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    Buffalo Creek Road unit 74 Lake Lure, NC 28746

    View on Map
    For Sale
    $39,900

    LAND - Lake Lure, NC

    Lot size:
    2.17 Acres
    Added:
    Sep 25, 2025
    Days on Market:
    189
    Last Refresh:
    Apr 1 at 4:06 pm

    Property Features for Buffalo Creek Road unit 74

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    1608800
    Lot size
    2.17 Acres

    Taxes and HOA fees

    TaxDescription
    RIVERBEND HIGHLANDS LT 074 PB 10 PG 122

    Utilities

    Sewer type
    Septic Needed
    Water source
    Well Needed

    We can help!

    Listing Contact
    Jean Jollay
    Jean Jollay

    Listing agent Jean Jollay License #76603

    Listing office NorthGroup Real Estate LLC 65 Merrimon Ave #1081, Cornelius, NC

    Listing date Sep 25, 2025

    MLS# 4306309

    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

    Lake Lure Land Ready to Build

    This 2.17-acre corner lot is located in Lake Lure, NC. Situated off the paved frontage of Buffalo Creek Rd and the POA maintained gravel Ridgecrest Rd, the property offers easy access and is ready to build with an active 3BR septic and well permit. The front portion of the lot is cleared. Area attractions include Buffalo Creek Park with walking trails along Buffalo Creek and the Weed Patch Trail. Two professional golf courses at Rumbling Bald Resort and Apple Valley in RB are a few miles away and open to the public. Several restaurant choices are nearby, including Legends on Lake Lure and The Gardens at RB, with Victory Restaurant and Highlands Kitchen & Market just beyond RB. Black Mountain and Asheville are approximately 30-40 minutes away for shopping and entertainment, with Rutherfordton, Marion, and the Tryon Equestrian also the same distance. Lake Lure has Ingles Grocery & Pharm and more.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Lake Lure
    County
    Rutherford
    State
    North Carolina
    Longitude
    -82.153759
    Latitude
    35.448385

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    FAQs

    What type of property is this?
    Residential land & home lot - 2.17 acre corner lot with septic and well permit.
    Where is this residential land & home lot located?
    The property is located at Buffalo Creek Road unit 74 Lake Lure, NC.
    What is the asking price?
    The asking price for this property is $39,900.
    What are key features of this property?
    This property features: Ready to build: Active 3BR Septic & Well Permit in place.; Easy Access: Corner lot (2.17 Acres) with paved and maintained road frontage.; Prime Location: Short drive to Buffalo Creek Park, Rumbling Bald Resort, and Apple Valley Golf Courses.
    (704) 425-0132
    We can help!
    Listing Contact
    Jean Jollay
    Jean Jollay
    Real Estate License ID: 76603
    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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