480 Grandpa RD
About This Property
The property features a 2,061 sq ft manufactured home, only 2 years old, with 4 bedrooms and 2 bathrooms, along with a 40' x 20' covered outdoor kitchen designed for entertaining and everyday country living. A 1,200 sq ft workshop includes heating and cooling, foam insulation, a commercial sink, and a full bath, offering the perfect setup for a business, hobby space, or equipment storage.
Additional living spaces include a 1940-built cabin with 1.5 bedrooms and a full bath, as well as a newer duplex with two units, each equipped with kitchen facilities, full bath, and washer and dryer connections, providing excellent potential for guest housing, rental income, or multi-family living.
The land is thoughtfully improved with cross fencing for livestock, a corral, open pasture, mature trees, and a fishing pond, supporting a true Texas homestead lifestyle. Wildlife such as deer, dove, turkey, and hogs are commonly seen across the property. A quarter-mile crushed concrete road, multiple water outlets, and an 8-car carport add convenience and functionality.
This rare acreage property combines privacy, infrastructure, and income potential in one unique offering in growing Lockhart, Texas.
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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 |
|---|---|---|---|
| Apr 17, 2026 | In contract | - | |
| In contract | |||
| Mar 24, 2026 | Listed by Christie's Int'l Real Estate | $750,000 | |
| Listed by Christie's Int'l Real Estate | |||
| Jan 21, 2026 | Withdrawn | - | |
| Withdrawn | |||
| Dec 17, 2025 | Price Decreased |
$800,000
↓ $25K
(3%) | |
| Price Decreased | |||
| Sep 25, 2025 | Price Decreased |
$825,000
↓ $25K
(2.9%) | |
| Price Decreased | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017