Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Tbd Pigeon Roost Road Banner Elk, NC 28604

    View on Map
    For Sale
    $116,000

    Land - Banner Elk, NC

    Lot size:
    3.39 Acres
    Added:
    Jan 30, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 5 at 10:06 am

    Property Features for Tbd Pigeon Roost Road

    General Information

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

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Michelle Griffin
    Michelle Griffin

    Listing agent Michelle Griffin

    Listing office High Country Resort Properties PO Box 1973, Banner Elk, NC

    Listing date Jan 30, 2026

    MLS# 259705 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.

    Overview

    Unrestricted Land Near Banner Elk

    This 3.39-acre property is located less than four miles from the town of Banner Elk. The land features a flat area at the bottom with Pigeon Roost Creek flowing by. The top of the property offers multiple flat building spots with views. A road has been started into the property. The property has been recently surveyed and has current septic and well permits. The property is unrestricted.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Map

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

    Nearby Similar for Sale

    • $1,200,000

      Versatile Valle Crucis Commercial Estate

      5,100 sq ft property suitable for various business ventures.
      1644 Broadstone Road, Banner Elk, NC 28604
      View Details
    • $339,999

      Land with Infrastructure Near Banner Elk

      8.74 acres with utilities ready for building near Banner Elk.
      149 Painter Road, Banner Elk, NC 28604
      View Details
    • $135,000

      Ready-to-Build Land with Mountain Views

      Exceptional 2.11-acre lot near Banner Elk with trout stream.
      Lot 29 Lee Gualtney Road, Banner Elk, NC 28604
      View Details
    • $79,000

      Land with Septic and Well

      Two lots with permits near Main Street in Banner Elk.
      Lots 39 And 40 Snow Ridge Road, Banner Elk, NC 28604
      View Details
    • $275,000

      2.82 Acres with Mountain Views

      Estate lot with mountain views, ready-to-use septic permit.
      515 Grey Fox Ridge Road, Banner Elk, NC 28604
      View Details
    • $84,900

      Land with Mountain Views

      Two lots with mountain views near Banner Elk, NC.
      Lots 37 And 38 Snow Ridge Road, Banner Elk, NC 28604
      View Details
    • $110,000

      Land in Premier Banner Elk

      Two lots totaling 0.94 acres in Banner Elk, NC.
      31 & 32 Running Bear Circle, Banner Elk, NC 28604
      View Details
    • $55,000

      Level Lot in Banner Elk

      Level lot with creek, easy build, short-term rentals allowed.
      Lot 3 Larkspur Trail, Banner Elk, NC 28604
      View Details
    • $420,000

      Blue Ridge Mountain Dream Home Site

      4.17 acre homesite with long range mountain views.
      30 Summit Park, Banner Elk, NC 28604
      View Details
    • $150,000

      Banner Elk Land Opportunity

      Scenic lot in growing mountain community near Banner Elk.
      Lot 36 Running Bear Circle, Banner Elk, NC 28604
      View Details
    • $99,000

      Land with Mountain Views

      Two lots with views and septic permit near Banner Elk.
      Lots 35 And 36 Snow Ridge Road, Banner Elk, NC 28604
      View Details
    • $450,000

      Premier Homesite with Mountain Views

      Dream homesite in gated community with long-range mountain views.
      Lot 36 Summit Park Drive, Banner Elk, NC 28604
      View Details

    FAQs

    What type of property is this?
    Land - 3.39 acres near Banner Elk with creek and views.
    Where is this land located?
    The property is located at Tbd Pigeon Roost Road Banner Elk, NC.
    What is the asking price?
    The asking price for this property is $116,000.
    What are key features of this property?
    This property features: Unrestricted land offering flexibility in usage and development.; Multiple flat building spots with desirable views.; Recently surveyed with current septic and well permits in place.
    (828) 260-7751
    We can help!
    Listing Contact
    Michelle Griffin
    Michelle Griffin
    Real Estate License ID: 292518
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!