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

    21.74 Acres FM 937, Groesbeck, TX 76642

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    Claim this Listing
    Pending
    $249,000

    LAND - Groesbeck, TX

    Lot size:
    21.74 Acres
    Added:
    May 20, 2026
    Days on Market:
    15
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for 21.74 Acres FM 937

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    R41324
    Lot size
    21.74 Acres

    Taxes and HOA fees

    Tax Description
    Approximately 21 Acres out of 30.508 Acres, A. Var
    Tax Annual Amount
    6950

    We can help!

    Listing Contact
    Kara McLelland
    Kara McLelland

    Listing agent Kara McLelland License #0587384

    Listing office Realty Plus - Groesbeck Groesbeck, TX

    Listing date May 20, 2026

    MLS# 21049906

    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

    • 21.74‑acre property just outside Groesbeck TX city limits, with road frontage on two sides
    • Approx. 700 ft of frontage on FM 937 and approx. 1400 ft of frontage on LCR 783
    • Flat to very gently rolling topography with a small seasonal creek and a few large mature oak trees
    • Open pasture currently used for cattle and hay production, with barbed wire fencing on three sides
    • City water and electricity available nearby; natural gas also close by (buyer to verify availability and cost)
    • Active agriculture exemption for low property taxes; includes covered storage area and sturdy cattle pens

    Overview

    Offered for sale is a 21.74-acre agricultural land tract on the south end of Groesbeck, Texas, just outside and adjacent to the city limits and the McLelland Addition. The property features flat to very gently rolling topography with a small seasonal creek along one side and a few large mature oak trees. Currently used as open pasture for cattle and hay production, it includes barbed wire fencing on three sides, a covered storage area, and sturdy cattle pens, and it remains under an active agriculture exemption for low property taxes.

    The site has road frontage on two sides, including approximately 700 feet on FM 937 and about 1,400 feet on LCR 783. City water and electricity are close by, and natural gas is also nearby; however, availability and cost of service connections should be verified. Well water is typically considered good and reliable in the area. Some basic deed restrictions may apply to protect adjacent property owners.

    This property offers flexible options for buyers seeking a residential home-site or multiple home-sites, as well as potential for residential development or a number of commercial uses, supported by the extended road frontage and current improvements for agricultural operations. Whether you plan to continue cattle and hay production or position the land for future growth, the configuration and access points provide a practical foundation for many end-user scenarios.
    Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Groesbeck
    County
    Limestone
    State
    Texas
    Longitude
    -96.5210265
    Latitude
    31.5050479

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    FAQs

    What type of property is this?
    Ranch - A 21.74-acre tract with dual frontage, open pasture, and utilities nearby, suited to development or continued agricultural use.
    Where is this ranch located?
    The property is located at 21.74 Acres FM 937 Groesbeck, TX.
    What is the asking price?
    The asking price for this property is $249,000.
    What are key features of this property?
    This property features: 21.74‑acre property just outside Groesbeck TX city limits, with road frontage on two sides; Approx. 700 ft of frontage on FM 937 and approx. 1400 ft of frontage on LCR 783; Flat to very gently rolling topography with a small seasonal creek and a few large mature oak trees
    (254) 729-5555
    We can help!
    Listing Contact
    Kara McLelland
    Kara McLelland
    Real Estate License ID: 0587384
    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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