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    The Largest CRE Database in the US with Over 1 Million Listings

    275 Manor Rd Mars Hill, NC 28754

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    For Sale
    $1,550,000

    Unique property with high-end structures and development potential near Asheville.

    Property size:
    6,220 SF

    Property Features for 275 Manor Rd

    General Information

    Size
    6,220 SF

    Building Details

    Year built
    2008

    We can help!

    Listing Contact
    Jim Davis
    Jim Davis
    Source: Naiglobal

    Listing Agent: Jim Davis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Mars Hill Development Opportunity

    This unique property offers a variety of potential uses, featuring two high-end structures built by Deltec and a total of 5.11 acres with room for additional development. The majority of the parcel is flat and adjacent to I-26, providing substantial advertising visibility. The two structures on the property are currently utilized as the Deltec Homes sales center, showcasing the company's dedication to high-quality modern design and green building practices. Building one is 4,720 square feet, and building two is 1,500 square feet and a net-zero energy structure. With the combination of buildable land and the existing structures, this property could be utilized as an office or corporate headquarters, private or commercial retreat center, rental community, or private estate, with numerous development options. It is located a 5-minute drive to the town of Mars Hill and Mars Hill University, and 20 minutes to Downtown Asheville.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Big Box & Wholesale Store Auto Repair Shop HVAC Service Storage Facility Electronics & Wireless Store Car Rental Facility Daycare Center Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Mars Hill
    County
    Madison
    State
    North Carolina
    Longitude
    -82.5282438
    Latitude
    35.8351903

    Nearby Similar for Sale

    • $799,000
      48.17 Acres

      Renovated Farmhouse on Mountain Land

      Historic 1890s farmhouse on 48 acres near Asheville.
      456 Windy Gap Rd, Mars Hill, NC 28754
      View Details

    FAQs

    What type of property is this?
    Office building - Unique property with high-end structures and development potential near Asheville.
    Where is this office building located?
    The property is located at 275 Manor Rd Mars Hill, NC.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: - 5.11 acres of flat, buildable land with high visibility adjacent to I-26, offering substantial advertising potential.; - Two high-end Deltec-built structures (4,720sf and 1,500sf), showcasing modern design and green building practices.; - The 1,500sf building is a net-zero energy structure.
    (828) 210-3940
    Request Owner's contact information
    275 Manor Rd Mars Hill, NC 28754
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    Mars Hill, NC 28754
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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
    275 Manor Rd Mars Hill, NC 28754
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    We can help!
    Listing Contact
    Jim Davis
    Jim Davis
    Real Estate License ID: 292479
    (828) 210-3940
    Learn more
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