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    Fenced Equestrian Property with Workshop Title is generated by Realmo AI

    640 N Keller Road, Mineral Wells, TX 76067

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    For Sale
    $190,000

    LAND - Other - Mineral Wells, TX

    Lot size:
    4.00 Acres
    Added:
    Dec 24, 2025
    Days on Market:
    163
    Last Refresh:
    Jun 5 at 8:06 am

    Property Features for 640 N Keller Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Cleared
    Standard status
    Active
    APN
    565574
    Lot size
    4.00 Acres

    Taxes and HOA fees

    Tax Description
    ACRES: 4.000 AB 862 TR 10-2 T&P RYCO #51 G#10
    Tax Annual Amount
    2824

    Utilities

    Sewer type
    Septic Tank
    Water source
    Public

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Susan Ayers Mullins
    Susan Ayers Mullins

    Listing agent Susan Ayers Mullins License #0692051

    Listing office RJ Williams & Company RE Fort Worth, TX

    Listing date Dec 24, 2025

    MLS# 20987230 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

    • Public water service and septic tank sewer on the property
    • 200 amp electrical service available, plus an RV septic hookup
    • Fenced all the way around for livestock and pet use
    • 300+ feet of highway frontage with potential entrance off of Hwy 337
    • Large Morgan storage building with a half bath and a big workshop
    • Within 30 minutes to PK Lake, Mineral Wells State Park, and the new Palo Pinto State Park

    Overview

    This fenced equestrian property offers the space and improvements to support animals, storage, and everyday projects. There is a big workshop on site and a large Morgan storage building that includes a half bath. For lifestyle and flexibility, the property also has a septic hookup and 200 amp electrical service already in place, making it practical to build a dream home or park an RV while you plan.

    The site is set up for convenient access options, with 300+ feet of highway frontage and the ability to create an entrance off of 337 if desired. It is located less than 30 minutes from PK Lake, Mineral Wells State Park, and the new Palo Pinto State Park opening soon, and there is public water access nearby for fishing and recreation.

    With acreage, perimeter fencing, and multiple on-site structures, the property is a strong fit for buyers looking for a ranch-style base for horses and other pets, as well as for owners who want room for storage and a workshop. The existing utility setup supports near-term RV use, while the overall configuration also works for someone planning to build and settle in long term.
    Property Profile Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Department Store Kitchen & Bath Showroom Storage Facility Electronics & Wireless Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Mineral Wells
    County
    Palo Pinto
    State
    Texas
    Longitude
    -98.160494
    Latitude
    32.812679

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    FAQs

    What type of property is this?
    Horse & equestrian property - Secure, fenced acreage with workshop, storage building, and utilities—well suited for horses, RV living, or hobby farm use.
    Where is this horse & equestrian property located?
    The property is located at 640 N Keller Road Mineral Wells, TX.
    What is the asking price?
    The asking price for this property is $190,000.
    What are key features of this property?
    This property features: Public water service and septic tank sewer on the property; 200 amp electrical service available, plus an RV septic hookup; Fenced all the way around for livestock and pet use
    (214) 876-5254
    We can help!
    Listing Contact
    Susan Ayers Mullins
    Susan Ayers Mullins
    Real Estate License ID: 0692051
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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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