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Stephenville, known as the 'Cowboy Capital of the World', has become a very popular 'hot spot' where everyone wants to live. Investors should seize this 'once-in-a-lifetime' opportunity to purchase the only substantial parcel of land available, zoned R3 multi-family, conveniently located on the same block as the City Park and within a mile of one of Texas' fastest-growing universities, Tarleton State University—a member of the Texas A&M University System—that has recently broadened its campus in Fort Worth. This expansion has created a surge in population growth in the college town, along with a major housing shortage and surge in rental prices as new students, faculty, and staff annually seek housing. Tarleton State has recorded unprecedented enrollment growth for five consecutive years, reaching around 18,000 students in fall 2024, marking a 45% increase since 2019. A U.S. Census indicates that approximately 54% of Stephenville's population are renters, facing a high vacancy rate. For investors, this translates to potential cash flow! Also, within walking distance lies the quaint town square, that features the Courthouse built in 1892, historical buildings, diverse businesses, restaurants, cafes, boutiques, shops, museums, and historical sites. The Bosque River Trail, a trail for walking, hiking, and biking, follows the north bank of the Bosque River. Spanning approximately 1.5 miles, it links the downtown to the City Park. The property spans 4.201 acres, comprising two parcels with 484 feet of frontage on Alexander Road. Its topography is level to gently rolling, dotted with mature oak trees, making it ideal for various residential developments in a parklike environment with Bosque River views, and convenient access to the City Park and trails. Developers have a unique chance to capitalize on an incredible location with a broad tenant base, and a city experiencing a surge in housing demand, all at an exceptionally competitive price.PROPERTY FEATURES
Horse Permitted : YES
Horse Amenities : Arena,Barn(s)
Vegetation : Cleared
Number Of Wells : 1
Utilities : All Weather Road,Asphalt,Cable Available,City Sewer,City Water,Co-op Electric,Curbs,Electricity Available,Electricity Connected,Sewer Available,Well
Easements : Utilities,Other
Community Features: Jogging Path/Bike Path,Playground
Lot Features : Acreage,Cleared,Few Trees,Level,Many Trees,Park View,Pasture,Rolling Slope
Road Surface Type : Asphalt,Concrete
Road Frontage Type : City Street,Curbs/Gutters
Current Use : Agricultural,Multi-Family,Pasture,Residential,Single Family,Unimproved
Possible Use : Agricultural,Cattle,Dairy,Development,Equine,Horses,Investment,Livestock,Mixed Use,Multi-Family,Pasture,Ranch,Residential,Single Family,Subdevelopment
Other Structures : Arena,Barn(s),Outbuilding,Residence,Second Garage,Storage
Special Notes : Flowage Easement,Verify Rollback Tax,Verify Tax Exemptions
Zoning Description : R3, Multi-Family
Title Company Preferred: Cross Timbers Title
PROPERTY DETAILS
Street Address: 601 Alexander Road
City: Stephenville
State: Texas
Postal Code: 76401
County: Erath
MLS Number: 20784542
Year Built: 1924
Courtesy of Keller Williams Heritage West
City: Stephenville
State: Texas
Postal Code: 76401
County: Erath
MLS Number: 20784542
Year Built: 1924
Courtesy of Keller Williams Heritage West
Courtesy of BROOKS LAND GALLERY, INC.
