Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    23 Forbidden Cove Waynesville, NC 28785

    View on Map
    Claim this Listing
    New
    For Sale
    $89,900

    LAND - Waynesville, NC

    Lot size:
    5.06 Acres
    Added:
    Apr 7, 2026
    Days on Market:
    6
    Last Refresh:
    Apr 12 at 8:06 pm

    Property Features for 23 Forbidden Cove

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    7699-05-7368
    Lot size
    5.06 Acres

    Taxes and HOA fees

    Tax Description
    #B-23 BIG LAUREL

    Utilities

    Sewer type
    Septic Needed
    Water source
    Well Needed

    We can help!

    Listing Contact
    Holly Fletcher

    Listing agent Holly Fletcher License #427560

    Listing office Keller Williams Great Smokies 38 North Main Street, Waynesville, NC

    Listing date Apr 7, 2026

    MLS# 4365458

    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.

    Overview

    Waynesville Land with Improvements

    This 5.05-acre parcel, located in the gated Big Laurel community of Waynesville, North Carolina, presents a turnkey land opportunity with significant improvements already in place. The property features a completed driveway, culvert installation, and a partially graded homesite, representing approximately $40,000 in completed improvements. The land offers a gentle approach to the homesite, a desirable feature for mountain land. Bordered by the Great Smoky Mountains National Park, the property provides privacy and natural surroundings. The setting is defined by the sounds of nearby mountain streams and a peaceful atmosphere. This property is suitable for a full-time residence or a private mountain retreat, with much of the groundwork already complete.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Waynesville
    County
    Haywood
    State
    North Carolina
    Longitude
    -83.067691
    Latitude
    35.593924

    Nearby Similar for Sale

    • $599,000

      Updated Commercial Property, Waynesville, NC

      Updated commercial property with development potential in Waynesville, North Carolina.
      95 Elysinia Avenue, Waynesville, NC 28786
      View Details
    • $425,000

      Charming Waynesville Property on Main

      High-visibility property suitable for office, retail, or service-based business.
      1159 N Main Street, Waynesville, NC 28786
      View Details
    • $399,000

      Waynesville Commercial Land For Sale

      3.357 acres of developable land in Waynesville, North Carolina.
      S Main Street, Waynesville, NC 28786
      View Details
    • $195,000

      Versatile Commercial Building Near Waynesville

      2,554 sq ft building suitable for various business needs.
      29 Asbury Road, Waynesville, NC 28785
      View Details
    • $1,925,000

      Historic Waynesville Commercial Landmark

      Haywood County landmark with business and residential potential.
      123 S Main Street, Waynesville, NC 28786
      View Details
    • $449,000
      896 SF

      Unrestricted Land in Waynesville, NC

      Unrestricted 6.42-acre property with income potential and future development.
      321 Shovel Creek Road, Waynesville, NC 28786
      View Details
    • $625,000

      Waynesville Land Development Opportunity

      Large residential land tract near golf course in Waynesville, NC.
      1200 Rocky Knob, Waynesville, NC 28786
      View Details
    • $35,000

      Smoky Mountain Retreat Land

      1.11+/- acre lot in gated community near Waynesville, NC.
      200 Wolverine Court unit: 44, Waynesville, NC 28785
      View Details
    • $75,000

      Waynesville Homesite in Gated Community

      4-acre homesite in gated community, close to Waynesville.
      820 Chestnut Flats Lane unit: 4, Waynesville, NC 28786
      View Details
    • $399,000

      Waynesville Commercial Land For Sale

      High-visibility commercial land with billboard on Great Smokey Mountain Expressway.
      28 Canterbury Lane, Waynesville, NC 28786
      View Details
    • $99,000

      Land in Gated Community

      5.26-acre homesite in a desirable, gated mountain community.
      1200 Chestnut Flats Lane unit: 138, Waynesville, NC 28786
      View Details
    • $39,999

      2.21 Acres in Waynesville, NC

      2.21-acre homesite with mountain views in Haywood County, NC.
      Chipmunk Circle unit: 27, Waynesville, NC 28785
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 5.05-acre parcel with completed driveway and graded homesite.
    Where is this residential land & home lot located?
    The property is located at 23 Forbidden Cove Waynesville, NC.
    What is the asking price?
    The asking price for this property is $89,900.
    What are key features of this property?
    This property features: Turnkey land opportunity with significant improvements already completed saving time and money.; Located in the gated Big Laurel community.; **5.05‑acre parcel bordered by the Great Smoky Mountains National Park, ensuring privacy.**
    (828) 734-6429
    We can help!
    Listing Contact
    Holly Fletcher
    Real Estate License ID: 427560
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!