39
Map
406,408,410 State School Road
About This Property
406, 408 and 410 State School Road (Lutterloh) Gatesville TX
Approximately 400 acres in Coryell County, currently operated as a high-protein hay farm. Imagine planning your hay season without the usual worry about water. THREE IRRIGATION PIVOTS USE RECLAIMED WATER PROVIDED BY THE CITY OF GATESVILLE. Contact the listing agent for full details on how the water arrangement works.
The farm averages four to six cuttings per year, with reported annual production of approximately 30,000 plus bales and 250 rolls plus. The property includes two houses: a main home of approximately 3,300 square feet that is being renovated, plus a second home suitable for a ranch hand.
The land is fenced and cross-fenced, with new electric fencing installed throughout the ranch. Mature Oak Trees are scattered throughout the property, along with a wet weather pond and a managed Whitetail Deer Herd, adding recreational and hutting appeal to this productive agricultural property. Cattle chutes and other farm improvements support the operation. Select farm equipment, tractors will convey with others being negotiable, contact the agent for details. The property currently has an agricultural exemption and no city taxes.
Listed By
Payment Calculator
Your Estimated Monthly Payment
Cap Rate Calculator
What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 30, 2026 | Listed by Axio Real Estate LLC | $6,095,000 | |
| Listed by Axio Real Estate LLC | |||
| Jan 17, 2023 | Sold | ||
| Sold | |||
| May 27, 2022 | Listed by Kelly, Realtors | $4,995,000 | |
| Listed by Kelly, Realtors | |||
| | |||
|
Assembled over many decades by a longtime member of the Gatesville community, the Harmony Hill Hay Ranch is a unique opportunity and one of the finest offering in the region. Numerous tracts were strategically assembled to provide superior farming while allowing flexibility for future development. The property has six access points to local streets and highways. The property is currently used for award-winning, high-protein hay production. Approximately 160 acres are covered with three irrigation pivots supplied by affluent water from Gatesville's municipal plant. City sewer runs throughout the property, and a city water line runs down State School Road. The property also has 3-phase power. This turn-key farm is complete with hay storage, tractors, and other farming equipment. There are two houses on the property. The hay operation generates approximately 30,000 bales of hay on just 160 acres. The rolling topography lends itself to a number of farming, recreational and development options. Deer and other wildlife are abundant along the creek and throughout the property. The property is just 45 minutes west of Waco, and centrally located between Dallas and Austin.
| |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017