Residential Land with
For Sale
$324,999
77 Star Flower, Alexander, NC 28731
Land, Alexander, NC
Property Size1,842 SF
Lot Size0.92 Acres
Price / SF$176.44
Days on Market108
Property Features for 77 Star Flower
General Information
Property type
Land
Property subtype
Other
High school district
000000
Directions
Putting the address in any online mapping app will get you there.
Standard status
Active
APN
9721-27-2740-00000
Lot size
0.92 Acres
Listing Agency:
National Land Realty, Western NC
(855) 384-5263
Listed By:
Richard Simpson
(828) 845-4858
Added: Jun 2
Changed: Aug 20
Last Checked: Sep 17 at 8:06AM
MLS# 11832889
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property includes nearly a full acre of unfinished land along with a 2017-built doublewide manufactured home. The home offers 3 bedrooms and 2 bathrooms, plus a bonus room currently being used as a 4th bedroom; the bonus room is described as having no closet. Additional living space includes a spacious bonus family room with flexibility for use as a media room, playroom, or den. The interior condition is described as immaculate and like-new, and the home is presented as move-in ready.
The property is located on Star Flower in Alexander, North Carolina, in Buncombe County. The expansive lot provides space for a variety of possibilities such as a garden, workshop, outbuilding, or play area.
Overall, the asset combines a residential buildable setting with an existing manufactured home and additional interior flex space.
The property is located on Star Flower in Alexander, North Carolina, in Buncombe County. The expansive lot provides space for a variety of possibilities such as a garden, workshop, outbuilding, or play area.
Overall, the asset combines a residential buildable setting with an existing manufactured home and additional interior flex space.
Key Highlights
- 2017‑built doublewide manufactured home with 1,842 sq ft of living space
- 3 bedrooms plus a versatile bonus room currently used as a 4th bedroom (no closet)
- 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,957
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$359,140
$359.1K
Cap Rate 7%
$256,529
$256.5K
Cap Rate 9%
$199,522
$199.5K
Market Conditions
NOI Build-Up for 1,842 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.4K $20.28/SF
− Vacancy
−$4.7K −$2.56/SF
EGI
$32.6K $17.72/SF
− OpEx
−$14.7K −$7.98/SF
NOI
$18.0K $9.75/SF
Area
Buncombe County, NC
Vacancy
12.60%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$359,140
Cap Rate 7%
$256,529
Cap Rate 9%
$199,522
Alternative Uses
Best Use
Apartment 5plus
$256.5K
$224.5K – $299.3K
NOI $17,957 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$582.5K
$509.7K – $679.6K
NOI $40,773 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
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Business Placement
Demographics for 28731, NC
8,806
Population
4,417
Households
2
Avg Household Size
53
Median Age
37%
College-Educated
91%
High-School Grad
33.1 sq mi
ZIP Area
266
Density / Sq Mi
$65,882
Median Household Income
$35,957
Median Earnings
$947
Median Rent
$361,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Single family property - Nearly full-acre residential lot with a 2017-built doublewide featuring four rooms used as bedrooms.
Where is this single family property located?
The property is located at 77 Star Flower Alexander, NC.
What is the asking price?
The asking price for this property is $324,999.
What are key features of this property?
This property features: 2017‑built doublewide manufactured home with 1,842 sq ft of living space; 3 bedrooms plus a versatile bonus room currently used as a 4th bedroom (no closet); 2 bathrooms
