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    1647 Mills River Way Horse Shoe, NC 28742

    Sponsored
    For Sale
    $98,000

    LAND - Horse Shoe, NC

    Lot size:
    1.15 Acres
    Days on Market:
    8
    Last Refresh:
    Feb 26 at 2:06 pm

    Property Features for 1647 Mills River Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R-3
    APN
    1002079
    Lot size
    1.15 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Needed
    Water source
    Well Needed

    We can help!

    Listing Contact
    Dallas Ducote
    Dallas Ducote

    Carolina Cottages (828) 692-7939

    Listing agent Dallas Ducote (828) 243-8132

    Listing date Feb 19, 2026

    MLS# 4348905 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.

    Learn more

    Property Insight Report

    Overview

    Wooded Homesite in Private Community

    Located in the private community of Homestead at Mills River, 1647 Mills River Way (Lot 104) offers a blend of privacy and convenience. The property is situated approximately 5 miles from Ingles on Hwy 280 and the new Publix, which is currently under construction, with Sierra Nevada Brewery and Asheville Regional Airport just minutes away. Positioned at the back of the neighborhood in a cul-de-sac, the 1.15-acre lot provides excellent privacy, backing up to two large parcels with Pisgah National Forest beyond, creating a protected natural backdrop and easy access to outdoor activities such as hiking, mountain biking, camping, and trout fishing. The homesite is fully wooded with mature hardwoods and native rhododendron and mountain laurel. Lot 104 features a usable, level build site. The road up from the cul-de-sac has some grade, but the building area levels out nicely and opens to a northeastern mountain view. Community features include paved roads, underground power, and wired internet. Residents also have access to the 10-acre Homestead River Reserve riverfront park and clubhouse on the Mills River. This property is zoned R-3.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Horse Shoe
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.63737681
    Latitude
    35.39077994

    Nearby Similar for Sale

    • $1,550,000
      7.00 Acres

      Estate with Guest House

      Spacious estate with guest house on 7 acres.
      26 Canter Ct, Horse Shoe, NC 28742
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Private homesite with usable topography and mountain views.
    Where is this residential land & home lot located?
    The property is located at 1647 Mills River Way Horse Shoe, NC.
    What is the asking price?
    The asking price for this property is $98,000.
    What are key features of this property?
    This property features: - Usable, level build site, unlike many lots in the community.; - Backs up to two large parcels and Pisgah National Forest, providing a protected natural backdrop and access to outdoor activities.; - Located in a cul-de-sac at the back of the neighborhood, offering excellent privacy.
    (828) 243-8132
    Request Owner's contact information
    1647 Mills River Way Horse Shoe, NC 28742
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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.

    More about this property
    1647 Mills River Way Horse Shoe, NC 28742
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    We can help!
    Listing Contact
    Dallas Ducote
    Dallas Ducote
    Real Estate License ID: 299370
    (828) 243-8132 (828) 290-1000 (828) 692-7939
    Learn more
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