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    Fenced Ranch with Multiple Paddocks Title is generated by Realmo AI

    County Road 403, Stephenville, TX 76401

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    Claim this Listing
    Pending
    $2,700,000

    LAND - Other - Stephenville, TX

    Lot size:
    298.00 Acres
    Added:
    Feb 1, 2026
    Days on Market:
    122
    Last Refresh:
    Jun 3 at 1:06 pm

    Property Features for County Road 403

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Wooded, Brush, Cleared
    Standard status
    Pending
    APN
    R000060593
    Lot size
    298.00 Acres

    Utilities

    Water front features
    Creek

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Eric Walsh

    Listing agent Eric Walsh License #0549435

    Listing office Compass RE Texas, LLC Dallas, TX

    Listing date Feb 1, 2026

    MLS# 21122270 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

    • Ranch with approx. 380 ft frontage on all‑weather County Road 403 and approx. 4,600 ft along County Road 406
    • Multiple gated entry points; fully fenced with 5- and 6‑strand barbed wire fencing and two primary grazing pastures
    • Working pens plus approx. 3+ acre soft turnout paddock for cattle management
    • Water features include two stock ponds and a seasonal creek traversing the ranch
    • Water well centrally located with 120' TPD producing 20 gpm for livestock and wildlife
    • Electricity available in multiple locations; multiple building site options and hardwoods/native brush for wildlife cover

    Overview

    This well-improved ranch spans approximately 298 acres and is fully fenced with 5- and 6-strand barbed wire, divided into two primary grazing pastures. The property includes functional working pens and an improved pasture planted in Klein grass, supported by a three-plus acre soft turnout paddock for practical livestock handling. Water features consist of two stock ponds and a seasonal creek traversing the ranch. Additional ranch infrastructure includes electricity available in multiple locations and a centrally located water well producing 20 gpm, with a TPD of 120'. Multiple building site options are also available across the property.

    Access is a key strength, with approximately 380 feet of frontage on County Road 403 and about 4,600 feet along County Road 406. The ranch offers multiple gated entry points, making it convenient for day-to-day operations and pasture rotation. The land includes open pastures plus areas of quality hardwoods and native brush that support wildlife activity.

    For cattle owners, this ranch offers the combination of established pasture, controlled fencing, and water resources needed for efficient grazing. For recreation-minded buyers, the mix of grazing, timber and native cover provides a natural setting for hunting and outdoor use, with sweeping views and classic Erath County ranch character.
    Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.344196
    Latitude
    32.304074

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    FAQs

    What type of property is this?
    Ranch - Nearly 300 acres of fenced grazing land with working pens, stock ponds, and multiple gated entry points for livestock management.
    Where is this ranch located?
    The property is located at County Road 403 Stephenville, TX.
    What is the asking price?
    The asking price for this property is $2,700,000.
    What are key features of this property?
    This property features: Ranch with approx. 380 ft frontage on all‑weather County Road 403 and approx. 4,600 ft along County Road 406; Multiple gated entry points; fully fenced with 5- and 6‑strand barbed wire fencing and two primary grazing pastures; Working pens plus approx. 3+ acre soft turnout paddock for cattle management
    (214) 814-8100
    We can help!
    Listing Contact
    Eric Walsh
    Real Estate License ID: 0549435
    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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