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    Flat Rock Multifamily Income Property Title is generated by Realmo AI

    40 Country Bear Lane, Flat Rock, NC 28731

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    Claim this Listing
    For Sale
    $599,000

    MULTI_FAMILY - Flat Rock, NC

    Lot size:
    1.10 Acres
    Added:
    Jan 9, 2026
    Days on Market:
    130
    Last Refresh:
    May 19 at 12:06 pm

    Property Features for 40 Country Bear Lane

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R2R
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 3, Laundry Room, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1
    Parking features
    Garage, Garage - Attached, Driveway, Tandem
    Window features
    Window Treatments
    Patio and Porch features
    Porch, Deck, Patio
    Pets allowed
    Yes
    Pool private
    1
    Fireplace
    1
    Appliances
    Dishwasher, Electric Range, Electric Water Heater, Exhaust Fan, Microwave, Refrigerator, Refrigerator with Ice Maker, Washer/Dryer
    Standard status
    Active
    APN
    9936740
    Lot size
    1.10 Acres

    Taxes and HOA fees

    Tax Description
    SPTG HWY

    Utilities

    Utilities
    Cable Available
    Heating system
    Central, Propane (Heating)
    Cooling system
    Central Air, Electric, Ceiling Fan(s)
    Water source
    Well

    Building Details

    Year built
    1987
    Number of units
    2
    Flooring type
    Carpet, Tile, Vinyl
    Building materials
    Stone, Vinyl

    We can help!

    Listing Contact
    Mary Helen Letterle

    Listing agent Mary Helen Letterle

    Listing office EXP Realty LLC 16 Biltmore Ave Suite #300, Charlotte, NC

    Listing date Jan 9, 2026

    MLS# 4332648 Listing URL

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

    HighLights

    • Priced $88,000 below recent appraisal.
    • Two fully functional living units (3‑bedroom main residence and 1‑bedroom suite) offering immediate income potential and flexible occupancy.
    • Rare 4‑car tandem basement garage with oversized doors, plus a 2‑car attached garage.
    • Located on 1.1 acres adjacent to Green River Game Lands with mountain views, providing access to outdoor recreation.
    • Large in‑ground pool with 9' diving depth.
    • Newer HVAC systems (2019 & 2025).

    Overview

    Located near Flat Rock, North Carolina, this property features two fully functional living units, offering immediate income potential and flexible occupancy strategies. The main residence, Unit 1, includes a 3-bedroom layout with multiple living areas, two sunrooms, a gas fireplace, and an updated kitchen with granite countertops. The primary suite features a walk-in closet and en-suite bath, while the second-floor bedroom also offers a private en-suite. Unit 2 is a self-contained 1-bedroom, 1-bath suite with a private entrance, full kitchen, living/dining area, oversized walk-in closet, and dedicated storage space. The property includes a 2-car garage plus a 4-car tandem basement garage with oversized doors. Situated on 1.1 acres with mountain views and direct adjacency to Green River Game Lands, the location provides access to hiking, rivers, and outdoor recreation. Additional features include a large in-ground pool with 9' diving depth and newer HVAC systems (2019 & 2025). This property is suited for investors seeking cash flow, house-hack potential, or short-term rental diversification.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Kitchen & Bath Showroom Food Market HVAC Service Furniture & Home Goods (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Flat Rock
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.404072
    Latitude
    35.2507823

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    FAQs

    What type of property is this?
    Duplex - Two-unit property with income potential near Flat Rock.
    Where is this duplex located?
    The property is located at 40 Country Bear Lane Flat Rock, NC.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Priced $88,000 below recent appraisal.; Two fully functional living units (3‑bedroom main residence and 1‑bedroom suite) offering immediate income potential and flexible occupancy.; Rare 4‑car tandem basement garage with oversized doors, plus a 2‑car attached garage.
    (828) 782-3515
    We can help!
    Listing Contact
    Mary Helen Letterle
    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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