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    7 Finally Way Banner Elk, NC 28604

    Sponsored
    For Sale
    $164,500

    Land - Banner Elk, NC

    Lot size:
    2.06 Acres
    Days on Market:
    18
    Last Refresh:
    Feb 1 at 7:06 am

    Property Features for 7 Finally Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    2.06 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Mike Roberts

    Fathom Realty NC, LLC (704) 201-8946

    Listing agent Mike Roberts (888) 455-6040

    Listing date Jan 15, 2026

    MLS# 254326 Listing URL

    Copyright © 2026 High Country 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

    Overview

    Breathtaking Views Near Banner Elk

    This exceptional High Country estate opportunity is located in the upper section of Heath Hill Estates. This premier homesite of over 2 acres is one of only ten exclusive lots in the community, offering privacy, elevation, and long-range views. The property is located minutes from Banner Elk via paved roads. Positioned at over 4,000 feet in elevation, the lot backs up to the top of the ridge, providing enhanced privacy and impressive vantage points. Sweeping mountain vistas include Grandfather Mountain, Sugar Mountain, Beech Mountain, and surrounding peaks. The previous owners completed groundwork, including approved floor plans for a 3+ bedroom home and prior septic approval for a 4-bedroom residence. Heath Hill Estates also features a community pond and gazebo. As you enter the community, you’re welcomed by a picturesque working tree farm. The location is less than five minutes to downtown Banner Elk and under ten minutes to grocery stores and Valle Crucis. Banner Elk offers dining, a town park, and year-round festivals and events. Outdoor recreation abounds with nearby access to Sugar Mountain and Beech Mountain for skiing, as well as golf, tennis, hiking, and fishing close by.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Banner Elk
    County
    Watauga
    State
    North Carolina
    Longitude
    -81.8424
    Latitude
    36.1797

    Nearby Similar for Sale

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      0.48 Acres

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    • $1,095,000

      Multi-Use Building Near Beech Mountain

      Versatile property with office space and income-generating residential units.
      3026 Beech Mountain Pkwy, Banner Elk, NC 28604
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Premier homesite with long-range views, privacy, and convenient location.
    Where is this residential land & home lot located?
    The property is located at 7 Finally Way Banner Elk, NC.
    What is the asking price?
    The asking price for this property is $164,500.
    What are key features of this property?
    This property features: - Breathtaking, long-range mountain views including Grandfather Mountain, Sugar Mountain, and Beech Mountain from a high-elevation homesite.; - Premier 2+ acre lot in exclusive Heath Hill Estates, offering privacy and elevation.; - Conveniently located minutes from downtown Banner Elk with easy access to dining, events, and amenities.
    (704) 966-9823
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    7 Finally Way Banner Elk, NC 28604
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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
    7 Finally Way Banner Elk, NC 28604
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    We can help!
    Listing Contact
    Mike Roberts
    Real Estate License ID: 297584
    (704) 966-9823
    Learn more
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