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    Shadowood Drive Spruce Pine, NC 28777

    View on Map
    For Sale
    $189,180

    LAND - Spruce Pine, NC

    Lot size:
    4.20 Acres
    Added:
    Jan 3, 2026
    Days on Market:
    87
    Last Refresh:
    Mar 31 at 4:06 pm

    Property Features for Shadowood Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Fire Pit
    Standard status
    Active
    APN
    0779-00-60-0811
    Lot size
    4.20 Acres

    Taxes and HOA fees

    TaxDescription
    +/- 4.204 Acres, Lots 41 & 42, At the end of Shadowood Drive, Spruce Pine, NC 28777

    Utilities

    Water source
    Spring

    We can help!

    Listing Contact
    Peter Franklin
    Peter Franklin

    Listing agent Peter Franklin License #272056

    Listing office Foxfire Real Estate, LLC 286 Oak Ave, Spruce Pine, NC

    Listing date Jan 3, 2026

    MLS# 4332778 Listing URL

    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

    Mountain Land with Creek Headwaters

    This 4.204-acre property in the Shadowood Community near Spruce Pine, NC, offers a mountain home site with mature hardwood forest and long-range mountain views. The property features the headwaters of Brushy Creek, a newly installed 3-bedroom septic system, and access to electric at the neighboring property. Mountain spring water is piped and ready to tap. A fire pit area with stone seating is already in place. The property has multiple level building sites cleared, graveled drives and pathways, and scenic gravel paths and stone steps. Shadowood is a 130-acre community with maintained roads. The lot is located minutes from Spruce Pine, Penland School of Crafts, Grassy Creek Golf & Country Club, a hospital, and a fitness facility with an indoor pool. It is also near the Blue Ridge Parkway, Burnsville, Grandfather Mountain, Linville Falls, Lake James, Marion, I-40, Asheville, Johnson City, TN, and Tri-Cities Airport.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Spruce Pine
    County
    Mitchell
    State
    North Carolina
    Longitude
    -82.120188
    Latitude
    35.89203

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    FAQs

    What type of property is this?
    Land - 4.2-acre mountain retreat with creek, views, and utilities.
    Where is this land located?
    The property is located at Shadowood Drive Spruce Pine, NC.
    What is the asking price?
    The asking price for this property is $189,180.
    What are key features of this property?
    This property features: Breathtaking long‑range mountain views and a private, park‑like setting within the desirable Shadowood Community.; Turn‑key ready lot with brand‑new 3‑bedroom septic system, readily available electric hookup, and pure mountain spring water piped and ready to tap.; Professionally prepped site with multiple level building sites cleared, graveled drives & pathways, and minimal grading needed.
    (828) 766-7221
    We can help!
    Listing Contact
    Peter Franklin
    Peter Franklin
    Real Estate License ID: 272056
    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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