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    8-Acre Tract on FM 3247 Title is generated by Realmo AI

    Farm to Market Rd 3247, Orange, TX

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    8-acre commercial land with high visibility and easy access.

    Type:LAND
    Lot size:
    8.02 Acres
    Added:
    Jan 27, 2025
    Days on Market:
    482
    Last Refresh:
    Apr 5 at 8:43 pm

    Property Features for Farm to Market Rd 3247

    General Information

    Standard status
    Active
    Lot size
    8.02 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    J Milton Prewitt, SIOR

    Listing agent J Milton Prewitt, SIOR

    Listing office J.M. Prewitt Company

    Listing date Jan 27, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of J.M. Prewitt Company

    HighLights

    • High traffic counts on Interstate 10 (over 50,000 vehicles daily) and Martin Luther King Drive (FM 3247) (approximately 9,000 vehicles daily) offer exceptional visibility.
    • Excellent accessibility, located only 290 +\/- feet north of Interstate 10.
    • The 8.024 +\/- acre tract provides ample space for development.
    • 690 +\/- feet of frontage on Martin Luther King Drive (FM 3247).
    • Centrally located near major roadways: 0.9 +\/- miles North of Highway 90, 2.3 +\/- Miles West of 16th Street, and 2.3 +\/- Miles East of Highway 62.
    • Suitable for a variety of developments including apartments, church, medical facility, retail center, service/warehouse facilities, or school (subject to zoning verification).

    Overview

    This 8.024 +/- acre tract features approximately 690 feet of frontage on Martin Luther King Drive (FM 3247). The property is centrally located, highly visible, and easily accessible. It is situated approximately 290 feet north of Interstate 10, 0.9 miles north of Highway 90, 2.3 miles west of 16th Street, and 2.3 miles east of Highway 62. Traffic counts from TXDOT (2023) indicate the following: Interstate 10 east of MLK (FM 3247) has 52,506 vehicles, Interstate 10 west of MLK (FM 3247) has 57,820 vehicles, MLK (FM 3247) north of Interstate 10 has 8,886 vehicles, and MLK (FM 3247) south of Interstate 10 has 9,132 vehicles. The property is zoned Interstate Development Corridor. Potential uses include apartments, a church, a medical facility, a retail center, service or warehouse facilities, or a school. Buyers or tenants should verify the zoning of the property and confirm with the City that their intended use complies with the City Zoning Ordinance.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Orange
    County
    Orange
    State
    Texas
    Longitude
    -93.8672
    Latitude
    30.0675

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    FAQs

    What type of property is this?
    Land - 8-acre commercial land with high visibility and easy access.
    Where is this land located?
    The property is located at Farm to Market Rd 3247 Orange, TX.
    What is the asking price?
    The asking price for this property is $1,825,000.
    What are key features of this property?
    This property features: High traffic counts on Interstate 10 (over 50,000 vehicles daily) and Martin Luther King Drive (FM 3247) (approximately 9,000 vehicles daily) offer exceptional visibility.; Excellent accessibility, located only 290 +\/- feet north of Interstate 10.; The 8.024 +\/- acre tract provides ample space for development.
    (409) 658-1189 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    J Milton Prewitt, SIOR
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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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