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    Horse Ranch with Covered Arena Title is generated by Realmo AI

    6670 A Fm 2303, Stephenville, TX 76401

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    For Sale
    $4,500,000

    LAND - Stephenville, TX

    Property size:
    8,800 SF
    Lot size:
    80.01 Acres
    Price / SF:
    $511/SF
    Added:
    Feb 25, 2026
    Days on Market:
    98
    Last Refresh:
    Jun 3 at 2:06 pm

    Property Features for 6670 A Fm 2303

    General Information

    Property type
    Land
    Property subtype
    Other
    Fencing
    Fenced, Gate
    Standard status
    Active
    APN
    R000021076
    Lot size
    80.01 Acres

    Taxes and HOA fees

    Tax Description
    ACRES: 80.792 A0435 JAIME MARIA JOSEFA; & ARE
    Tax Annual Amount
    15911

    Utilities

    Sewer type
    Aerobic Septic
    Water source
    Well

    Building Details

    Year built
    2010
    Additional Structures
    Barn(s)

    We can help!

    Listing Contact
    John Boyett

    Listing agent John Boyett License #0738475

    Listing office Keller Williams Brazos West Weatherford, TX

    Listing date Feb 25, 2026

    MLS# 21125696 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

    • 175' x 250' covered arena with calf lane, catch pen, and chute for barrel racing, team roping, and calf roping
    • 20‑stall barn with two tack/feed rooms, including one with a rotating saddle wall and another plumbed for conversion to an apartment
    • 8,800 SF training building with a 110' swim lane, 10 custom stalls, office, laundry, and a full bathroom
    • Covered custom Wildfire Walker for horse conditioning and training
    • 40' x 80' machine shed plus a one‑bedroom cottage for guests, staff, or rental use
    • Utilities include well water and aerobic septic; property fencing includes fenced areas and gated access

    Overview

    Lightning Bar Ranch is a turn-key equestrian property built for serious training and competition. The centerpiece is a covered arena measuring 175' x 250', set up for events and practice with a calf lane, catch pen, and chute. A 20-stall barn anchors the horse operation and includes two tack and feed rooms, one featuring a rotating saddle wall and the other plumbed and ready to convert into a one-bedroom apartment. Additional turnout pens offer flexible day-to-day horse management, supported by two tanks for water.

    The ranch spans approximately 80.01 acres and is located just minutes from downtown Stephenville. Beyond the arena and barns, the property includes a massive 8,800-square-foot building with a 110-foot swim lane for conditioning, 10 custom stalls, and an office, laundry, and full bathroom. Also on site is a covered custom Wildfire Walker for high-level training, along with a 40' x 80' machine shed for equipment, feed, and storage, plus a one-bedroom cottage suited for guests, staff, or potential rental use.

    This layout offers a strong fit for equestrian operations that need complete on-site infrastructure, including indoor training space, substantial stall capacity, and on-property conditioning amenities. The ability to accommodate staff or supplement income through the plumbed conversion area and cottage makes the property practical for buyers planning to run a training program, boarding operation, or a full-service ranch experience.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.2492
    Latitude
    32.2465

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    FAQs

    What type of property is this?
    Horse & equestrian property - Turn-key equestrian facility with a covered arena, training amenities, and extensive horse accommodations for serious competitors.
    Where is this horse & equestrian property located?
    The property is located at 6670 A Fm 2303 Stephenville, 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: 175' x 250' covered arena with calf lane, catch pen, and chute for barrel racing, team roping, and calf roping; 20‑stall barn with two tack/feed rooms, including one with a rotating saddle wall and another plumbed for conversion to an apartment; 8,800 SF training building with a 110' swim lane, 10 custom stalls, office, laundry, and a full bathroom
    (817) 441-4000
    We can help!
    Listing Contact
    John Boyett
    Real Estate License ID: 0738475
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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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