One Lot. Two Completely Different Opportunities. The Colony, TX 75056.

Is there a home for sale in The Colony, TX near Lewisville Lake with investment or new build potential?

Yes — 4508 Bevily Dr in The Colony, TX 75056 sits on a 0.23-acre corner lot in a neighborhood where many surrounding homes are new builds priced at $1M or more. The home is move-in ready as a 3-bed, 2.5-bath updated property, and also represents a prime investment or teardown opportunity given the lot size and location near Lewisville Lake, Legacy West, and Grandscape.

Not Every Listing Speaks to Two Completely Different Buyers. This One Does.

Most listings have one story to tell. A move-in ready home for the right family, or a fixer-upper for the investor who sees potential. 4508 Bevily Dr in The Colony, TX is genuinely both — and that's not a hedge, it's just the reality of what this property offers.

The first story: a beautifully updated 3-bedroom, 2.5-bath home on a large corner lot in one of the most well-positioned zip codes in north DFW. Minutes from Lewisville Lake, walking distance to Legacy West and Grandscape, and priced to move.

The second story: one of the larger lots in the neighborhood at 0.23 acres — in a subdivision where surrounding homes are new construction priced at $1 million and up. The kind of lot that builders and investors look for because it doesn't come available often.

Which story resonates with you depends on where you are in your own journey. But both are worth understanding before someone else makes the call.

The Investment Case: A Large Lot in a Million-Dollar Neighborhood

Let's start with the lot, because that's where the investment story lives.

At 0.23 acres, this is one of the larger lots in the neighborhood. It's a corner lot, which opens up more flexibility from both a design and access standpoint. And the neighborhood around it has already moved upmarket — many of the surrounding properties are new builds priced at $1 million or more.

That context matters. When you're looking at a lot in a neighborhood where the surrounding comps have already crossed seven figures, the land itself carries real value. An investor or builder buying this property isn't speculating on whether the area will appreciate — the evidence is already built and occupied next door.

Teardown and New Build Potential

For buyers interested in building new, this lot offers a canvas that's increasingly difficult to find in established north DFW neighborhoods. The corner lot configuration and 0.23-acre footprint allow for a larger build footprint, and a two-story home with windows on the front elevation would capture lake views of Lewisville Lake — a feature that doesn't exist on the current structure but absolutely can on a custom rebuild.

Buyers considering this path should verify setback requirements and build feasibility with the City of The Colony before purchase, as local zoning regulations will govern what can be built on the lot.

Renovation Opportunity

Not every investor wants to build from scratch. If the plan is to update and reposition the existing property, the bones are already there — a 3-bed, 2.5-bath layout on a premium lot in a neighborhood that has room to grow into. A strategic renovation here, particularly one that adds a second story with lake-facing windows, would produce a materially different product at the end.

According to NAR's Remodeling Impact report, strategic renovations in high-demand neighborhoods consistently return strong value — especially when the lot and location support a higher price point than the current structure reflects.

The Move-In Ready Case: Updated Home, Unbeatable Location

Now for the other buyer — the one who isn't thinking about teardowns or renovations, and just wants a well-located, thoughtfully updated home they can move into and actually enjoy.

This home delivers that too.

Three bedrooms, 2.5 bathrooms, a layout designed for comfortable everyday living, and a corner lot in The Colony that already has a lake view from the front yard. The home has been updated and is move-in ready — which means you're not walking into a project, you're walking into a home.

And the location argument is hard to overstate.

The Location: Lewisville Lake, Legacy West, and Grandscape — All Within Minutes

The Colony, TX 75056 is one of those zip codes that punches above its weight in terms of lifestyle access. From 4508 Bevily Dr, you are minutes away from:

•        Lewisville Lake — one of the most popular lakes in north DFW for boating, recreation, and waterfront dining

•        Legacy West — Plano's premium mixed-use district with dining, retail, and entertainment

•        Grandscape — one of the largest mixed-use developments in the country, with restaurants, entertainment venues, and shopping

That combination — lake access, walkable entertainment, and the Legacy West employment corridor nearby — is exactly what draws buyers to this part of north DFW and keeps them here. You spend less time driving and more time actually doing the things you moved here to do.

The Colony has seen sustained buyer demand as north DFW continues to grow. According to Redfin's The Colony market data, the city consistently attracts buyers seeking proximity to the Legacy Corridor and lake access without the price premium of Frisco or Plano's core neighborhoods.

Why the Corner Lot Matters More Than You Might Think

Corner lots come up in real estate conversations mostly as an afterthought. They shouldn't be.

A corner lot at 0.23 acres gives you more yard than a standard interior lot, more natural light from two street-facing exposures, and more flexibility if you ever want to expand, add outdoor living space, or reconfigure the exterior. In a neighborhood where many homes are new builds on comparable lot sizes, a corner lot adds a distinct character to the property.

From a practical standpoint, it also means you already have a lake view from the front yard today — without a two-story build. That view only gets better with height, which is part of why the investment case here is so compelling for someone willing to build.

Neighborhood Context: What Surrounds This Property Sets the Ceiling High

The single most important piece of context for understanding this property's value is the neighborhood it sits in.

Many of the surrounding homes in this area are new construction priced at $1 million or more. That's not background noise — that's the comp set. When a lot becomes available in a neighborhood where the surrounding product has already moved to that price tier, it gets attention from builders and investors who understand what the ceiling looks like.

New construction continues to drive price premiums in high-demand north DFW submarkets. According to Freddie Mac's research on new construction, builder activity in strong Texas markets continues to sustain price appreciation — and neighborhoods with established new construction at the luxury tier create a built-in floor for well-located lots nearby.

Quick Facts: 4508 Bevily Dr, The Colony, TX 75056

•        3 bedrooms / 2.5 bathrooms

•        0.23-acre corner lot — one of the larger lots in the neighborhood

•        Lake view from front yard; expanded lake views possible with a 2-story build

•        Move-in ready with updates throughout

•        Minutes from Lewisville Lake, Legacy West, and Grandscape

•        Surrounding neighborhood features many new builds priced at $1M+

•        Investment, renovation, or teardown/rebuild opportunity — buyer to verify feasibility with City of The Colony

Frequently Asked Questions

Is The Colony, TX a good place to invest in real estate?

The Colony, TX 75056 has strong investment fundamentals — proximity to Lewisville Lake, the Legacy West employment corridor, and Grandscape drives consistent buyer demand. Neighborhoods within The Colony where new construction is actively priced at $1M or more offer particular opportunity for lot-level investment, where the surrounding comp set establishes a high ceiling for a well-positioned property.

Can you build new on a lot in The Colony, TX near Lewisville Lake?

Build feasibility depends on local zoning, setback requirements, and lot dimensions — all of which should be verified with the City of The Colony before purchase. 4508 Bevily Dr at 0.23 acres is one of the larger lots in its neighborhood and a corner lot, both of which typically improve design flexibility for a new build. A two-story home on this lot would be positioned to capture lake views of Lewisville Lake from the upper level.

What is the real estate market like in The Colony, TX 75056?

The Colony sits in a highly desirable position in north DFW — between Frisco, Plano, and Lewisville — with access to major employment corridors, entertainment, and lake recreation. The market has seen significant new construction at the luxury tier, with many newer builds in established neighborhoods priced at $1M or more. For buyers and investors, this creates a strong demand environment for well-located properties in the city.

Interested in This Property? Let's Talk Through Your Options.

Whether you're evaluating this as an investment opportunity, a move-in ready home, or a future build site, the conversation starts the same way — understanding your goals and making sure the numbers work for your situation.

Lauren Kerschen is a REALTOR® and Founder & Team Lead of DFW's Finest Real Estate Group at ARC Realty DFW. The team works across the DFW Metroplex and can help you think through the investment case, the lifestyle case, or both.

Book a free strategy session at calendly.com/laurenkerschen and let's figure out if this is the right move for you.