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    423 Iotla St Franklin, NC 28734

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    Sponsored
    For Sale
    $975,000

    Historical,Farm House - Franklin City Limits, NC

    Type:Farm
    Property size:
    1,100 SF
    Lot size:
    2.41 Acres
    Days on Market:
    7
    Last Refresh:
    Mar 14 at 10:06 pm

    Property Features for 423 Iotla St

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Standard status
    Active
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Dining Room, Family Room, Kitchen, Laundry, Living Room
    Bedrooms
    3
    Bathrooms
    2
    APN
    6595027125
    Parking
    2
    Parking features
    Carport
    Interior features
    Bonus Room, Cell Service Available, Formal Dining Room, In-law Quarters, Sunroom, Other-See Remarks
    Exterior features
    Outbuilding/Workshop
    Fireplace
    1
    Basement Y/N
    1
    Appliances
    Other
    Size
    1,100 SF
    Lot size
    2.41 Acres

    Utilities

    Heating system
    Fireplace(s)
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1890
    Flooring type
    Hardwood, Other, Vinyl
    Building materials
    Other, Vinyl Siding
    Roof type
    Composition
    Architectural style
    Historical
    Additional Structures
    Outbuilding, Workshop

    We can help!

    Listing Contact
    Kelly Penland

    Evan Harrell Realty, Inc. (828) 371-5103

    Listing agent Kelly Penland (828) 370-8423

    Listing date Mar 7, 2026

    MLS# 26046537 Listing URL

    Copyright © 2026 Carolina Smokies Association of Realtors. 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

    Historic Estate in Franklin City

    This historic estate, built in the 1890s by Dr. J.H. Fouts, is located in downtown Franklin, NC. The property features a two-family home with a full apartment below. The main level includes large rooms with 11-foot ceilings, historic woodworking details, heart of pine flooring, a terrarium sunroom, and a clawfoot tub. It boasts a living room, family room, two large bedrooms plus a nursery, a formal dining room, and a kitchen. The downstairs 1/1 apartment requires renovation but retains its vintage charm. A nearby two-car carport is included. The 1,100-square-foot workshop could be renovated into another home, storefront, or garage/workshop. Situated on 2.41 acres, the property is within walking distance to downtown and offers potential for additional development with city water, sewer, and Toccoa natural gas available off a state-maintained road. Currently zoned R-1, there are multiple options for multi-family and single-family homesites. Rezoning is also possible.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Macon
    State
    North Carolina
    Longitude
    -83.3835469
    Latitude
    35.1874537

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    FAQs

    What type of property is this?
    Farm - Historic estate with development potential near downtown Franklin, NC.
    Where is this farm located?
    The property is located at 423 Iotla St Franklin, NC.
    What is the asking price?
    The asking price for this property is $975,000.
    What are key features of this property?
    This property features: - Large 2.41-acre property within walking distance to downtown Franklin, offering privacy and potential for development.; - Historic home built in the 1890s with original features like 11-foot ceilings and heart of pine flooring.; - Zoned R-1 with city water, sewer, and natural gas available, offering multiple options for single-family or multi-family development; rezoning possible.
    (828) 369-0000
    Request Owner's contact information
    423 Iotla St Franklin, NC 28734
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    Franklin, NC 28734
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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
    423 Iotla St Franklin, NC 28734
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    We can help!
    Listing Contact
    Kelly Penland
    Real Estate License ID: 276321
    (828) 369-0000 (828) 421-7705 (828) 369-0009
    Learn more
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