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    Asheville Tudor Home with Cottages Title is generated by Realmo AI

    108 Lakewood Drive, Asheville, NC 28803

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    For Sale
    $1,900,000

    MULTI_FAMILY - Cottage, Tudor - Asheville, NC

    Lot size:
    1.38 Acres
    Added:
    Sep 13, 2024
    Days on Market:
    606
    Last Refresh:
    May 11 at 2:06 pm

    Property Features for 108 Lakewood Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RS8
    Bedrooms
    4
    Bathrooms
    8
    Rooms
    Bathroom 3, Laundry Room, Bathroom 5, Bathroom 1, Bathroom 8, Bathroom 6, Bedroom 3, Bathroom 4, Bedroom 1, Bedroom 4, Basement, Bedroom 2, Bathroom 7, Bathroom 2
    Parking features
    Garage - Attached, Underground/Basement, Garage, Driveway
    Window features
    Skylight(s), Insulated Windows
    Patio and Porch features
    Patio, Deck, Porch
    Pets allowed
    Call
    Interior features
    Attic Other, Attic Walk In, Built-in Features, Cable Prewire, Sauna, Storage
    Exterior features
    Rainwater Catchment
    Fireplace
    1
    Basement
    Unfinished, Exterior Entry, Interior Entry, Storage Space, Walk-Up Access, Walk-Out Access
    Appliances
    Dishwasher, Disposal, Electric Range, Gas Water Heater, Refrigerator, Tankless Water Heater, Washer/Dryer
    Standard status
    Active
    APN
    9648-93-5848-00000
    Lot size
    1.38 Acres

    Taxes and HOA fees

    Tax Description
    DEED DATE: 2022-09-30 DEED: 6263-937 SUBDIV: BLOCK: LOT: SECTION: PLAT: 0140-0153

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Radiant, Steam, Radiant Floor
    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    1926
    Number of units
    5
    Flooring type
    Concrete, Wood, Tile
    Building materials
    Hard Stucco, Hardboard Siding, Stone, Wood
    Roof type
    Shingle
    Architectural style
    Tudor, Cottage
    Additional Structures
    Storage, Other

    We can help!

    Listing Contact
    Maurie Hill
    Maurie Hill

    Listing agent Maurie Hill

    Listing office Keller Williams Professionals 48 Grove St, asheville, NC

    Listing date Sep 13, 2024

    MLS# 4183083 Listing URL

    Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1.38‑acre forested estate with rare conifers, offering privacy and nature immersion.
    • Classic 1926 Tudor home with original charm and large windows framing picturesque views.
    • Additional cottages designed in the same style, perfect for guests.
    • Modern spa with organic cedar plank sauna and mandala brick courtyard.
    • Multiple dwellings offer flexibility for living arrangements and hosting.
    • Convenient amenities include a modern kitchen, updated appliances, and ample storage.

    Overview

    Located across from Leah Chiles Park in Kenilworth, this property features an entrance lined with Skip Laurels that opens to a forested urban estate. The estate spans 1.38 acres and includes a classic 1926 Tudor home and additional cottages designed in the same style, along with a spa for guests. Cottage Corner consists of four dwellings in two abodes, mirroring each other and sharing a modern spa with an organic cedar plank sauna and mandala brick courtyard. The property invites opportunities for evening soirees, morning yoga, and meditation. Trails meander beneath towering evergreens, with sunbeams filtering onto the shaded forest floor. The main house retains its historical charm with classic details. Large windows frame views of the outdoors. The property is zoned RS8.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Sweet Biscuit Inn — 77 Kenilworth Rd, Asheville, NC 28803
    • Rathbun House — 121 Sherwood Rd, Asheville, NC 28803

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.533483
    Latitude
    35.577685

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    FAQs

    What type of property is this?
    Bed & breakfast - Private forested estate with Tudor home and guest cottages.
    Where is this bed & breakfast located?
    The property is located at 108 Lakewood Drive Asheville, NC.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: 1.38‑acre forested estate with rare conifers, offering privacy and nature immersion.; Classic 1926 Tudor home with original charm and large windows framing picturesque views.; Additional cottages designed in the same style, perfect for guests.
    (828) 582-5012
    We can help!
    Listing Contact
    Maurie Hill
    Maurie Hill
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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