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    Renovated Townhome with Rental History Title is generated by Realmo AI

    155 Quail Cove Boulevard 1608, Lake Lure, NC 28746

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    For Sale
    $495,000

    Luxury townhome with proven rental income and lake views.

    Type:Condo/Townhome
    Property size:
    1,924 SF
    Price / SF:
    $257/SF
    Added:
    Mar 23, 2026
    Days on Market:
    57
    Last Refresh:
    Apr 6 at 12:28 am

    Property Features for 155 Quail Cove Boulevard 1608

    General Information

    Standard status
    Active
    Size
    1,924 SF
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    1988

    We can help!

    Listing Contact
    Wes Cleary

    Listing agent Wes Cleary License #295716

    Listing office Team Cleary Real Estate Inc

    Listing date Mar 23, 2026

    Source Exitrealty

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

    All listing content including descriptions, pricing, images are the copyrighted material of Team Cleary Real Estate Inc

    HighLights

    • Proven rental income history with potential for significant increase in 2026.
    • Recently renovated in 2023 with new hardwood flooring, kitchen, bathrooms, furniture, fixtures, and decor.
    • Located within the Rumbling Bald on Lake Lure community, offering access to numerous amenities.
    • Features seasonal lake views from two private balconies.
    • Luxury 2 BR, 2 BA townhome with a finished lower level.
    • Low‑maintenance living within a gated community.

    Overview

    This recently renovated townhome features a bright, modern, and open floor plan. It has a documented rental history, with a gross rental income of $44,828 in 2023, $42,825 in 2024, and $34,827 in 2025. The property offers seasonal lake views from two private balconies. The luxury unit includes 2 bedrooms and 2 bathrooms, along with a finished lower level. Renovations and updates completed in 2023 feature new hardwood flooring throughout, new kitchen cabinets, granite countertops, new furniture in every room, new bathrooms, and all new fixtures and decor. The property is located within a 2-minute drive to the amenities and restaurants of Rumbling Bald, which offers a private beach, marina, boat tours, two championship mountain golf courses, a full-service spa and salon, indoor and outdoor pools, restaurants and bars, tennis, pickleball and basketball courts, miniature golf, and boat rentals. The Quail Cove Townhouses are located behind the gates of the Rumbling Bald on Lake Lure community. The property size is 1924 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Skin Care Clinic Food Market Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Lure
    County
    Rutherford
    State
    North Carolina
    Longitude
    -82.19382
    Latitude
    35.457879

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    FAQs

    What type of property is this?
    Short term rental property - Luxury townhome with proven rental income and lake views.
    Where is this short term rental property located?
    The property is located at 155 Quail Cove Boulevard 1608 Lake Lure, NC.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: Proven rental income history with potential for significant increase in 2026.; Recently renovated in 2023 with new hardwood flooring, kitchen, bathrooms, furniture, fixtures, and decor.; Located within the Rumbling Bald on Lake Lure community, offering access to numerous amenities.
    (828) 808-6790
    We can help!
    Listing Contact
    Wes Cleary
    Real Estate License ID: 295716
    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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