Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Blue Ridge Mountain View Lot Title is generated by Realmo AI

    5152-00 N Boundary Rd, Mill Spring, NC 28756

    View on Map
    Claim this Listing
    For Sale
    $200,000

    14+/- acre corner lot with mountain views and deeded boat slip.

    Type:Land
    Lot size:
    14.00 Acres
    Added:
    Apr 22, 2025
    Days on Market:
    404
    Last Refresh:
    May 25 at 10:20 pm

    Property Features for 5152-00 N Boundary Rd

    General Information

    Standard status
    Active
    Lot size
    14.00 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Chris Scruggs

    Listing agent Chris Scruggs License #291390

    Listing office We Sell WNC, LLC

    Listing date Apr 22, 2025

    Source Exprealty

    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 We Sell WNC, LLC

    HighLights

    • 14+/- acre corner lot with long‑range mountain views in Lake Adger community.
    • Deeded boat slip in the Lake Adger marina.
    • Direct access to community equestrian trails from the property.
    • Ample space for a custom horse barn or detached workshop.
    • Convenient location near Lake Lure, Hendersonville, and Asheville.
    • Land is in a state of natural renewal, offering a fresh canvas for building.

    Overview

    This 14+/- acre corner lot is located within the Lake Adger community, offering mountain views. The property provides space for a custom horse barn or detached workshop. An equestrian trail borders the northern boundary, providing access to riding and hiking. The property includes a private, deeded boat slip at the marina. The land is in a state of renewal following a past fire. It is located near Lake Lure and a short drive to Hendersonville and Asheville. The property is located at 5152-00 N Boundary Rd, Mill Spring, NC 28756.
    Location Intelligence

    Current Use by Public Records

    Recreation land

    Suggested Use

    Pet Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Mill Spring
    County
    Polk
    State
    North Carolina
    Longitude
    -82.229823
    Latitude
    35.351018

    Nearby Similar for Sale

    • $400,000

      Land Parcel in Mill Spring

      10 acre parcel suitable for a horse farm.
      Smith Waldrop Road, Mill Spring, NC 28756
      View Details
    • $197,500

      Lake Adger Waterfront Land

      1.10-acre waterfront lot with lake access in Lake Adger.
      Canoe Drive, Mill Spring, NC 28756
      View Details
    • $149,500

      Mill Spring Wooded Homesite

      3.64-acre wooded homesite in Tryon Equestrian Farms, Mill Spring, NC.
      0 High Meadows Drive, Mill Spring, NC 28756
      View Details
    • $1,250,000
      105,415 SF

      Prime Intersection Location Land

      2.4 acre lot at intersection of HWY 108 and HWY 9.
      4391 Highway 108 E, Mill Spring, NC
      View Details
    • $200,000

      Lake Adger Waterfront Homesite

      Lakefront homesite with deeded boat slip and community amenities.
      Lake Adger Parkway lot: 60, Mill Spring, NC 28756
      View Details
    • $3,200,000

      Prime Development Land Near TIEC

      128-acre development opportunity near Tryon International Equestrian Center.
      Pea Ridge Road, Mill Spring, NC 28756
      View Details
    • $3,200,000

      128 Acres Near Equestrian Center

      Development opportunity near Tryon International Equestrian Center.
      Pea Ridge Road, Mill Spring, NC 28756
      View Details
    • $245,000

      Lake Adger Waterfront Lot

      Wooded lot with lake frontage, dock, and mountain views.
      Hawk Ridge Drive, Mill Spring, NC 28756
      View Details
    • $147,900

      Lakefront Land in Gated Community

      2.06-acre lakefront lot with mountain views and marina slip.
      Mountain Parkway lot: 30, Mill Spring, NC 28756
      View Details
    • $40,000

      Residential Land Near Green River

      4.78-acre lot with community Green River access.
      LT 5 Geebees Way, Mill Spring, NC 28756
      View Details
    • $2,999,000

      Prime Land Near Equestrian Center

      211+ acres near Tryon Equestrian Center with diverse potential.
      1888 Pea Ridge Road, Mill Spring, NC 28756
      View Details
    • $234,900

      Unrestricted Land Near Winery

      12.6 acres of unrestricted land near Parker-Binns Winery.
      Pea Ridge Road, Mill Spring, NC 28756
      View Details

    FAQs

    What type of property is this?
    Land - 14+/- acre corner lot with mountain views and deeded boat slip.
    Where is this land located?
    The property is located at 5152-00 N Boundary Rd Mill Spring, NC.
    What is the asking price?
    The asking price for this property is $200,000.
    What are key features of this property?
    This property features: 14+/- acre corner lot with long‑range mountain views in Lake Adger community.; Deeded boat slip in the Lake Adger marina.; Direct access to community equestrian trails from the property.
    (828) 772-6437
    We can help!
    Listing Contact
    Chris Scruggs
    Real Estate License ID: 291390
    Learn More
    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
    5152-00 N Boundary Rd, Mill Spring, NC 28756
    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!