Unrestricted Ranch Property with
For Sale
$850,000
9765 State Park Road, Lockhart, TX 78644
LAND - Lockhart, TX
Property Size1,856 SF
Lot Size29.67 Acres
Price / SF$457.97
Days on Market114
Property Features for 9765 State Park Road
General Information
Property type
Land
Property subtype
Other
Lot features
Mature Trees, Outside City Limits, Ranch, Acreage
Elementary school district
Lockhart ISD
Middle school district
Lockhart ISD
High school district
Lockhart ISD
Directions
From Lockhart take FM 20/State Park Rd to the property
Standard status
Active
APN
10710
Size
1,856 SF
Lot size
29.67 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
A066 CHURCHILL, ANDREW, ACRES 29.665
Tax Annual Amount
5947
Legal Description
A066 CHURCHILL, ANDREW, ACRES 29.665
Utilities
Sewer type
Septic Tank
Water front
1
Building Details
Additional Structures
Residence
Listing Agency:
Land Unlimited
(512) 729-7139
Listed By:
Kaylee Sutton · License #0700093
(512) 470-4237
Added: Apr 20
Changed: Jul 10
Last Checked: Aug 11 at 4:06AM
MLS# 610504
Copyright © 2026 Central Texas Multiple Listing Service. 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.
Unrestricted ranch property offering room to live and operate, with a fenced layout that includes a 3-bedroom, 2-bath brick home. The property is supported by a large pond, scattered oak trees, and multiple additional structures for equipment, trailers, livestock, or other projects. With nearly 30 acres to work with, the site is suited for buyers looking for both privacy and flexibility.
The property is located less than 10 minutes from Lockhart and the San Marcos River, with access from State Park Road in Caldwell County, Texas.
The combination of existing improvements and usable acreage makes the property practical for a variety of on-site needs, with space remaining for future build-out.
The property is located less than 10 minutes from Lockhart and the San Marcos River, with access from State Park Road in Caldwell County, Texas.
The combination of existing improvements and usable acreage makes the property practical for a variety of on-site needs, with space remaining for future build-out.
Key Highlights
- 30‑acre unrestricted property with a large pond, scattered oak trees, and privacy
- 3‑bedroom, 2‑bath brick home
- Fully fenced property with multiple additional structures for equipment, trailers, livestock, or projects
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
$28,451
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
3.35%
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%
$569,020
$569.0K
Cap Rate 7%
$406,443
$406.4K
Cap Rate 9%
$316,122
$316.1K
Market Conditions
NOI Build-Up for 1,856 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
$54.6K $29.40/SF
− Vacancy
−$2.8K −$1.53/SF
EGI
$51.7K $27.87/SF
− OpEx
−$23.3K −$12.54/SF
NOI
$28.5K $15.33/SF
Area
Caldwell County, TX
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$569,020
Cap Rate 7%
$406,443
Cap Rate 9%
$316,122
Alternative Uses
Best Use
Apartment 5plus
$406.4K
$355.6K – $474.2K
NOI $28,451 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$775.9K
$678.9K – $905.2K
NOI $54,310 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 78644, TX
20,813
Population
7,660
Households
2.7
Avg Household Size
38
Median Age
19%
College-Educated
87%
High-School Grad
179.9 sq mi
ZIP Area
116
Density / Sq Mi
$72,155
Median Household Income
$40,085
Median Earnings
$1,162
Median Rent
$242,900
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Ranch - Unrestricted fenced ranch with a brick 3-bedroom, 2-bath home, large pond, scattered oak trees, and multiple outbuildings.
Where is this ranch located?
The property is located at 9765 State Park Road Lockhart, TX.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 30‑acre unrestricted property with a large pond, scattered oak trees, and privacy; 3‑bedroom, 2‑bath brick home; Fully fenced property with multiple additional structures for equipment, trailers, livestock, or projects
