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    Homesite in Holly Forest Community Title is generated by Realmo AI

    115 Black Oak Drive lot 115, Sapphire, NC 28774

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    LAND - Sapphire, NC

    Lot size:
    0.65 Acres
    Added:
    Feb 5, 2026
    Days on Market:
    105
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 115 Black Oak Drive lot 115

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    8502-45-1552
    Lot size
    0.65 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LT 115 UN 5 HOLLY FOREST
    Tax Annual Amount
    24

    Utilities

    Water source
    Private

    We can help!

    Listing Contact
    Sarah Krzyzewski

    Listing agent Sarah Krzyzewski License #331254

    Listing office Fisher Realty Brevard 10 Park Place W, Brevard, NC

    Listing date Feb 5, 2026

    MLS# 1002546 Listing URL

    Copyright © 2026 Highlands Cashiers Board 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

    • Enjoy full privileges at Sapphire Valley Resort: pools, tennis, fitness, and more.
    • Desirable Holly Forest community in Sapphire, NC, with winter mountain views.
    • Gentle slope ideal for a daylight basement or walk‑out lower level.
    • Backs up to Sapphire Valley Common Area, ensuring lasting privacy.
    • Paved road access, underground utilities, public water, and high‑speed fiber internet in place.
    • Short‑term rentals allowed, offering income potential.

    Overview

    Located in the Holly Forest community in Sapphire, NC, this homesite offers an opportunity to build a mountain home at an elevation of over 3,500 feet. The lot features winter mountain views and a gentle slope suitable for a home with a daylight basement or walk-out lower level. It backs up to the Sapphire Valley Common Area, providing a natural buffer and privacy. Paved road access, underground utilities, public water, and high-speed fiber internet are available. Community guidelines require a minimum home size of 1,800 square feet, with at least 1,200 square feet on the main level. Short-term rentals are permitted. The 0.65-acre lot provides access to Sapphire Valley Resort amenities, including indoor and outdoor heated pools, tennis and pickleball courts, a fitness center, a dog park, and mini-golf. A nine-hole golf course and access to Fairfield Lake for swimming, paddleboarding, and boating are also available. Winter sports activities include skiing, snowboarding, and tubing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Hotel & Motel Travel Agency Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Sapphire
    County
    Transylvania
    State
    North Carolina
    Longitude
    -83.0039075
    Latitude
    35.0900749

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    FAQs

    What type of property is this?
    Residential land & home lot - Homesite with mountain views and Sapphire Valley Resort privileges.
    Where is this residential land & home lot located?
    The property is located at 115 Black Oak Drive lot 115 Sapphire, NC.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Enjoy **full privileges at Sapphire Valley Resort**: pools, tennis, fitness, and more.; Desirable Holly Forest community in Sapphire, NC, with winter mountain views.; Gentle slope ideal for a daylight basement or walk‑out lower level.
    (828) 384-2207
    We can help!
    Listing Contact
    Sarah Krzyzewski
    Real Estate License ID: 331254
    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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