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    Land in Lovejoy ISD Title is generated by Realmo AI

    492 W Forest Grove Road, Lucas, TX 75002

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    Claim this Listing
    New
    For Sale
    $1,997,500

    Unimproved Land - Lucas, TX

    Type:Unimproved Land
    Lot size:
    5.72 Acres
    Added:
    May 29, 2026
    Days on Market:
    3
    Last Refresh:
    May 31 at 5:06 pm

    Property Features for 492 W Forest Grove Road

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Standard status
    Active
    APN
    R602800316601
    Lot size
    5.72 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Melanie Brigante
    Melanie Brigante

    Listing agent Melanie Brigante License #0537286

    Listing office Delahn Realty 720 E. Main Suite C6, Allen, TX

    Listing date May 29, 2026

    MLS# 21128798 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

    • Lovejoy ISD: Located within the highly desirable Lovejoy Independent School District.
    • Potential for Subdivision: Zoned R1.5 with potential for up to 3 lots, offering subdivision possibilities with City of Lucas approval.
    • Enjoy freedom and flexibility with no Homeowners Association restrictions.
    • Perfect opportunity to build a custom estate home.
    • Convenient Location: Close proximity to Lake Lavon, schools, dining, shopping, and Highway 75 for easy access to employment centers.
    • Features mature trees and a creek along the western property line, providing a secluded and natural setting.

    Overview

    This 5.722-acre property is located in Lucas, Texas, within the Lovejoy Independent School District. Zoned R1.5 by the City of Lucas, the property has the potential for up to 3 lots. It is an ideal site for building an estate. The location provides convenient access to Lake Lavon, area schools, upscale dining, and local shopping. Highway 75 is easily accessible, allowing for convenient access to employment centers while maintaining a secluded property. Mature trees line the creek along the western property line. There is no Home Owners Association and no deadline for beginning construction. The property is currently home to a radio tower and related equipment, which will be removed. Horses are allowed on this property, and subdivision may be possible with approval from the City of Lucas.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Lucas
    County
    Collin
    State
    Texas
    Longitude
    -96.583554
    Latitude
    33.119725

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    FAQs

    What type of property is this?
    Residential land & home lot - 5.722 acres in Lucas, TX, Lovejoy ISD.
    Where is this residential land & home lot located?
    The property is located at 492 W Forest Grove Road Lucas, TX.
    What is the asking price?
    The asking price for this property is $1,997,500.
    What are key features of this property?
    This property features: Lovejoy ISD: Located within the highly desirable Lovejoy Independent School District.; Potential for Subdivision: Zoned R1.5 with potential for up to 3 lots, offering subdivision possibilities with City of Lucas approval.; Enjoy freedom and flexibility with no Homeowners Association restrictions.
    (214) 499-6236
    We can help!
    Listing Contact
    Melanie Brigante
    Melanie Brigante
    Real Estate License ID: 0537286
    Request Owner's contact information
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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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