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    106 Park Rd Wolfforth, TX 79382

    • Land
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 106 Park Rd

    Property type
    Land

    Description

    This exceptional 50+/- acre commercial land parcel presents a unique investment opportunity in the rapidly growing city of Wolfforth, Texas. Located at 106 Park Rd, 79382, this irregularly shaped tract boasts frontage on two roads (approximately 62 to 82 feet). Its strategic location offers easy access to State Road 193 and FM 179 (Dowden Rd), providing excellent connectivity. The property enjoys a desirable setting overlooking Patterson Park and its lake, situated conveniently near Frenship High School. This prime location is further enhanced by the availability of city water and sewer services

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Wolfforth
    County
    Lubbock
    State
    Texas
    Longitude
    -102.006
    Latitude
    33.51

    Comparable in this City

    • Value Estimation by Request
      24.00 Acres

      12034 And Fm 1585

      Land • 24.00 Acres
      12034 And Fm 1585, Wolfforth, TX 79382
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    • Value Estimation by Request
      9.79 Acres

      9410 Fm 1585

      Land • 9.79 Acres
      9410 Fm 1585, Wolfforth, TX 79382
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    • Value Estimation by Request
      24.98 Acres

      6602 Fm 179

      Land • 24.98 Acres
      6602 Fm 179, Wolfforth, TX 79382
      View Details
    • Value Estimation by Request
      3.45 Acres

      1500 Dowden Rd

      Land • 3.45 Acres
      1500 Dowden Rd, Wolfforth, TX 79382
      View Details
    • Value Estimation by Request
      6.00 Acres

      13105 Fm 179

      Land • 6.00 Acres
      13105 Fm 179, Wolfforth, TX 79382
      View Details
    • Value Estimation by Request

      Inler Ave

      Land
      0 Inler Ave, Wolfforth, TX 79382
      View Details

    Similar Nearby for Sale

    • $2,400,000
      9.79 Acres

      Wolfforth Development Land - 9.79 Acres

      Prime Commercial Land, High Visibility
      9410 Fm 1585, Wolfforth, TX 79382
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    • $3,754,045
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      Legend Hills Commercial Tract

      24.98 Acres, Wolfforth, TX
      6602 Fm 179, Wolfforth, TX 79382
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    • $1,986,336
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      Wolfforth Commercial Land - 24 Acres

      Prime Texas development land, excellent investment.
      12034 And Fm 1585, Wolfforth, TX 79382
      View Details
    • $2,831,276
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      Loop 88 Frontage Commercial Land

      6.84 Acres, Prime Wolfforth Location
      10025 Wolfforth Tx, Wolfforth, TX 79382
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    • $1,127,115
      3.45 Acres

      Wolfforth Commercial Land - 3.45 Acres

      Prime Commercial Tract in Growing Wolfforth
      0 Dowden Rd, Wolfforth, TX 79382
      View Details
    • $250,000
      1.89 Acres

      Wolfforth Multi-Family Land

      1.88 Acres, Multi-Family Zoning, Lubbock, TX
      7100 Alcove Ave, Lubbock, TX 79382
      View Details

    Similar Nearby for Lease

    • $1,300 /Mo
      2,000 SF

      Wolfforth Retail or Storage Space

      2000 sqft retail or storage space for lease.
      10614 Private Road 1310, Wolfforth, TX 79382
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    • $750 /Mo
      1,000 SF

      Wolfforth Shop or Storage Space

      1000 sqft shop/storage space with bathroom for lease.
      10614 Private Road 1310, Wolfforth, TX 79382
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    • $1,800 /Mo
      1,919 SF

      Wolfforth Retail Space Available

      Former convenience store, potential restaurant space for lease in Wolfforth.
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    • $12 SF/Yr
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      Wolfforth Industrial Warehouse For Sale

      4,800 SF Warehouse, 1.31 Acres
      11510 Private Rd 7440, Wolfforth, TX 79382
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    • Contact for pricing
      4,550 SF

      Garden Offices: West Lubbock

      Brand new Class A office suites, flexible space.
      6905 Alcove Ave, Lubbock, TX 79382
      View Details
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    106 Park Rd
    Wolfforth, TX 79382
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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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