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    Residential Lot in Oak Point, TX Title is generated by Realmo AI

    McCormick Road, Oak Point, TX 75068

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    Claim this Listing
    For Sale
    $511,000

    LAND - Oak Point, TX

    Lot size:
    2.55 Acres
    Added:
    May 17, 2026
    Days on Market:
    17
    Last Refresh:
    Jun 2 at 7:06 pm

    Property Features for McCormick Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    3928
    Lot size
    2.55 Acres

    Taxes and HOA fees

    Tax Description
    A0331A G. W. DANIEL, TR 10, 2.554 ACRES, OLD

    Utilities

    Sewer type
    Aerobic Septic

    We can help!

    Listing Contact
    VR Puttagunta

    Listing agent VR Puttagunta License #0711995

    Listing office PV2 Properties LLC Frisco, TX

    Listing date May 17, 2026

    MLS# 21251413 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

    • Large 2.55‑acre residential lot suitable for custom home construction
    • Potential for two residential dwellings based on city planning information
    • Prime location near Denton, Little Elm, and Lake Lewisville
    • Convenient access to US‑380 and FM 720 shopping, dining, and entertainment
    • Deep lot configuration with mature trees offering privacy and versatility
    • Ideal for multi‑generational living or dual‑residence setup

    Overview

    This 2.55-acre residential lot in Oak Point, Texas, offers an opportunity for flexible residential use. The property has the potential for two separate homes. The deep lot configuration includes mature trees and ample space for private driveways, custom home construction, workshops, outdoor living, or recreational amenities. The property offers privacy, versatility, and room for a customized residential retreat. The location is near the Polo Club, Lake Lewisville, and major shopping, dining, and entertainment along US-380 and FM 720. The property is positioned within one of North Texas’ fastest-growing areas, presenting an opportunity for builders, investors, or buyers seeking acreage living with convenient access to city amenities. It is located near Denton and Little Elm. The property may be suitable for multi-generational living, guest accommodations, or a dual-residence setup.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Oak Point
    County
    Denton
    State
    Texas
    Longitude
    -96.9896649
    Latitude
    33.1905646

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    FAQs

    What type of property is this?
    Residential land & home lot - 2.55-acre residential lot near Lake Lewisville and major amenities.
    Where is this residential land & home lot located?
    The property is located at McCormick Road Oak Point, TX.
    What is the asking price?
    The asking price for this property is $511,000.
    What are key features of this property?
    This property features: Large 2.55‑acre residential lot suitable for custom home construction; Potential for two residential dwellings based on city planning information; Prime location near Denton, Little Elm, and Lake Lewisville
    (210) 913-7657
    We can help!
    Listing Contact
    VR Puttagunta
    Real Estate License ID: 0711995
    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.

    More about this property
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