Fenced Agricultural Land with
For Sale
$500,000
611 Johnston Road, Waxahachie, TX 75167
Land, Waxahachie, TX
Property Size4,000 SF
Lot Size12.13 Acres
Price / SF$125
Days on Market78
Property Features for 611 Johnston Road
General Information
Property type
Land
Property subtype
Other
Zoning description
Located in ETJ - County - No zoning
Exterior features
RvHookup
Subdivision
Yale Farm
Lot features
Acreage, Agricultural, Cleared, Pasture, Many Trees
Elementary school
Dunaway
Middle school
Finley
High school
Waxahachie
Elementary school district
Waxahachie ISD
Middle school district
Waxahachie ISD
High school district
Waxahachie ISD
Directions
From Waxahachie head south on FM 77 towards Forreston, turn right on Johnston Rd and go over 35E. Property will be on the South side of the road.
Standard status
Active
APN
157556
Lot size
12.13 Acres
Taxes and HOA fees
Tax Description
LOT 3 YALE FARM 12.13 AC
Tax Annual Amount
2233
Legal Description
LOT 3 YALE FARM 12.13 AC
Utilities
Sewer type
Septic Tank
Water source
Public
Building Details
Year built
1985
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
OnDemand Realty
(214) 766-5833
Listed By:
Katy Nolen · License #0645153
(214) 399-3593
Added: Jul 11
Changed: Sep 7
Last Checked: Sep 26 at 6:06PM
MLS# 21327466
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.
Investment Insights
Based on property information with market context.
This 12.13-acre agricultural property includes a fenced tract with multiple potential building sites and a pond positioned near the center. Existing improvements include a 50' x 80' insulated shop with approximately 14-foot sidewalls, a roll-up door, and a large walk-through door. Covered areas include a 36' x 36' section on the east side, a 32' x 60' parking cover on the west side, and a 20' x 20' covered section on the south.
The property is in the Waxahachie ETJ and has ample road frontage along Johnston Road. A water meter through BVBUD, electric service, and an existing septic system are in place. The tract is currently in agricultural use, is completely fenced, and includes an RV hookup. Its location provides access to I-35E while remaining outside the city-tax area.
The property is in the Waxahachie ETJ and has ample road frontage along Johnston Road. A water meter through BVBUD, electric service, and an existing septic system are in place. The tract is currently in agricultural use, is completely fenced, and includes an RV hookup. Its location provides access to I-35E while remaining outside the city-tax area.
Key Highlights
- 12.13 acres in the Waxahachie ETJ
- 50' x 80' insulated shop with approximately 14‑foot sidewalls
- 36' x 36' east covered area and 32' x 60' west covered parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,815
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$556,300
$556.3K
Cap Rate 7%
$397,357
$397.4K
Cap Rate 9%
$309,056
$309.1K
Market Conditions
NOI Build-Up for 4,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.0K $9.00/SF
− Vacancy
−$3.3K −$0.82/SF
EGI
$32.7K $8.18/SF
− OpEx
−$4.9K −$1.23/SF
NOI
$27.8K $6.95/SF
Area
Ellis County, TX
Vacancy
9.10%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$556,300
Cap Rate 7%
$397,357
Cap Rate 9%
$309,056
Alternative Uses
Best Use
Warehouse
$397.4K
$347.7K – $463.6K
NOI $27,815 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$43.65M
$38.19M – $50.92M
NOI $3,055,261 @ 7.0% cap · market cap 611.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 75167, TX
12,455
Population
4,298
Households
2.9
Avg Household Size
39
Median Age
34%
College-Educated
89%
High-School Grad
95.8 sq mi
ZIP Area
130
Density / Sq Mi
$113,409
Median Household Income
$50,161
Median Earnings
$1,934
Median Rent
$369,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Agricultural land / Farmland - Fenced acreage includes a pond, utility service, and an insulated shop with covered work areas.
Where is this agricultural land / farmland located?
The property is located at 611 Johnston Road Waxahachie, TX.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 12.13 acres in the Waxahachie ETJ; 50' x 80' insulated shop with approximately 14‑foot sidewalls; 36' x 36' east covered area and 32' x 60' west covered parking
