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    Agricultural Land with Long Road Frontage Title is generated by Realmo AI

    FM 697, Sherman, TX 75090

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    Claim this Listing
    For Sale
    Under Contract
    $15,206,000

    LAND - Sherman, TX

    Lot size:
    587.00 Acres
    Added:
    Mar 6, 2026
    Days on Market:
    89
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for FM 697

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Cleared, Grassed, Wooded
    Standard status
    Active Under Contract
    APN
    125926
    Lot size
    587.00 Acres

    We can help!

    Listing Contact
    Terrin Bertholf

    Listing agent Terrin Bertholf License #0649544

    Listing office Bertholf Commercial Real Estate Denison, TX

    Listing date Mar 6, 2026

    MLS# 21172748 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

    • 587 acres in Sherman, TX within 5 miles of US Hwy 75, Hwy 82, and downtown Sherman
    • Approximately 11,000 ft of road frontage and borders three roads: FM 697 (on two sides), JP Cave Rd, and Independence Springs
    • Sherman ISD; land is partially in Sherman's ETJ and partially in the County
    • Utilities in place nearby: water and sewer are roughly 2 miles to the west; water CCN includes Pink Hill water CCN (partial) and Sherman water CCN (partial); Sherman sewer CCN (full)
    • Gentle topography across most of the property, with some flood plain along the southern border
    • Minimal easements; agriculturally assessed

    Overview

    An opportunity to acquire 587 acres of agricultural land with approximately 11,000 feet of road frontage. The property features gentle topography across the majority of the site, with a flood plain located along the very south border. There are minimal easements, and the land is agriculturally assessed. It is served by Sherman's sewer CCN, and water service is split between Pink Hill water CCN and Sherman's water CCN.

    The land is located in Sherman, Texas within 5 miles of US Hwy 75, Hwy 82, and downtown Sherman. Access and boundaries include FM 697 on two sides, with frontage and/or bordering along JP Cave Rd and Independence Springs.

    This site may appeal to buyers seeking a sizeable tract for agricultural use, particularly given its current agricultural assessment and largely gentle terrain. The presence of a limited flood plain area on the south edge should be considered for planning. With the property partially within Sherman’s ETJ and partially in the County, as well as utilities described as roughly 2 miles to the west, it offers flexibility for owners evaluating long-range development versus maintaining agricultural operations.
    Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Map

    City
    Sherman
    County
    Grayson
    State
    Texas
    Longitude
    -96.533697
    Latitude
    33.6123008

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - Expansive farmland with extensive road frontage, gentle terrain, and utility access for continued agriculture or long-term development planning.
    Where is this agricultural land / farmland located?
    The property is located at FM 697 Sherman, TX.
    What is the asking price?
    The asking price for this property is $15,206,000.
    What are key features of this property?
    This property features: 587 acres in Sherman, TX within 5 miles of US Hwy 75, Hwy 82, and downtown Sherman; Approximately 11,000 ft of road frontage and borders three roads: FM 697 (on two sides), JP Cave Rd, and Independence Springs; Sherman ISD; land is partially in Sherman's ETJ and partially in the County
    (903) 267-1573
    We can help!
    Listing Contact
    Terrin Bertholf
    Real Estate License ID: 0649544
    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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