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    467 Butler Farm Road Mills River, NC 28759

    View on Map
    For Sale
    Under Contract
    $2,400,000

    LAND - Mills River, NC

    Lot size:
    12.00 Acres
    Added:
    Sep 19, 2025
    Days on Market:
    194
    Last Refresh:
    Mar 31 at 10:06 pm

    Property Features for 467 Butler Farm Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active Under Contract
    APN
    1014425
    Lot size
    12.00 Acres

    Taxes and HOA fees

    TaxDescription
    JAMES BALL RECOMB LO12AC

    Utilities

    Sewer type
    Public Sewer
    Water source
    Well

    Building Details

    Additional Structures
    Workshop

    We can help!

    Listing Contact
    Bill Roberts

    Listing agent Bill Roberts

    Listing office GreyBeard Realty 204 East State Street, Black Mountain, NC

    Listing date Sep 19, 2025

    MLS# 4301798 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.

    Overview

    Mills River Land with Development Potential

    The property at 467 Butler Farm Road in Mills River, NC, encompasses 12 acres and is bordered on three sides by over 170 acres of North Carolina Horticulture land. The site is located near the I-26 Airport Road exit, close to the Asheville Airport and the Airport Road commercial corridor. The property neighbors Class A industrial properties, including companies such as Gaia Herbs, Sierra Nevada Brewing, and FedEx, as well as the Broadpointe Industrial Park. The land has potential for industrial and multi-family development, a homesite with income potential from existing properties, or a family compound. The property includes three houses, a barn, and a workshop. The structures are in good condition, needing minor repairs. House 1 has 3 bedrooms and 2 baths with a partially finished basement and an additional bath. House 2 has 2 bedrooms and 1 bath with a full unfinished basement. House 3 has 3 bedrooms and 1 bath with a full finished basement and an additional bedroom and bath. The property features rolling pasture and views.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Auto Parts Store Grocery & Convenience Store Storage Facility Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Mills River
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.5570779
    Latitude
    35.4204694

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    • $2,100,000

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    FAQs

    What type of property is this?
    Commercial land - 12 acres near Asheville Airport with multiple development opportunities.
    Where is this commercial land located?
    The property is located at 467 Butler Farm Road Mills River, NC.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: 12 acres bordering 170+ acres of State Horticulture land.; Proximity to Asheville Airport and I‑26 Airport Road exit.; Development potential for industrial or multi‑family use.
    (828) 674-7640
    We can help!
    Listing Contact
    Bill Roberts
    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.

    More about this property
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