Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Erath County Ranch Opportunity Title is generated by Realmo AI

    24183 S Us 281, Hico, TX 76457

    View on Map
    Claim this Listing
    For Sale
    $3,995,000

    92-acre ranch with barns, home, and potential for various uses.

    Type:Farm & Ranch
    Lot size:
    92.00 Acres
    Added:
    May 18, 2026
    Days on Market:
    14
    Last Refresh:
    May 18 at 9:10 pm

    Property Features for 24183 S Us 281

    General Information

    Standard status
    Active
    Lot size
    92.00 Acres
    Property subtype
    Farm & Ranch

    Building Details

    Year Built
    1999

    We can help!

    Listing Contact
    Sissy Herring

    Listing agent Sissy Herring

    Listing office TEXAS PROUD REAL ESTATE LLC

    Listing date May 18, 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 TEXAS PROUD REAL ESTATE LLC

    HighLights

    • Functional 92‑acre ranch suitable for equine, sheep, or show cattle.
    • Multiple barns including a 16‑stall show barn with split gates, equipped with heating, fans, automatic waters, and spray foam insulation.
    • Modern home with unique design elements incorporating reclaimed materials, complemented by a full wrap‑around porch and rock accents.
    • Thoughtfully designed pool and play area ideal for family gatherings and entertaining.
    • Includes a darling full bunkhouse, additional mobile home, and large packaging office.
    • Well‑maintained property with improved pasture and a functional layout.

    Overview

    Located in Erath County, the Fraze Ranch, formerly known as Home of Freckles Playboy, encompasses 92 acres and offers functionality with amenities suitable for a working ranch. The property, currently a show lamb facility, can be converted for equine use with minimal effort. It features multiple barns, large turnout pens, and an easy rotation setup. The home combines modern charm with unique elements, incorporating materials from old structures. A full wrap-around porch and rock accents enhance the landscaping. A pool and play area are designed for family gatherings and entertaining. Additional structures include a bunkhouse, a manufactured home, and a large packaging office. Barn features include a 6-stall buck barn, a 16-stall show barn with split gates, a holding barn, and a separate vet lab area. Both barns are equipped with heating units, fans, automatic waters, and spray foam insulation. The property includes improved pasture and a thoughtful layout. This ranch is suitable for equine, sheep, or show cattle operations.
    Location Intelligence

    Current Use by Public Records

    Flex Nutritional Solutions ... Food Processing Plant

    Suggested Use

    Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Hico
    County
    Hamilton
    State
    Texas
    Longitude
    -98.092701
    Latitude
    32.060434

    Nearby Similar for Sale

    • $540,000
      2,825 SF

      Downtown Hico Commercial Opportunity

      Prime commercial building in the heart of Hico, Texas.
      125 N Pecan Street, Hico, TX 76457
      View Details
    • $664,900
      2,530 SF

      Texas Ranch with Highway Frontage

      15-acre ranch near Hico, TX, with updated home.
      17305 N US Highway 281, Hico, TX 76457
      View Details
    • $1,499,000
      2,640 SF

      93 Acres Ranch with Stocked Lake

      93-acre ranch featuring a modern farmhouse and stocked lake.
      1642 County Road 234, Hico, TX 76457
      View Details
    • $1,375,000
      2,763 SF

      Texas Vineyard Estate with Hacienda

      23+ acre vineyard estate with award-winning mid-century modern hacienda.
      25270 State Highway 6, Hico, TX 76457
      View Details
    • $3,495,000
      4,300 SF

      Luxury Ranch with Panoramic Views

      Turnkey ranch featuring a custom home and recreational amenities.
      2170 County Road 228, Fairy, TX 76457
      View Details
    • $359,900

      Hico, TX Stone Building

      Stone building suitable for retail, office, or other business.
      510 N Second Street, Hico, TX 76457
      View Details
    • $2,495,000
      2,846 SF

      Erath County Ranch with Airstrip

      102 acre ranch with custom home and grass airstrip.
      2707 County Road 247, Hico, TX 76457
      View Details
    • $2,950,000

      Historic Hico Opera House

      Premier retail destination in historic downtown Hico, Texas.
      101 N Elm Street, Hico, TX 76457
      View Details
    • $185,000

      Retail/Office/Food Opportunity in Hico, TX

      Versatile commercial space suitable for retail, office, or food-related businesses.
      600 N Second Street, Hico, TX 76457
      View Details
    • $3,995,000
      2,160 SF

      Erath County Ranch with Amenities

      92-acre ranch in Erath County with barns and modern home.
      24183 S US 281, Hico, TX 76457
      View Details
    • $1,299,999
      1,332 SF

      Expansive Ranch with Hunting Potential

      82.56 acres with ranch house, pasture, and woodlands.
      1535 County Road 246, Hico, TX 76457
      View Details
    • $325,000

      Income-Producing Cabins in Hico, TX

      Income potential property ideal for event venue or AirBnB.
      724 W First Street, Hico, TX 76457
      View Details

    FAQs

    What type of property is this?
    Ranch - 92-acre ranch with barns, home, and potential for various uses.
    Where is this ranch located?
    The property is located at 24183 S Us 281 Hico, TX.
    What is the asking price?
    The asking price for this property is $3,995,000.
    What are key features of this property?
    This property features: Functional 92‑acre ranch suitable for equine, sheep, or show cattle.; Multiple barns including a **16‑stall show barn with split gates, equipped with heating, fans, automatic waters, and spray foam insulation**.; Modern home with unique design elements incorporating reclaimed materials, complemented by a **full wrap‑around porch and rock accents**.
    (254) 485-6702
    We can help!
    Listing Contact
    Sissy Herring
    Learn More
    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
    24183 S Us 281, Hico, TX 76457
    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!