Lockhart Land for Sale - Caldwell County
RICING AND STRUCTURE
Combined list price of $1,899,997 for 53.45 acres, or approximately $35,547 per acre.
North tract, 27.46 acres, listed at $700,000, approximately $25,492 per acre. Reduced 30 percent from an original list of $999,997.
South tract, 25.99 acres, listed at $1,199,997, approximately $46,171 per acre. Reduced 20 percent from an original list of $1,499,997.
Both tracts are available individually. The seller is open to a package structure for the combined assemblage and will consider offers on that basis. A package number depends on the structure proposed: cash versus financed, closing timeline, feasibility period length, earnest money, and whether any seller participation is required. Contact the listing broker to discuss terms.
THE BASIS ARGUMENT
The north tract alone prices at $25,492 per acre. A buyer acquiring the full assemblage and allocating fair value to the income stream at an 8 percent capitalization rate arrives at an implied residual land basis of roughly $25,350 per acre across all 53.45 acres.
Stated plainly: a package buyer acquires 26 additional acres, approximately 740 feet of highway frontage, a second pond, and an operating rental business at approximately the same per acre land basis as the vacant tract standing alone.
INCOME IN PLACE
The south tract operates 11 income units: five site built homes, a two unit duplex, and four rented lots.
Scheduled gross monthly income is $7,990, or $95,880 annually. That figure comprises $7,280 in base rent plus $660 in trash, water, and propane reimbursements and $50 in RV storage.
Per the seller's operating statement, net income before repairs and management runs approximately $3,632 monthly, or $43,594 annually, after owner paid water of $622, trash of $620, prorated taxes of $1,859, and prorated insurance of $1,256.
Two units are currently vacant, representing approximately $20,160 in annualized lease up upside for an operator willing to stabilize. Tenancy across the occupied units is notably long, with several move in dates predating 2016 and one dating to 1997.
A full rent roll, unit by unit income detail, and expense statement are available to qualified buyers on request.
CARRY ECONOMICS
Combined 2025 property taxes across all four parcels total approximately $22,351. The south tract's three parcels carry $22,308.91, while the north tract's agricultural valuation carries $41.84.
Scheduled gross rents of $95,880 cover combined annual property taxes roughly 4.3 times over. For a buyer entitling highway frontage over a multi year horizon, this materially changes the hold economics relative to a comparable raw land position where the carry is a pure cost.
VALUE ADD OBSERVATIONS
Beyond the two vacancies, utility reimbursements presently run $660 monthly against $1,242 in owner paid water and trash, a monthly shortfall of $582. Restructuring leases to full pass through represents a straightforward operational improvement for an incoming owner.
PARCEL STRUCTURE
Four separate tax parcels total across the assemblage, three on the south tract and one on the north. This permits a buyer to phase development, finance parcels independently, place different uses on different parcels, or divest a portion, in each case without first pursuing a subdivision plat.
DUE DILIGENCE
The seller and listing broker encourage thorough verification. Items a buyer should confirm include:
Jurisdictional and ETJ status with Caldwell County and the City of Lockhart. Caldwell County subdivision, platting, and development ordinance requirements. Recorded deed restrictions through the title commitment, which are the operative use limitation on unzoned Texas land. Agricultural rollback exposure on the north tract, which under Texas law covers the three years preceding a change in use plus interest. FEMA floodplain boundaries on both tracts given the pond features and sloping topography. On site sewage facility capacity for any intensified use, noting the existing septic was sized for current improvements only. Water and electric capacity for an intensified use, including meter sizing and any required upsizing. TxDOT driveway permit requirements for new commercial access on Hwy 183, including any deceleration or turn lane improvements. Manufactured housing and RV park titling, installation, and licensing compliance through TDHCA. Structural condition of the 1978 vintage improvements. A Phase I environmental site assessment is recommended on both tracts given agricultural history. A current on the ground boundary and topographic survey is recommended across the assemblage.
Site access is available for buyers, civil engineers, and contractors with reasonable notice. The listing broker can also provide referrals to civil engineers, surveyors, environmental consultants, and land use attorneys who work regularly in Caldwell County.
DAYS ON MARKET
Both tracts have been listed for approximately one year and have each taken two price reductions. The seller is engaged and responsive to structured offers.