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    Waterfront Gated Subdivision Lot Title is generated by Realmo AI

    Open Water Way lot 15, Streetman, TX 75859

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    Claim this Listing
    New
    For Sale
    $60,000

    LAND - Streetman, TX

    Lot size:
    1.02 Acres
    Added:
    May 28, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for Open Water Way lot 15

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Grassed, Cleared
    Standard status
    Active
    APN
    66194
    Lot size
    1.02 Acres

    Taxes and HOA fees

    Tax Description
    S0470 SOUTHPOINT ON RICHLAND CHAMBERS LAKE LO
    Tax Annual Amount
    780

    We can help!

    Listing Contact
    Julie Teel

    Listing agent Julie Teel License #0380798

    Listing office RE/MAX Lakeside Dreams Corsicana, TX

    Listing date May 28, 2026

    MLS# 21053773 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

    • 1.016‑acre lot in the Southpoint subdivision on Richland Chambers Lake.
    • Located in a gated subdivision.
    • Southpoint amenities include a community swimming pool and a covered pavilion for gatherings.
    • Private boat ramp provides quick access to Richland Chambers Lake.
    • Minimum building requirements: 1,600 SF for a one‑story home and 2,000 SF for a two‑story home.
    • Richland Chambers Lake is the third‑largest lake in Texas.

    Overview

    A 1.016-acre waterfront lot in the Southpoint subdivision on Richland Chambers Lake offers space to design and build a lake home. The property is positioned within a gated community environment and is supported by minimum building requirements of 1,600 square feet for a one-story home and 2,000 square feet for a two-story home.

    Southpoint provides resident-focused amenities for water recreation and gatherings, including a community swimming pool, a covered pavilion, and a private boat ramp for quick access to Richland Chambers Lake. The setting is described as peaceful, with a well cared for neighborhood and an emphasis on maintaining community value. Street access is provided via Open Water Way.

    This lot is well suited for buyers looking to own a larger waterfront parcel to accommodate a custom build in a community built around boating, fishing, and time on the lake. The combination of gated oversight and on-site lake access amenities makes it an attractive option for primary residences, weekend retreats, or owner-occupied lake homes where daily convenience matters.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Streetman
    County
    Freestone
    State
    Texas
    Longitude
    -96.24714805
    Latitude
    31.94955457

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    FAQs

    What type of property is this?
    Waterfront Land - Build a lakeside home in a gated Southpoint community with access to a private boat ramp and shared recreational amenities.
    Where is this waterfront land located?
    The property is located at Open Water Way lot 15 Streetman, TX.
    What is the asking price?
    The asking price for this property is $60,000.
    What are key features of this property?
    This property features: 1.016‑acre lot in the Southpoint subdivision on Richland Chambers Lake.; Located in a gated subdivision.; Southpoint amenities include a community swimming pool and a covered pavilion for gatherings.
    (903) 874-0001
    We can help!
    Listing Contact
    Julie Teel
    Real Estate License ID: 0380798
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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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