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

    Morrow Road Murphy, NC 28906

    View on Map
    Claim this Listing
    For Sale
    $276,000

    LAND - Murphy, NC

    Lot size:
    46.00 Acres
    Added:
    Jun 2, 2025
    Days on Market:
    319
    Last Refresh:
    Apr 16 at 6:06 am

    Property Features for Morrow Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Partially Wooded
    Standard status
    Active
    APN
    453600447544000
    Lot size
    46.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1000

    We can help!

    Listing Contact
    Wayne E. Eddie Palmer

    Listing agent Wayne E. Eddie Palmer

    Listing office WNC DREAMS REALTY, INC. Po Box 148, Dillsboro, NC

    Listing date Jun 2, 2025

    MLS# 26036856 Listing URL

    Copyright © 2026 Carolina Smokies 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

    Murphy, NC Land with Views

    This 46-acre property is located in Murphy, North Carolina. The land faces east, providing all-day sun exposure. Situated on the top of a mountain ridge, the property borders the US Forest Service on the backside. It features unimproved land with full-growth timber. The property offers views of the mountains, extending into Georgia and Tennessee, overlooking Lake Hiawassee and Lake Appalachia. The location provides opportunities for fishing and wildlife observation. The property is located approximately 2.5 hours from Atlanta airport, and 2 hours from both Chattanooga and Knoxville airports.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Murphy
    County
    Cherokee
    State
    North Carolina
    Longitude
    -84.226697
    Latitude
    35.187285

    Nearby Similar for Sale

    • $1,150,000
      14,400 SF

      Versatile Commercial Office & Industrial Facility

      Prominent commercial property with office and industrial buildings on 1.52 acres.
      89 Sycamore Street, MURPHY, NC 28906
      View Details
    • $1,700,000
      5,796 SF

      Restored Industrial Building on River

      Chic, restored industrial building in downtown Murphy on Hiwassee River.
      11 Railroad St, MURPHY, NC 28906
      View Details
    • $709,000
      3,600 SF

      Profitable Restaurant with Luxury Loft

      Turn-key restaurant with income-producing luxury loft in downtown Murphy, NC.
      89 Tennessee Street, MURPHY, NC 28906
      View Details
    • $499,000
      3,000 SF

      Hiwassee Dam Commercial Opportunity

      Performing asset in the heart of Hiwassee Dam Community.
      7521 HWY 294, MURPHY, NC 28906
      View Details
    • $325,000

      Murphy, NC Warehouse For Sale

      Commercial warehouse/shop for sale, good income producing property.
      209 Butler Mountain Road, Murphy, NC 28906
      View Details
    • $105,000

      Downtown Murphy Unrestricted Acreage

      Unrestricted 1-acre lot in downtown Murphy, ready for development.
      708 Regal Street, MURPHY, NC 28906
      View Details
    • $754,000

      Prime Land in Murphy, NC

      40+ acres zoned for residential and commercial development.
      00 Joe Brown Highway, MURPHY, NC 28906
      View Details
    • $499,900

      Vacant Land Fronting Highway 64

      0.5+/- acre of vacant land in prime location.
      00 Highway 64 East, MURPHY, NC 28906
      View Details
    • $899,900

      Mountain Land with Development Potential

      146.36 acres of diverse terrain near USFS land.
      Flea Mountain Road, Murphy, NC 28906
      View Details
    • $89,900

      Improved Land with Mountain View

      1.39 acres with utilities, mountain view, near Murphy, NC.
      16 Merlin Trail, MURPHY, NC 28906
      View Details
    • $78,000

      Land with Long-Range Views

      1.37 acre lot with water, septic, and free wifi.
      215 Pioneer Estates Rd, MURPHY, NC 28906
      View Details
    • $899,900

      Mountain Land with Development Potential

      146.36+/- acres with creeks, springs, and USFS border.
      0 Flea Mountain Rd., MURPHY, NC 28906
      View Details

    FAQs

    What type of property is this?
    Recreation land - 46-acre property with mountain views near lakes.
    Where is this recreation land located?
    The property is located at Morrow Road Murphy, NC.
    What is the asking price?
    The asking price for this property is $276,000.
    What are key features of this property?
    This property features: Unobstructed, expansive views of mountains, including into Georgia and Tennessee.; Large acreage (46+- acres) with full growth timber.; Direct adjacency to US Forest Service land.
    (828) 506-6585
    We can help!
    Listing Contact
    Wayne E. Eddie Palmer
    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!