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    Unimproved Land in Collin County Title is generated by Realmo AI

    5215 COUNTY ROAD 277, Melissa, TX 75454

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    Claim this Listing
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    For Sale
    $4,500,000

    Unimproved Land - Melissa, TX

    Type:Unimproved Land
    Lot size:
    29.31 Acres
    Added:
    May 15, 2026
    Days on Market:
    2
    Last Refresh:
    May 16 at 9:06 pm

    Property Features for 5215 COUNTY ROAD 277

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Exterior features
    Storage, Other, Fence
    Fencing
    Fenced
    Standard status
    Active
    APN
    R629400307601
    Lot size
    29.31 Acres

    Utilities

    Water front features
    Creek

    Building Details

    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Sheri Kent
    Sheri Kent

    Listing agent Sheri Kent License #0496604

    Listing office DFW Elite 10602 Corvallis, Dallas, TX

    Listing date May 15, 2026

    MLS# 21272390 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

    • 29.31 combined acres in rapidly growing Melissa, TX (Collin County).
    • Unzoned land suitable for single‑family homes or a multi‑family complex.
    • Seclusion provided by wooded area bordering the North Fork of the Trinity River.
    • Located approximately 1 mile from Hwy 75 (Melissa Rd exit) and 2 miles from Buc‑ee's.
    • Includes a well on Tract 73 (needs pump and pumphouse).
    • All 3 tracts (owned separately) must be purchased together.

    Overview

    This property features 29.31 combined total acres located in Melissa, Collin County, Texas, on County Road 277, also known as Telephone Road. The unzoned land offers a combination of level building area suitable for the development of single-family homes or a multi-family complex. A wooded area provides seclusion, backing up to the North Fork of the Trinity River. The property is surrounded by custom homes. Tract 73 has a well in place, which will need a well pump and pumphouse. Covenants state an HOA; however, it is not active or enforced. The property consists of three tracts: Tract 76 (R629400307601), Tract 16 (R629400301601), and Tract 73 (R629400307301) on the CAD. The location is approximately 1 mile west of Highway 75 from the Melissa Road exit and about 2 miles from Buc-ee's. The property is located at 5215 CR 277 & 5285 CR 277, with the third tract being TBD.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Auto Parts Store HVAC Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Melissa
    County
    Collin
    State
    Texas
    Longitude
    -96.6018546
    Latitude
    33.2782988

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    FAQs

    What type of property is this?
    Residential land & home lot - 29.31 acres of unzoned land in Melissa, Texas.
    Where is this residential land & home lot located?
    The property is located at 5215 COUNTY ROAD 277 Melissa, TX.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: 29.31 combined acres in rapidly growing Melissa, TX (Collin County).; Unzoned land suitable for single‑family homes or a multi‑family complex.; Seclusion provided by wooded area bordering the North Fork of the Trinity River.
    (214) 642-6969
    We can help!
    Listing Contact
    Sheri Kent
    Sheri Kent
    Real Estate License ID: 0496604
    Learn More
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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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