3990 Luella Road

About this home

Rare acreage investment and renovation opportunity in Sherman, Texas. Situated on approximately 3.21 acres in Grayson County, this distinctive two-level 1930 structure offers substantial space, soaring ceilings and a flexible open layout ready for a complete transformation. The upper level features a large open room with impressive ceiling height, while the lower level was previously used as workspace and storage. The property is being sold strictly as-is for cash and requires extensive renovation. Known conditions include roof and moisture damage, deteriorated sheetrock, no central HVAC and deferred maintenance. The building and grounds contain personal property that may remain at closing. Buyers should perform independent inspections and verify square footage, condition, utilities, permitted uses and insurability. With direct frontage on Luella Road and convenient access to Sherman, Tom Bean, Howe and the expanding US-75 employment corridor, this property may appeal to investors, contractors, preservation-minded buyers or anyone seeking a unique acreage redevelopment project. Potential for residential renovation, adaptive reuse or subdivision should be independently verified with Grayson County and any other applicable authorities. Public water and septic are reported but must be confirmed by the buyer. Bring your vision to this one-of-a-kind Grayson County investment property.

Schools

Elementary

Tom Bean

Middle

Tom Bean

High

Tom Bean

School assignments per NTREIS. Confirm current attendance zones with the district before relying on them.

Property details

MLS #

21373557

Property Type

Residential

Status

For Sale

County

Grayson

Subdivision

G-1300

Lot Size

3.21 acres

HOA Dues

None

Annual Taxes

$3,059

Days on Market

New (0 days)

Listed

Aug 31, 2026

Price per Sqft

$64