Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Agricultural Land Development Opportunity Title is generated by Realmo AI

    CR-247 Road, Allen, TX 75002

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $5,800,000

    LAND - Allen, TX

    Lot size:
    29.00 Acres
    Added:
    May 3, 2026
    Days on Market:
    33
    Last Refresh:
    Jun 4 at 1:06 am

    Property Features for CR-247 Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    APN
    R685000001701
    Lot size
    29.00 Acres

    Taxes and HOA fees

    Tax Description
    ABS A0850 RICHARD SPARKS SURVEY, TRACT 17, 21
    Tax Annual Amount
    170

    Utilities

    Sewer type
    Septic Tank
    Water source
    Private, Well

    We can help!

    Listing Contact
    Tom Cline

    Listing agent Tom Cline License #0610484

    Listing office Barnhart Realty Group Wylie, TX

    Listing date May 3, 2026

    MLS# 21138024 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

    • 29‑acre unincorporated property in the southeast quadrant of Parker Road and N. Murphy Road
    • McWhirter Road frontage: 630' directly across from a large established home development
    • Property borders a proposed 241‑acre Southfork Ranch development by Centurion American Development Group
    • Water source is private well; sewer is septic tank
    • 29 acres includes three Tax Parcel ID numbers, with 21‑acre and 7‑acre parcels carrying agricultural exemptions

    Overview

    This unincorporated 29-acre property is offered with three tax parcel ID numbers and includes agricultural exemptions on two of the parcels, totaling 21 acres and 7 acres. The tract is positioned in the southeast quadrant of Parker Road and N. Murphy Road, with a portion of its boundary measuring 1,976 feet from the property line that borders a proposed development by Centurion American Development Group. That development has disclosed plans for the 241-acre Southfork Ranch in Parker.

    The site includes 630 feet of frontage on McWhirter Road. It sits directly across the street from a large, established home development, and the north property line abuts over one acre plus, multi-million-dollar homes, creating a clear transition between agricultural use and nearby residential growth.

    This is the kind of land that can fit investors and developers looking for upside in a rapidly surrounding residential environment, while maintaining agricultural exemption status on a substantial portion of the acreage. With multiple parcel IDs contributing to the total acreage, the property may offer flexibility for future planning and structuring, subject to applicable approvals.
    Property Profile Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Map

    City
    Allen
    County
    Collin
    State
    Texas
    Longitude
    -96.594625
    Latitude
    33.040619

    Nearby Similar for Sale

    • $420,000
      1,420 SF

      Brand New Corner Office Suite

      Newly built corner office suite in an upscale office village with available signage visibility.
      1511 McDermott Drive, Allen, TX 75013
      View Details
    • $1,300,000

      Turnkey Childcare Facility

      Renovated childcare building with seven classrooms, turnkey FF&E, and an outdoor playground area.
      548 E Bethany Drive, Allen, TX 75002
      View Details
    • $975,000

      Auto Shop Building with Three Bays

      Own a downtown Allen auto shop building with a 3-bay garage and flexible space on a spacious lot.
      112 W Main Street, Allen, TX 75013
      View Details
    • $549,999

      Luxury Flex Garage Condo with Loft

      Turnkey garage condo featuring a custom loft, private gym, sauna, and full bath—ideal for collectors or personal workspace needs.
      2137 Chelsea Road, Allen, TX 75013
      View Details
    • $1,100,000

      Allen TX Land in Wimberly

      Nearly one-acre lot in Allen's guard-gated luxury community.
      509 Lakeway Drive, Allen, TX 75013
      View Details
    • $2,100,000

      Office Building for Sale

      For-sale office-focused property in Allen, Texas, offering a private site for owner-occupants or small professional tenants.
      10 E Mcdermott Drive, Allen, TX 75002
      View Details
    • $990,000

      Development-Ready Townhome Lots in Allen

      Six contiguous townhome lots in Allen, TX, ready for development.
      514 Toorpu Circle, Allen, TX 75002
      View Details
    • $380,000

      Residential Land in Shaddock Park

      Residential land in Allen, TX, ready for custom home.
      2255 Hermitage Drive, Allen, TX 75013
      View Details
    • $420,000
      1,420 SF

      New Office in Allen, Texas

      New 1420 SqFt office space in a desirable Allen location.
      1511 McDermott Drive #210, Allen, TX 75013
      View Details
    • $345,000

      Corner Development Land in CBD

      Approved corner lot in Allen’s downtown CBD with access from two streets and flexibility for multiple high-density uses.
      379 N Cedar Road, Allen, TX 75002
      View Details
    • Contact for pricing
      4,921 SF

      Retail/Office/Medical Space Available

      Versatile commercial space near Kroger, suitable for retail, office, or medical.
      1326 WEST MCDERMOTT DRIVE, Allen, TX 75013
      View Details
    • $1,671,650

      Specialty Commercial Site

      Specialty commercial site for sale on S Watters Road with approximately 1.05 acres for potential owner or investor use.
      610 S Watters Road, Allen, TX 75013
      View Details

    FAQs

    What type of property is this?
    Agricultural land / Farmland - Unincorporated 29-acre parcel with agricultural exemptions and strong road frontage near a proposed major development.
    Where is this agricultural land / farmland located?
    The property is located at CR-247 Road Allen, TX.
    What is the asking price?
    The asking price for this property is $5,800,000.
    What are key features of this property?
    This property features: 29‑acre unincorporated property in the southeast quadrant of Parker Road and N. Murphy Road; McWhirter Road frontage: 630' directly across from a large established home development; Property borders a proposed 241‑acre Southfork Ranch development by Centurion American Development Group
    (972) 442-7508
    We can help!
    Listing Contact
    Tom Cline
    Real Estate License ID: 0610484
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    CR-247 Road, Allen, TX 75002
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!