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    Platted Land in Residential-Agricultural Community Title is generated by Realmo AI

    P2L15 County Road 463, Mexia, TX 76667

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    For Sale
    $63,900

    LAND - Mexia, TX

    Lot size:
    3.43 Acres
    Added:
    Mar 31, 2026
    Days on Market:
    66
    Last Refresh:
    Jun 4 at 9:06 am

    Property Features for P2L15 County Road 463

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    R138361
    Lot size
    3.43 Acres

    Taxes and HOA fees

    Tax Description
    MURPHY'S DAIRY SUBDIVISION - PHASE 2 LOT 015
    Tax Annual Amount
    7

    We can help!

    Listing Contact
    Xing Gao

    Listing agent Xing Gao License #0822975

    Listing office Central Metro Realty Austin, TX

    Listing date Mar 31, 2026

    MLS# 21207115 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

    • Newly platted Murphy's Dairy Subdivision with spacious 3‑acre+ lots ready for development
    • Each lot has been perc‑tested and offers a flat, build‑ready site
    • Includes a newly engineered 6,200‑foot private road
    • Pre‑paid electric service includes an $8,400 credit for line extension for new property owners
    • Water tap fees are $850, with low tap fees to activate the water meter for service
    • Approved for conventional or aerobic septic systems; infrastructure completion expected by summer 2024

    Overview

    The newly platted Murphy's Dairy Subdivision offers residential and agricultural living on spacious 3-acre+ lots. Each lot is perc-tested and includes a flat, build-ready site suitable for development. The community is being served by a newly engineered 6,200-foot private road, and utilities are positioned to support new construction with pre-paid electric service that includes an $8,400 credit for line extension into a new owner’s lot. Water service is supported by low tap fees, listed at $850 to activate a water meter. Septic is approved for conventional or aerobic systems, helping streamline planning for residential use.

    Located in Mexia, Texas within Limestone County, the subdivision is designed around a peaceful, semi-rural lifestyle with reported excellent cell coverage. Light covenants are in place to help protect property values, and the development is intended to support a mix of uses, including residential, ranching, or agricultural activity.

    For buyers looking to build a home with room for animals or ongoing agricultural use, these lots provide practical groundwork and permitted septic pathways. As infrastructure completion is expected by summer 2024, purchasers can plan their timeline with the community’s ongoing buildout in mind.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Mexia
    County
    Limestone
    State
    Texas
    Longitude
    -96.51724333
    Latitude
    31.63598499

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    FAQs

    What type of property is this?
    Residential land & home lot - Perc-tested, flat lots in a newly platted subdivision with private-road access and straightforward utility readiness for future homes.
    Where is this residential land & home lot located?
    The property is located at P2L15 County Road 463 Mexia, TX.
    What is the asking price?
    The asking price for this property is $63,900.
    What are key features of this property?
    This property features: Newly platted Murphy's Dairy Subdivision with spacious 3‑acre+ lots ready for development; Each lot has been perc‑tested and offers a flat, build‑ready site; Includes a newly engineered 6,200‑foot private road
    (512) 454-6873
    We can help!
    Listing Contact
    Xing Gao
    Real Estate License ID: 0822975
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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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