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    Elevated Waterfront Homesite with Views Title is generated by Realmo AI

    E Hells Gate Drive lot 285, Graford, TX 76449

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    Claim this Listing
    For Sale
    $490,000

    LAND - Possum Kingdom Lake, TX

    Lot size:
    0.73 Acres
    Added:
    Apr 30, 2026
    Days on Market:
    37
    Last Refresh:
    Jun 5 at 4:06 pm

    Property Features for E Hells Gate Drive lot 285

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Cleared
    Standard status
    Active
    APN
    568117
    Lot size
    0.73 Acres

    Taxes and HOA fees

    Tax Description
    ACRES: 0.725 GAINES BEND PK LAKE BLK 1 LOT 28
    Tax Annual Amount
    5357

    Utilities

    Water front features
    Lake Front, Waterfront
    Water front
    1

    We can help!

    Listing Contact
    Jonathan Fowler
    Jonathan Fowler

    Listing agent Jonathan Fowler License #0445901

    Listing office Possum Kingdom Real Estate Graford, TX

    Listing date Apr 30, 2026

    MLS# 20921149 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

    • Cliffside, elevated lakefront homesite overlooking Hells Gate Cove on Possum Kingdom Lake
    • Panoramic views of Hells Gate Cove, including dual lake views from the property
    • Waterfront features include lake front and waterfront access
    • Owner access to a private boat launch and day slips
    • Full‑time boat slips available for lease at a nearby marina

    Overview

    This elevated, cliffside waterfront homesite is positioned to capture panoramic views of Hells Gate Cove in Gaines Bend on Possum Kingdom Lake, with the opportunity for dual lake views from even ground level. Designed for a custom build, the property’s height and sightlines make it well suited for outdoor entertaining such as lake-facing patios, along with features like an infinity pool. Set up as a private lake retreat, the lot offers the kind of backdrop that supports a luxury estate getaway and a high-end vacation home plan.

    The property is located within one of the premier gated communities at Possum Kingdom Lake, with minimal building restrictions. Owners can access a private boat launch and day slips, and full-time boat slips are available for lease at a nearby marina. For buyers prioritizing a quieter, controlled-access environment with direct lake amenities, this homesite offers a compelling combination of privacy and convenience.

    For investors and second-home buyers, the combination of elevated lake views and on-site boating access can support both lifestyle enjoyment and long-term desirability. For full-time residents, the gated setting and private launch access provide a practical foundation for building a custom home oriented around the lake. This is a strong fit for anyone seeking a rare, view-focused waterfront lot with boating access built into the ownership experience.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Graford
    County
    Palo Pinto
    State
    Texas
    Longitude
    -98.462326
    Latitude
    32.852651

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    FAQs

    What type of property is this?
    Waterfront Land - Premium cliffside lot in a gated lake community with panoramic dual cove views and private boating access.
    Where is this waterfront land located?
    The property is located at E Hells Gate Drive lot 285 Graford, TX.
    What is the asking price?
    The asking price for this property is $490,000.
    What are key features of this property?
    This property features: Cliffside, elevated lakefront homesite overlooking Hells Gate Cove on Possum Kingdom Lake; Panoramic views of Hells Gate Cove, including dual lake views from the property; Waterfront features include lake front and waterfront access
    (940) 328-5528
    We can help!
    Listing Contact
    Jonathan Fowler
    Jonathan Fowler
    Real Estate License ID: 0445901
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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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