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    4798 E FM 198, Lake Creek, TX 75450

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    For Sale
    $3,200,000

    LAND - Other - Lake Creek, TX

    Lot size:
    330.00 Acres
    Added:
    Mar 27, 2026
    Days on Market:
    70
    Last Refresh:
    Jun 4 at 10:06 pm

    Property Features for 4798 E FM 198

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    RV, Boat
    Patio and Porch features
    Deck
    Exterior features
    Deck, FirePit, Lighting, RainGutters, RvHookup, Storage, UncoveredCourtyard
    Fencing
    Gate, Fenced
    Fireplace
    1
    Standard status
    Active
    APN
    2972
    Lot size
    330.00 Acres

    Utilities

    Utilities
    Propane
    Sewer type
    Aerobic Septic
    Heating system
    Fireplace(s), Central, Electric (Heating)
    Cooling system
    Electric, Central Air, Ceiling Fan(s)

    Building Details

    Architectural style
    Other
    Additional Structures
    Storage, Arena

    We can help!

    Listing Contact
    Sabrina Kreutzer
    Sabrina Kreutzer

    Listing agent Sabrina Kreutzer License #0750128

    Listing office Stewart Realty & Associates Cooper, TX

    Listing date Mar 27, 2026

    MLS# 20947482 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

    • 330‑acre North East TX ranch with 6 cross‑fenced pastures for rotational grazing; currently running 120 head of cows
    • Fully lighted 100 x 225 covered arena connected to a 30 x 225 covered barn with 9 pipe pens and automatic water
    • Covered cattle working pens on the ranch plus four 1‑acre turnout pastures and two 2‑acre turnouts, all with covered sheds and auto water
    • Seven ponds provide water; RV and boat parking, fenced/gated property, and outdoor amenities including deck, fire pit, lighting, rain gutters, and storage
    • Large 30 x 40 shop with 20' overhang for equipment storage
    • 3 homes on site: ~1,700 SF homestead (3 bed/1 bath), 2019 1,400 SF manufactured home (3 bed/2 bath), and newly built 1,200 SF barndominium (2 bed/1 bath)

    Overview

    This North East Texas ranch is set up for both cattle operations and equine training or boarding, with cross-fenced rotational grazing across six pastures and lush native grasses. Covered cattle working pens support day-to-day handling, and the property is currently running 120 head of cows. Water is built into the working layout, with seven ponds plus deer and hog activity noted across the land.

    Equine facilities are a centerpiece: a fully lighted 100 x 225 covered arena is connected to a covered 30 x 225 barn with nine pipe pens and automatic water. Turnout areas include four 1-acre pastures and two 2-acre turnouts, each with covered sheds and auto water. In addition, there is a 30 x 40 shop with a 20’ overhang for equipment storage. Three residences are on-site: a homestead ranch house with approximately 1,700 square feet (3 bed/1 bath) and mature pecan trees; a 2019 1,400 square foot farm-style manufactured home (3 bed/2 bath); and a newly built 1,200 square foot barndominium-style home (2 bed/1 bath).

    Conveniently located 20 minutes south of Paris and 80 miles north of Dallas, the ranch offers an integrated family business setup with potential for leasing or boarding as well as ongoing ranch production. An additional 112 acres with two ponds may be purchased separately, providing room to expand.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Lake Creek
    County
    Delta
    State
    Texas
    Longitude
    -95.533021
    Latitude
    33.431831

    FAQs

    What type of property is this?
    Ranch - Turnkey working ranch with fully lighted arena, covered barn, cross-fenced grazing, and multiple homes for income.
    Where is this ranch located?
    The property is located at 4798 E FM 198 Lake Creek, TX.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: 330‑acre North East TX ranch with 6 cross‑fenced pastures for rotational grazing; currently running 120 head of cows; Fully lighted 100 x 225 covered arena connected to a 30 x 225 covered barn with 9 pipe pens and automatic water; Covered cattle working pens on the ranch plus four 1‑acre turnout pastures and two 2‑acre turnouts, all with covered sheds and auto water
    (803) 243-0379
    We can help!
    Listing Contact
    Sabrina Kreutzer
    Sabrina Kreutzer
    Real Estate License ID: 0750128
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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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