2.80 Acres
    Added:
    Dec 22, 2025
    Days on Market:
    164
    Last Refresh:
    Jun 4 at 7:06 pm

    Property Features for 239 Bh Cooke Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    449935
    Lot size
    2.80 Acres

    Taxes and HOA fees

    Tax Description
    WATERBY FARMS ADDITION, BLOCK A, LOT 1, ACRES
    Tax Annual Amount
    1217

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Karen Marsh
    Karen Marsh

    Listing agent Karen Marsh License #0541391

    Listing office Glass Land and Home LLC Paris, TX

    Listing date Dec 22, 2025

    MLS# 21136997 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

    • 2.795‑acre building lot in the Waterby Farms development just outside Van Alstyne, TX city limits
    • White rock drive in place with approved county access, providing entry off the road
    • Lot 1 has a pond at the entrance
    • Utilities available at the road front: electrical and water (metering and connection fees to be paid by buyer)
    • Adjacent to FM 3133; about 5 minutes to downtown Van Alstyne and 10 minutes to I‑75
    • No HOA or MUD at this location; minimal deed restrictions; survey available

    Overview

    Waterby Farms Lot 1 is a residential home build site offering waterfront character, with a pond located at the entrance to enhance curb appeal. A white rock drive is already in place, and county access has been approved for convenient arrival at the property. Electrical and water are available on the road front, with metering and utility connection fees to be handled by the buyer. A survey is available, and the lot includes minimal deed restrictions to support flexible homebuilding.

    The property is just outside Van Alstyne, TX city limits, providing an option for a quieter, more rural feel while still keeping everyday destinations within reach. Lot 1 sits adjacent to FM 3133, with roughly 5 minutes to downtown Van Alstyne and about 10 minutes to I-75.

    This site is a strong fit for buyers planning a custom home who want a waterfront setting without an HOA or MUD at this location. With approved access, existing driveway improvements, and utilities already available along the road, it’s positioned to support a straightforward path from land purchase to home construction.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Gym & Fitness Center Car Rental Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Van Alstyne
    County
    Grayson
    State
    Texas
    Longitude
    -96.544186
    Latitude
    33.407885

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    FAQs

    What type of property is this?
    Residential land & home lot - Build-ready residential lot in Waterby Farms with a pond feature at the entrance and utilities available along the road.
    Where is this residential land & home lot located?
    The property is located at 239 Bh Cooke Lane Van Alstyne, TX.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: 2.795‑acre building lot in the Waterby Farms development just outside Van Alstyne, TX city limits; White rock drive in place with approved county access, providing entry off the road; Lot 1 has a pond at the entrance
    (903) 785-8457
    We can help!
    Listing Contact
    Karen Marsh
    Karen Marsh
    Real Estate License ID: 0541391
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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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    239 Bh Cooke Lane, Van Alstyne, TX 75495
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