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    Wooded Land on Highway 221 Title is generated by Realmo AI

    Hwy 221 S, Fleetwood, NC 28626

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    Pending
    $185,000

    LAND - Fleetwood, NC

    Lot size:
    7.88 Acres
    Added:
    Jan 16, 2026
    Days on Market:
    133
    Last Refresh:
    May 29 at 8:06 pm

    Property Features for Hwy 221 S

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    Lot size
    7.88 Acres

    We can help!

    Listing Contact
    Chris Barr

    Listing agent Chris Barr License #195338

    Listing office Realty One Group Results 19 E Ashe Street Suite B, Moravian Falls, NC

    Listing date Jan 16, 2026

    MLS# 259707 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.

    HighLights

    • Frontage on new 4‑lane Highway 221 with direct access.
    • Existing well on the property.
    • Suitable for townhomes, multi‑family housing, or apartments, addressing the housing shortage in the High Country.
    • Convenient access to West Jefferson, Boone, and Wilkesboro.
    • Gentle slope with a fairly flat ridge line at the top, suitable for building.
    • Potential for seasonal views towards the New River and Boone, with year‑round views possible with selective tree cutting.

    Overview

    This 7.881-acre wooded land parcel is located in Fleetwood, North Carolina, with frontage on the new four-lane Highway 221. Access is provided directly off Highway 221 via a 60-foot right-of-way from NCDOT. The property is situated across from the new Fleetwood Fire Department. The land sits above Highway 221 and features a gentle slope, with a fairly flat ridge line at the top. An existing well, previously serving the former Fleetwood Fire Department, is present on the property. The site is considered suitable for townhomes, multi-family housing, or apartments, potentially addressing the housing shortage in the High Country, with convenient access to West Jefferson, Boone, and Wilkesboro. It could also serve as an estate home site with year-round access. The property may offer seasonal views towards the New River and Boone, with potential for year-round views through selective tree cutting.
    Property Profile Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Fleetwood
    County
    Ashe
    State
    North Carolina
    Longitude
    -81.508256
    Latitude
    36.311816

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    FAQs

    What type of property is this?
    Land - 7.88 acres of wooded land with highway frontage.
    Where is this land located?
    The property is located at Hwy 221 S Fleetwood, NC.
    What is the asking price?
    The asking price for this property is $185,000.
    What are key features of this property?
    This property features: Frontage on new 4‑lane Highway 221 with direct access.; Existing well on the property.; Suitable for townhomes, multi‑family housing, or apartments, addressing the housing shortage in the High Country.
    (336) 262-3111
    We can help!
    Listing Contact
    Chris Barr
    Real Estate License ID: 195338
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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.

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