Furnished Mountain Short-Term Rental
For Sale
$860,000
67/69 Flat Top Mountain Road, Fairview, NC 28730
Two furnished residences provide separate living spaces for continued short-term rental operations or personal use.
Property Size2,653 SF
Lot Size2.44 Acres
Price / SF$324.16
Days on Market592
Property Features for 67/69 Flat Top Mountain Road
General Information
Standard status
Active
Size
2,653 SF
Lot size
2.44 Acres
Property subtype
Multi-Family
Zoning
OU
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
1
No
5
In Bathroom,Inside,Main Level,Multiple Locations
2653
Cleared,Hilly,Private,Rolling Slope,Sloped,Wooded,Views
Shared Well
2.44
Driveway
Concrete,Paved
Fire Pit,Hot Tub
Crawl Space
Publicly Maintained Road
Building Details
Building Size
2,653 SF
Year Built
2023
Buildings
2
Listing Agency:
Howard Hanna Beverly-Hanks
(864) 242-6650
Listed By:
Marie Crumpler
(864) 230-6886
Source:
Cdanjoyner
Added: Feb 1, 2025
Changed: Sep 15
Last Checked: Sep 16 at 3:10PM
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 Howard Hanna Beverly-Hanks
Investment Insights
Based on property information with market context.
This 2023 property includes two fully furnished homes totaling 2,653 square feet on 2.44 acres. The primary log cabin has three bedrooms, two-and-a-half baths, and an open living area with contemporary finishes. The second residence offers two bedrooms and one bath. Each home includes an upper-level loft bedroom open to the main living space, while the separate structures create distinct accommodations on the same property.
The residences are currently operated as Airbnbs and are located along Flat Top Mountain Road in Fairview. The setting includes wooded, sloped, rolling, and cleared areas with mountain views. Site infrastructure includes a shared well and a five-bedroom septic system with two separate tanks connected to one drain field. Zoning is OU, and the property also includes an additional lot.
The residences are currently operated as Airbnbs and are located along Flat Top Mountain Road in Fairview. The setting includes wooded, sloped, rolling, and cleared areas with mountain views. Site infrastructure includes a shared well and a five-bedroom septic system with two separate tanks connected to one drain field. Zoning is OU, and the property also includes an additional lot.
Key Highlights
- Two fully furnished homes totaling 2,653 square feet
- Primary log cabin built in 2023 with 3 bedrooms and 2.5 baths
- Second residence includes 2 bedrooms and 1 bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,863
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$517,260
$517.3K
Cap Rate 7%
$369,471
$369.5K
Cap Rate 9%
$287,367
$287.4K
Market Conditions
NOI Build-Up for 2,653 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.8K $20.28/SF
− Vacancy
−$6.8K −$2.56/SF
EGI
$47.0K $17.72/SF
− OpEx
−$21.2K −$7.98/SF
NOI
$25.9K $9.75/SF
Area
Buncombe County, NC
Vacancy
12.60%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$517,260
Cap Rate 7%
$369,471
Cap Rate 9%
$287,367
Alternative Uses
Best Use
Apartment 5plus
$369.5K
$323.3K – $431.1K
NOI $25,863 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$838.9K
$734.1K – $978.7K
NOI $58,724 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Explore this area
Business Placement
Demographics for 28730, NC
9,707
Population
3,927
Households
2.5
Avg Household Size
47
Median Age
45%
College-Educated
94%
High-School Grad
45.3 sq mi
ZIP Area
214
Density / Sq Mi
$91,544
Median Household Income
$47,930
Median Earnings
$1,256
Median Rent
$357,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Two furnished residences provide separate living spaces for continued short-term rental operations or personal use.
Where is this short term rental property located?
The property is located at 67/69 Flat Top Mountain Road Fairview, NC.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: Two fully furnished homes totaling 2,653 square feet; Primary log cabin built in 2023 with 3 bedrooms and 2.5 baths; Second residence includes 2 bedrooms and 1 bath
