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    Gated Waterfront Homesite Lot Title is generated by Realmo AI

    Polaris Drive lot 390, Corsicana, TX 75109

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    For Sale
    $70,000

    LAND - Corsicana, TX

    Lot size:
    1.14 Acres
    Added:
    May 28, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 10:06 am

    Property Features for Polaris Drive lot 390

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Cleared
    Standard status
    Active
    APN
    64142
    Lot size
    1.14 Acres

    Taxes and HOA fees

    Tax Description
    T0077.04 THE SHORES ON RICHLAND CHAMBERS LAKE
    Tax Annual Amount
    768

    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# 21142603 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

    • 1.1410‑acre cleared interior residential lot in The Shores on Richland Chambers Lake (gated community) in Corsicana, TX.
    • 130 feet of road frontage on a quiet paved private road with level topography.
    • Utilities installed at the road, including electric, water, and underground utilities.
    • Navarro County location outside city limits; zoned residential with deed restrictions and architectural guidelines.
    • Community amenities include a private marina, boat ramp, fishing pier, community dock, clubhouse, fitness center, swimming pool, parks, and gated entrance.

    Overview

    This cleared interior waterfront lot is offered as an unimproved homesite in The Shores on Richland Chambers Lake. The property features level topography and 130 feet of road frontage, positioned on a quiet paved private road. Utilities are installed at the road, including electric and water, along with underground utilities, giving you a practical path to begin planning and building.

    The Shores is a gated waterfront community in Corsicana, Texas, located outside city limits in Navarro County and zoned for residential use. The lot is situated just minutes from Richland Chambers Lake, supporting easy access to boating, fishing, and other lake recreation.

    With deed restrictions and architectural guidelines in place, the community is designed to help protect long-term value while preserving a peaceful lake-living environment. This site is a strong fit for buyers seeking a residential building location for a single-family custom home or a weekend lake retreat, including those looking for a second-home or future retirement setting in an amenity-rich neighborhood.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Corsicana
    County
    Navarro
    State
    Texas
    Longitude
    -96.3417
    Latitude
    32.0533

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    FAQs

    What type of property is this?
    Waterfront Land - Cleared interior lot in a gated lake community with utilities at the road and substantial road frontage for a custom home.
    Where is this waterfront land located?
    The property is located at Polaris Drive lot 390 Corsicana, TX.
    What is the asking price?
    The asking price for this property is $70,000.
    What are key features of this property?
    This property features: 1.1410‑acre cleared interior residential lot in The Shores on Richland Chambers Lake (gated community) in Corsicana, TX.; 130 feet of road frontage on a quiet paved private road with level topography.; Utilities installed at the road, including electric, water, and underground utilities.
    (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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