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    Development Land Near Western Carolina University Title is generated by Realmo AI

    0003 Lyle Wilson Road, Cullowhee, NC 28723

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    Claim this Listing
    For Sale
    $515,000

    LAND - Cullowhee, NC

    Lot size:
    6.85 Acres
    Added:
    Sep 9, 2025
    Days on Market:
    256
    Last Refresh:
    May 22 at 7:06 am

    Property Features for 0003 Lyle Wilson Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    7558-18-9344 & 7558-18-8604
    Lot size
    6.85 Acres

    Taxes and HOA fees

    Tax Description
    2262/ 516 & 519

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Todd Baucom

    Listing agent Todd Baucom License #159935

    Listing office Todd Baucom Realty Inc P O Box 2406 721 Speedwell Rd, Cullowhee, NC

    Listing date Sep 9, 2025

    MLS# 4301242 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.

    HighLights

    • Fully entitled development land ready for vertical construction, saving significant time and money.
    • Located near Western Carolina University (WCU) in a federally designated Opportunity Zone.
    • Approved for 16 single‑family detached homes (pads S1‑S16).
    • High demand for housing in Jackson County, with a significant shortage of available homes.
    • Proximity to WCU's new $80M Engineering program expansion, creating demand from new professor hires.
    • Complete package of permits, drawings, plans, and studies available.

    Overview

    This 6.85-acre tract of development land is located approximately 0.25 miles from Western Carolina University in a federally designated Opportunity Zone. The property is entitled to build 16 single-family detached style homes on 16 building pads (S1-S16 on the site plan). The total project area is entitled for a mix of single-family and duplex-style units, totaling 73 units. A complete package of permits, drawings, plans, and studies can be supplied. According to a 2019 Jackson County housing study, over 2,000 housing units should be constructed in Jackson County between 2020 and 2025. A new $80 million engineering program expansion is expected to require approximately 30 new professor hires at Western Carolina University in the next 18-24 months. The property is located in Cullowhee, North Carolina. There is strong area demand for housing units for sale or market/workforce lease. Other listings exist within this same project area, with list prices ranging from $265,000 to $1.475 million for the entire 73-unit project area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Building Supply Hair Salon Hotel & Motel Food Market Electronics & Wireless Store (Bike/Boat/Book/etc) Store Barber Shop Bed & Breakfast

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cullowhee
    County
    Jackson
    State
    North Carolina
    Longitude
    -83.1848192
    Latitude
    35.2953175

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    FAQs

    What type of property is this?
    Residential land & home lot - Entitled development land near Western Carolina University in Opportunity Zone.
    Where is this residential land & home lot located?
    The property is located at 0003 Lyle Wilson Road Cullowhee, NC.
    What is the asking price?
    The asking price for this property is $515,000.
    What are key features of this property?
    This property features: Fully entitled development land ready for vertical construction, saving significant time and money.; Located near Western Carolina University (WCU) in a federally designated Opportunity Zone.; Approved for 16 single‑family detached homes (pads S1‑S16).
    (828) 269-2014
    We can help!
    Listing Contact
    Todd Baucom
    Real Estate License ID: 159935
    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.

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    0003 Lyle Wilson Road, Cullowhee, NC 28723
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