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    Boone Land in Gated Community Title is generated by Realmo AI

    Lot 23 Boulder Cay Road, Boone, NC 28607

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    Claim this Listing
    For Sale
    $85,000

    Land, Other - Boone, NC

    Lot size:
    2.00 Acres
    Added:
    Jan 12, 2015
    Days on Market:
    4147
    Last Refresh:
    May 21 at 10:06 pm

    Property Features for Lot 23 Boulder Cay Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    2.00 Acres

    Taxes and HOA fees

    Expense value
    500
    Expense
    Home Owner Assessments Fee

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Judy and Allan Wagner

    Listing agent Judy and Allan Wagner License #240994,PersonLicenseNumber

    Listing office NextHome Mountain Realty 872 NC Hwy 105 Bypass, NC

    Listing date Jan 12, 2015

    MLS# 189144 Listing URL

    Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Premier gated community close to Boone and Appalachian State University.
    • Revised covenants allow for smaller footprint homes (1600 sqft minimum, 1000 sqft on main) and log homes.
    • Underground utilities are already in place.
    • Located less than 10 minutes from Watauga County Hospital (AppRHS).
    • Lot sizes range from 0.5 to 2 acre estate lots.
    • Architectural Review Committee (ARC) ensures quality home design.

    Overview

    Located near Boone, North Carolina, this two-acre lot resides within the gated community of Boulder Cay. The property is conveniently situated approximately one and a half miles from the Boone Mall, five minutes from Appalachian State University, and less than ten minutes from Watauga County Hospital. This gently rolling, wooded lot is part of a 34-lot development, which includes lots ranging from half-acre ridge properties to larger two-acre estate lots. Underground utilities are in place. Revised covenants now permit smaller footprints, with a minimum total of 1,600 square feet and 1,000 heated square feet on the main level. Log homes are also permitted. All home elevations and designs must meet the approval of the Architectural Review Committee (ARC) before construction. The footprint of any dwelling erected upon any lot shall contain no more than 4,000 square feet without ARC approval. Please refer to the provided documents for details regarding the Property Owners' Association (POA) and Architectural Review Committee (ARC).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Boone
    County
    Watauga
    State
    North Carolina
    Longitude
    -81.6739731
    Latitude
    36.1888237

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    FAQs

    What type of property is this?
    Land - Two-acre lot in gated community near Boone, NC.
    Where is this land located?
    The property is located at Lot 23 Boulder Cay Road Boone, NC.
    What is the asking price?
    The asking price for this property is $85,000.
    What are key features of this property?
    This property features: Premier gated community close to Boone and Appalachian State University.; Revised covenants allow for smaller footprint homes (1600 sqft minimum, 1000 sqft on main) and log homes.; Underground utilities are already in place.
    (828) 264-8745
    We can help!
    Listing Contact
    Judy and Allan Wagner
    Real Estate License ID: 240994,PersonLicenseNumber
    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.

    More about this property
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