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    Unrestricted Recreational Land Parcel Title is generated by Realmo AI

    536 Pea Ridge Road, Mill Spring, NC 28756

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    Claim this Listing
    For Sale
    $995,000

    Unrestricted acreage with pasture, wooded areas, and a pond, plus multiple building sites and road frontage.

    Type:Land / Acreage
    Added:
    Jun 1, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 6 at 5:25 am

    Property Features for 536 Pea Ridge Road

    General Information

    Standard status
    Active
    Property subtype
    Land / Acreage

    We can help!

    Listing Contact
    Carl Campbell

    Listing agent Carl Campbell License #119457

    Listing office Campbell & Associates RE

    Listing date Jun 1, 2026

    Source Compass

    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 Campbell & Associates RE

    HighLights

    • Over 42 acres of unrestricted, usable land with paved road access
    • Land includes a mix of majority pastureland and a wooded area with a pond
    • Multiple potential building sites throughout the property
    • Road frontage along Pea Ridge Rd
    • Potential for mountain views from hill areas toward the rear of the property
    • Property is part of a larger 44+ acre tract; owner will survey off the 2 acres with existing commercial building and mobile home on Pea Ridge Rd, or entertain offers for the entire parcel including buildings

    Overview

    This unrestricted land offering totals more than 42 acres, combining majority pasture with a wooded area that includes a pond. The property features a variety of potential building sites distributed throughout the acreage, including a rear hill that may offer mountain views. A mix of open and wooded terrain provides flexibility for residential, recreational, or support uses where a substantial tract is desired.

    The tract includes a large amount of road frontage along Pea Ridge Rd. It is located a little over three miles from Tryon International Equestrian Center, balancing convenient access to the equestrian venue with the space and privacy that come with a larger land holding.

    The parcel is part of a larger 44+ acre property that currently includes a commercial building and a mobile home facing Pea Ridge Rd. The owner plans to survey off the two acres that those buildings sit on, but will consider offers for the entire parcel, including the existing improvements. This makes the property a practical fit for buyers who want to control development options on the land while also having the ability to evaluate the option of acquiring the existing buildings together.
    Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Suggested Use

    Restaurant Real Estate Agency Travel Agency Bed & Breakfast Restaurant

    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
    -82.1110296
    Latitude
    35.315483

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - Unrestricted acreage with pasture, wooded areas, and a pond, plus multiple building sites and road frontage.
    Where is this agricultural land / farmland located?
    The property is located at 536 Pea Ridge Road Mill Spring, NC.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Over 42 acres of unrestricted, usable land with paved road access; Land includes a mix of majority pastureland and a wooded area with a pond; Multiple potential building sites throughout the property
    (828) 817-6533
    We can help!
    Listing Contact
    Carl Campbell
    Real Estate License ID: 119457
    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.

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