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    Cowan Town Rd, Unit 24 Butler, TN 37640

    Sponsored
    For Sale
    $285,000

    LAND - Butler, TN

    Lot size:
    4.72 Acres
    Days on Market:
    22
    Last Refresh:
    Feb 6 at 12:06 pm

    Property Features for Cowan Town Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Residential
    APN
    097 093.00
    Lot size
    4.72 Acres

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Septic Tank
    Water source
    Private, Well
    Water front features
    Lake
    Water front
    1

    We can help!

    Listing Contact
    Donaven Braun
    Donaven Braun

    FATHOM REALTY (888) 455-6040

    Listing agent Donaven Braun (423) 525-9252 License #345463

    Listing date Jan 16, 2026

    MLS# 9981324

    Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. 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

    Property Insight Report

    Overview

    Lake View Homesite in Butler, TN

    This 4.72-acre homesite, identified as Lot 24 in Eagle Bay, offers panoramic views of Watauga Lake and the Watauga River. The property's elevation allows for long-range lake and mountain views, while maintaining privacy and tree cover. A septic permit is already approved for a 4-bedroom home. There is no required timeframe to build, making it suitable for a future homesite, weekend getaway, or income-producing vacation rental. The lot is partially cleared at the ideal spot for a homesite. Underground utilities, including high-speed fiber internet, are available at the road. Homes are actively being constructed within the community. Eagle Bay is a gated lake-front community with amenities including a private boat ramp, lakeside beach, picnic area, and fire pits. Boat slips are available for lease at $3,600 per year, and HOA dues are $2400 per year. Site-built or approved modular homes with a minimum of 1,200 square feet are permitted. Short-term rentals are allowed, and horses and ATVs are permitted, with camping allowed up to 7 days in a 30-day period. The property is located close to Villa Nove Vineyards and the new Tennessee Hills Distillery, scheduled to open in fall 2025. It is located 37 minutes from Boone, NC, and close to Elizabethton, Mountain City, skiing, hiking, and fly fishing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Butler
    County
    Johnson
    State
    Tennessee
    Longitude
    -81.942067
    Latitude
    36.307916

    Nearby Similar for Sale

    • $910,000
      2,900 SF

      Lake-Mountain Retreat in Harbour Community

      Stunning 3-bedroom home with lake and mountain views.
      175 Deer Ridge Ct, Butler, TN 37640
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 4.72-acre homesite with panoramic lake views and community amenities.
    Where is this residential land & home lot located?
    The property is located at Cowan Town Rd, Unit 24 Butler, TN.
    What is the asking price?
    The asking price for this property is $285,000.
    What are key features of this property?
    This property features: - Jaw-dropping, panoramic 180-degree views of Watauga Lake and River.; - 4.72-acre homesite with septic permit approved for a 4-bedroom home.; - Walking distance to community dock and marina area.
    (423) 525-9252
    Request Owner's contact information
    Cowan Town Rd, Unit 24 Butler, TN 37640
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    Butler, TN 37640
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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
    Cowan Town Rd, Unit 24 Butler, TN 37640
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    We can help!
    Listing Contact
    Donaven Braun
    Donaven Braun
    Real Estate License ID: 345463
    (423) 525-9252
    Learn more
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