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    Hilltop Homesite in Water's Edge Title is generated by Realmo AI

    302/303 Lago Vista Dr, Athens, TX 75752

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    Claim this Listing
    For Sale
    $249,000

    LAND - Athens, TX

    Lot size:
    4.11 Acres
    Added:
    Mar 8, 2026
    Days on Market:
    85
    Last Refresh:
    Jun 1 at 8:06 am

    Property Features for 302/303 Lago Vista Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    4507.0000.3030.00
    Lot size
    4.11 Acres

    Taxes and HOA fees

    Tax Description
    302 & 303 AB 797 B C WALTERS SUR, WATERS EDGE RANC

    We can help!

    Listing Contact
    Julie Stewart

    Listing agent Julie Stewart License #0391806

    Listing office Stewart & McGee Real Estate, LLC. 612 Maryland Dr, ATHENS, TX

    Listing date Mar 8, 2026

    MLS# 112458 Listing URL

    Copyright © 2026 Henderson County Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Panoramic views of the East Texas countryside from a hilltop homesite.
    • Access to a private 320‑acre spring‑fed lake for fishing, boating, and kayaking.
    • Located in Water's Edge Ranch, a prestigious gated lake community.
    • Generous 4+ acre property offering privacy and space for a custom home.
    • Enjoy community amenities including a resort‑style pool, sports courts, and boat launch.
    • Ag exemption mowing program in place for low property taxes.

    Overview

    This 4+ acre homesite is located in the gated lake community of Water's Edge Ranch, minutes from downtown Athens. The property is situated atop a scenic hill, offering panoramic views of the East Texas countryside and surrounding ranch land. It provides space to build a custom dream home with privacy, elevation, and natural beauty. Water's Edge Ranch features a private 320-acre spring-fed lake suitable for fishing, boating, and kayaking, along with a community boat launch and boat slips. Residents can also enjoy a resort-style swimming pool and pavilion, pickleball and sports courts, and RV parking available for owners while building. The community has a gated entrance and maintained common areas, with scenic roads for walking and biking. The property is enrolled in the community Ag exemption mowing program. Located a short drive from Athens' restaurants, shopping, and medical facilities, and about 90 minutes from Dallas, Water's Edge Ranch offers country living with access to city amenities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Athens
    County
    Henderson
    State
    Texas
    Longitude
    -95.8674165
    Latitude
    32.2334839

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    FAQs

    What type of property is this?
    Residential land & home lot - Premier 4+ acre homesite with panoramic views near Athens.
    Where is this residential land & home lot located?
    The property is located at 302/303 Lago Vista Dr Athens, TX.
    What is the asking price?
    The asking price for this property is $249,000.
    What are key features of this property?
    This property features: Panoramic views of the East Texas countryside from a hilltop homesite.; Access to a private 320‑acre spring‑fed lake for fishing, boating, and kayaking.; Located in Water's Edge Ranch, a prestigious gated lake community.
    (903) 804-8003
    We can help!
    Listing Contact
    Julie Stewart
    Real Estate License ID: 0391806
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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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