Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Reynolds Mountain Homesite with Mountain Views Title is generated by Realmo AI

    124 Summit Tower Circle, Asheville, NC 28804

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $395,000

    1.72 acre homesite with utilities and architectural plans included.

    Added:
    May 19, 2025
    Days on Market:
    370
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 124 Summit Tower Circle

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    WES HIGHT

    Listing agent WES HIGHT

    Listing office ALLEN TATE/BEVERLY-HANKS FLETCHER

    Listing date May 19, 2025

    Source Corcoran

    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 ALLEN TATE/BEVERLY-HANKS FLETCHER

    HighLights

    • Unmatched layered mountain views and supreme tranquility on a 1.72‑acre homesite at 2900 feet elevation.
    • "Shovel ready" homesite with completed Geotech report, boundary survey, and engaged builder.
    • Includes seller's architectural home plans for a 4,600 square foot home with level driveway access.
    • Access to city water, city sewer, natural gas, underground power, and high‑speed internet.
    • Excellent location close to Downtown, North Asheville, and Weaverville amenities.
    • Reynolds Mountain community amenities include paved roads, private hiking trails, and a community pavilion.

    Overview

    This 1.72-acre homesite, situated at an elevation of 2900 feet in Reynolds Mountain, north of Asheville, offers layered mountain views and tranquility. The property includes access to city water, city sewer, natural gas, underground power, and high-speed internet. Architectural home plans for a 4,600 square feet home, a geotechnical report, and a boundary survey are available. The location provides convenient access to the amenities of Downtown, North Asheville, and Weaverville, while maintaining a peaceful setting away from road noise. Reynolds Mountain features paved roads, private hiking trails, and a community pavilion with a fireplace and grill, as well as opportunities for social gatherings.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5671
    Latitude
    35.6529

    Nearby Similar for Sale

    • $4,800,000
      20,800 SF

      Historic Creative Workspace in Asheville

      Rare investment opportunity in Asheville's vibrant River Arts District.
      109 Roberts Street, Asheville, NC 28801
      View Details
    • $324,500

      Asheville Medical Office Condominium

      Turnkey medical office condo near Mission Hospital in Asheville, NC.
      5 Doctors Park, Asheville, NC 28801
      View Details
    • $849,000
      1,650 SF

      Montford Duplex with Income Potential

      Modern Craftsman duplex in historic Montford, Asheville, near downtown.
      51, 51B Westover Drive, Asheville, NC 28801
      View Details
    • $1,500,000

      Downtown Asheville Live/Work Opportunity

      Live/work property in Asheville's vibrant Lexington Avenue district.
      28 N Lexington Avenue, Asheville, NC 28801
      View Details
    • $4,900,000
      24,000 SF

      Downtown Asheville Mixed-Use Opportunity

      24,000 SF mixed-use building in downtown Asheville for sale.
      124 College Street, Asheville, NC 28801
      View Details
    • $549,000

      Modern Duplex Near Downtown Asheville

      New construction duplex with income potential near downtown Asheville.
      30 and 32 View Street, Asheville, NC 28804
      View Details
    • $2,700,000

      Prime Asheville Redevelopment Opportunity

      Two parcels totaling 0.78 acres in desirable Grace Neighborhood.
      853 Merrimon Avenue, Asheville, NC 28804
      View Details
    • $350,000

      Asheville Commercial Land For Sale

      0.37-acre parcel in vibrant district with development potential.
      865 Haywood Road, Asheville, NC 28806
      View Details
    • $430,000

      Asheville Multifamily Home with Potential

      Versatile Asheville home ideal for investors or multi-generational living.
      289 Riverview Church Road, Asheville, NC 28806
      View Details
    • $775,000

      Turnkey Duplex in Desirable Asheville

      Well-maintained duplex with high-end finishes in a convenient location.
      128 Rock Hill Road, Asheville, NC 28803
      View Details
    • $350,000

      Asheville Commercial Land For Sale

      0.37-acre parcel with development potential in a vibrant Asheville district.
      865 Haywood Road, Asheville, NC 28806
      View Details
    • $695,000

      Asheville Duplex: Turnkey Investment

      Well-maintained 2019 duplex near downtown Asheville. Fully furnished.
      71 and 73 Panorama Drive, Asheville, NC 28806
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 1.72 acre homesite with utilities and architectural plans included.
    Where is this residential land & home lot located?
    The property is located at 124 Summit Tower Circle Asheville, NC.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: Unmatched layered mountain views and supreme tranquility on a 1.72‑acre homesite at 2900 feet elevation.; "Shovel ready" homesite with completed Geotech report, boundary survey, and engaged builder.; Includes seller's architectural home plans for a 4,600 square foot home with level driveway access.
    We can help!
    Listing Contact
    WES HIGHT
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    124 Summit Tower Circle, Asheville, NC 28804
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!