Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    West Jefferson Vacant Commercial Lot Title is generated by Realmo AI

    120 Pennwill Parkway, West Jefferson, NC 28694

    View on Map
    Claim this Listing
    For Sale
    $265,000

    MULTI_FAMILY - West Jefferson, NC

    Lot size:
    0.65 Acres
    Added:
    Jan 22, 2026
    Days on Market:
    118
    Last Refresh:
    May 20 at 10:06 pm

    Property Features for 120 Pennwill Parkway

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.65 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Holly Richardson

    Listing agent Holly Richardson License #346394

    Listing office North Carolina Mountain Investments, LLC WILKESBORO, NC

    Listing date Jan 22, 2026

    MLS# 1207134

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

    HighLights

    • Prime downtown location with high visibility and easy access
    • Zoned for both commercial and residential use, offering versatile development options
    • Public utilities available, simplifying the development process
    • 134 ft of road frontage, maximizing exposure
    • Priced below tax value
    • Opportunity to purchase adjacent property for larger development footprint

    Overview

    Located in downtown West Jefferson, this vacant lot is zoned for commercial and residential use. It features 134 feet of road frontage and has public utilities available. The property is suitable for various ventures, including a coffee shop with a drive-thru, car wash, professional offices, or condos, offering a mixed-use concept that benefits from steady traffic. The location provides high visibility and easy access from the road. The seller also owns the property across the street, which is currently for sale, potentially allowing for a larger footprint or future expansion. This property is positioned to capitalize on West Jefferson's continued growth.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    West Jefferson
    County
    Ashe
    State
    North Carolina
    Longitude
    -81.4709
    Latitude
    36.358

    Nearby Similar for Sale

    • $1,750,000
      5,000 SF

      West Jefferson Commercial Building For Sale

      Prime commercial building in the heart of historic West Jefferson.
      113 N Jefferson Avenue, West Jefferson, NC 28694
      View Details
    • $299,000

      Remodeled Commercial Building Near Downtown

      Newly remodeled commercial building with flexible layout near downtown.
      716 N Jefferson Avenue, West Jefferson, NC 28694
      View Details
    • $75,900

      Wooded Lot in Brightwater Community

      2-acre wooded lot with mountain views and river access.
      75 Trailwood Drive, West Jefferson, NC 28694
      View Details
    • $74,900

      Wooded Lot in Gated Community

      1.74-acre wooded lot in Brightwater on the New River.
      Autumn Fern Trail lot: 66, West Jefferson, NC 28694
      View Details
    • $155,000

      West Jefferson Land with Well

      4.75 acres near Highway 221 with existing well.
      Mulatto Mountain Road, West Jefferson, NC 28694
      View Details
    • $189,900

      Mountain View Building Site

      Two adjoining lots near downtown West Jefferson with community well.
      Lauren Lane, West Jefferson, NC 28694
      View Details
    • $599,000
      553 SF

      Ashe County Land with Cabin

      48.87 acres with mountain views and modular cabin.
      286 Frontier Dr., West Jefferson, NC 28694
      View Details
    • $144,999

      West Jefferson Land with Views

      Land with panoramic mountain views near West Jefferson, NC.
      Lauren Lane, West Jefferson, NC 28694
      View Details
    • $2,900,000

      Remarkable Land in West Jefferson, NC

      Legacy property with development potential in West Jefferson, North Carolina.
      Mt Jefferson Road, West Jefferson, NC 28694
      View Details
    • $39,900

      West Jefferson Land Opportunity

      1.01 acre lot in The Glen at Calloway Gap.
      Lot 18 Walden Lane, West Jefferson, NC 28694
      View Details
    • $129,900

      Cleared Lot Near Downtown

      Flat, cleared lot near downtown West Jefferson, North Carolina.
      Graybeal Avenue, West Jefferson, NC 28694
      View Details
    • $85,000

      Land in Gated Community

      Residential land with mountain views in West Jefferson, North Carolina.
      Crown Oak Lane, West Jefferson, NC 28694
      View Details

    FAQs

    What type of property is this?
    Commercial land - Prime downtown location, ready for development with high visibility.
    Where is this commercial land located?
    The property is located at 120 Pennwill Parkway West Jefferson, NC.
    What is the asking price?
    The asking price for this property is $265,000.
    What are key features of this property?
    This property features: Prime downtown location with high visibility and easy access; Zoned for both commercial and residential use, offering versatile development options; Public utilities available, simplifying the development process
    (336) 927-7995
    We can help!
    Listing Contact
    Holly Richardson
    Real Estate License ID: 346394
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    120 Pennwill Parkway, West Jefferson, NC 28694
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!