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    Leicester Multifamily Investment Opportunity Title is generated by Realmo AI

    537 Old Newfound Road, Leicester, NC 28748

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    For Sale
    $445,000

    MULTI_FAMILY - Leicester, NC

    Lot size:
    2.13 Acres
    Added:
    Apr 2, 2026
    Days on Market:
    47
    Last Refresh:
    May 18 at 3:06 pm

    Property Features for 537 Old Newfound Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    OU
    Bedrooms
    9
    Bathrooms
    5
    Rooms
    Bedroom 8, Bathroom 5, Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 7, Bedroom 1, Bedroom 4, Bedroom 9, Bathroom 1, Bedroom 2, Bathroom 3, Bathroom 4
    Parking features
    Driveway
    Pets allowed
    Yes
    Standard status
    Active
    APN
    8790-93-2639-00000
    Lot size
    2.13 Acres

    Taxes and HOA fees

    Tax Description
    DEED DATE:01/03/2019 DEED:5733-0986 PLAT:0170-0118

    Utilities

    Heating system
    Heat Pump (Heating)
    Water source
    Well

    Building Details

    Year built
    1991
    Number of units
    4
    Building materials
    Metal, Vinyl
    Roof type
    Shingle

    We can help!

    Listing Contact
    Shawn Lynch

    Listing agent Shawn Lynch License #269212

    Listing office RE/MAX Executive 56 Central Avenue, Suite 101, Charlotte, NC

    Listing date Apr 2, 2026

    MLS# 4363729 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

    • Investment opportunity to revive an existing mobile home park.
    • Includes one double‑wide unit with its own well and 3‑bedroom septic system.
    • Three single‑wide units are present and connected to a 9‑bedroom septic system.
    • Potential for additional mobile home spots.
    • Multiple wells on the property offer water source options.
    • Property is ready for renovation and vision.

    Overview

    This property presents an opportunity for investors to revitalize an existing mobile home park. The site includes one double-wide unit and three older single-wide units, with the potential for additional spots. The double-wide unit features its own separate well and a three-bedroom septic system and well. The three single-wide units are connected to a nine-bedroom septic system. Multiple wells are located on the property, but the main well and system require maintenance. While all units need renovation, the foundational infrastructure of the park is in place. The property is zoned OU and has a lot size of 2.13 acres. The property is located in Leicester, North Carolina, in Buncombe County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Suggested Use

    Building Supply Auto Repair Shop Furniture & Home Goods (Bike/Boat/Book/etc) Store Cosmetic Store Home Appliance Store Plumbing Service Pet Grooming Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Leicester
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.7050201
    Latitude
    35.6270682

    Nearby Similar for Sale

    • $1,690,000

      Land with Mountain Views

      35+/- acre property with mountain views near Asheville.
      16 Rocking Chair Lane, Leicester, NC 28748
      View Details
    • $1,500,000

      Three Properties Near Asheville

      Three adjacent properties offer income potential near Asheville.
      6, 8, 12 Jackson Cove Road, Leicester, NC 28748
      View Details

    FAQs

    What type of property is this?
    Mobile home & RV park - Revive existing mobile home park with potential for expansion.
    Where is this mobile home & rv park located?
    The property is located at 537 Old Newfound Road Leicester, NC.
    What is the asking price?
    The asking price for this property is $445,000.
    What are key features of this property?
    This property features: Investment opportunity to revive an existing mobile home park.; Includes one double‑wide unit with its own well and **3‑bedroom septic system**.; Three single‑wide units are present and connected to a **9‑bedroom septic system**.
    (828) 772-5402
    We can help!
    Listing Contact
    Shawn Lynch
    Real Estate License ID: 269212
    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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