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    565 Neely Road Brevard, NC 28712

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    Claim this Listing
    For Sale
    $530,000

    MULTI_FAMILY - Brevard, NC

    Lot size:
    0.89 Acres
    Added:
    Jan 26, 2023
    Days on Market:
    1186
    Last Refresh:
    Apr 26 at 1:06 am

    Property Features for 565 Neely Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bathroom 1, Bedroom 5, Bedroom 1, Bathroom 3, Bedroom 4, Basement, Bathroom 2, Bedroom 3, Bedroom 2
    Parking features
    Driveway
    Patio and Porch features
    Porch
    Pets allowed
    Yes
    Fireplace
    1
    Appliances
    Dishwasher, Dryer, Electric Oven, Electric Water Heater, Oven, Refrigerator, Tankless Water Heater
    Standard status
    Active
    APN
    8586-92-5993
    Lot size
    0.89 Acres

    Taxes and HOA fees

    Tax Description
    Neely Road

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating), Natural Gas, Floor Furnace, Ductless (Heating)
    Cooling system
    Window Unit(s), Heat Pump, Ceiling Fan(s)

    Building Details

    Year built
    1946
    Number of units
    3
    Flooring type
    Vinyl, Linoleum, Laminate, Wood, Carpet
    Building materials
    Brick Partial, Shingle/Shake
    Roof type
    Shingle, Metal

    We can help!

    Listing Contact
    Deborah Simpson

    Listing agent Deborah Simpson License #185625

    Listing office Simpson Properties of NC 270 Chestnut St, Brevard, NC

    Listing date Jan 26, 2023

    MLS# 3937381 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

    Brevard Multifamily Investment Opportunity

    Located in Brevard, North Carolina, this property features a three-bedroom home and two apartments situated on a 0.89-acre city lot. The property is conveniently located across from College Walk, offering investment potential. The main house includes updates such as newer paint and a newer roof. The two apartments are currently occupied by month-to-month tenants, providing income potential. There are unfinished storage areas below the apartments, totaling 883 square feet. The oversized lot presents potential for additional structures, subject to city approval. The property is a non-conforming, pre-existing use since the zoning is residential. Heated Living Area (HLA) is based on the home and one apartment. Apartment #1 has a ceiling height of 6'96'10" (346 sq. ft. not included in HLA). Apartment #2: 175 sq. ft. not included in HLA. The property is suitable for investors, multi-generational living, or those seeking rental income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Brevard
    County
    Transylvania
    State
    North Carolina
    Longitude
    -82.718981
    Latitude
    35.238424

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    FAQs

    What type of property is this?
    Multifamily property - Three-bedroom home plus two apartments on a large city lot.
    Where is this multifamily property located?
    The property is located at 565 Neely Road Brevard, NC.
    What is the asking price?
    The asking price for this property is $530,000.
    What are key features of this property?
    This property features: Income potential from two apartments with month‑to‑month tenants.; Oversized .89‑acre city lot with potential for additional structures (with City approval).; **3‑bedroom main home with character and updates, including newer paint and roof.**
    (828) 384-4780
    We can help!
    Listing Contact
    Deborah Simpson
    Real Estate License ID: 185625
    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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