Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mills River Development Opportunity Title is generated by Realmo AI

    5620 Old Haywood Road, Mills River, NC 28759

    View on Map
    Claim this Listing
    For Sale
    $2,995,000

    Exceptional development opportunity in the heart of Mills River.

    Type:Commercial
    Added:
    Oct 31, 2025
    Days on Market:
    219
    Last Refresh:
    May 11 at 1:51 am

    Property Features for 5620 Old Haywood Road

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1964

    We can help!

    Listing Contact
    AUSTIN WALKER
    AUSTIN WALKER

    Listing agent AUSTIN WALKER License #227527

    Listing office WHITNEY COMMERCIAL REAL ESTATE

    Listing date Oct 31, 2025

    Source Corcoran

    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 WHITNEY COMMERCIAL REAL ESTATE

    HighLights

    • Nearly 900 feet of frontage on NC 191 with excellent visibility and accessibility.
    • MRMU (Mixed Use) zoning offers versatile development potential.
    • Strategic location in the heart of Mills River, a thriving area of the Asheville market.
    • Gentle topography creates a highly developable site.
    • Access to public water (12" and 6" lines).
    • Located at the intersection of NC Highway 191 and Old Fanning Bridge Road.

    Overview

    This property presents an exceptional development opportunity in Mills River, suitable for land or industrial investors seeking a presence in the Asheville market. Zoned MRMU, the parcel is located at the intersection of Old Fanning Bridge Road and NC Highway 191, offering nearly 900 feet of frontage on NC 191, ensuring visibility and accessibility. The site features a rectangular configuration and gentle topography, facilitating straightforward infrastructure planning. Public water access is available via 12" and 6" lines. A septic system will be required. Located in the Town of Mills River, the property is positioned in a desirable commercial corridor of Western North Carolina. The existing house and barn are conveyed at no value.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Department Store Kitchen & Bath Showroom Accounting Firm HVAC Service Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Mills River
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.5731
    Latitude
    35.4246

    Nearby Similar for Sale

    • $900,000

      Mills River Development Opportunity

      Development land in sought-after Mills River location.
      Old Haywood Road, Mills River, NC 28759
      View Details
    • $900,000

      Mills River Development Opportunity

      Prime land for residential development near Asheville and Pisgah Forest.
      Old Haywood Road, Mills River, NC 28759
      View Details
    • $315,000

      Homesite in Desirable Mills River

      0.77-acre homesite in The Farm at Mills River.
      Majestic Ridge Road, Mills River, NC 28759
      View Details
    • $269,000

      Mills River Homesite Opportunity

      1.14-acre homesite in a luxury mountain community.
      479 Nesbitt Drive, Mills River, NC 28759
      View Details
    • $429,500

      Mills River Commercial Land Opportunity

      Prime commercial land with road frontage and existing pole barn.
      00 Marlowe Drive, Mills River, NC 28759
      View Details
    • $2,400,000

      Mills River Land with Development Potential

      12 acres near Asheville Airport with multiple development opportunities.
      467 Butler Farm Road, Mills River, NC 28759
      View Details
    • $1,150,000

      Picturesque Land in Mills River

      10 acres in Hendersonville, ideal for equestrian or farming.
      997 Tole Allison Road, Mills River, NC 28759
      View Details
    • $1,395,000

      Mills River Retail Site Opportunity

      Prime retail land at major intersection, high visibility.
      4184 Haywood Road, Mills River, NC 28759
      View Details
    • $269,900

      Land in Mills River, NC

      Land with road frontage and views in Mills River, NC.
      999 Ray Hill Road, Mills River, NC 28759
      View Details
    • $4,350,000

      Mills River Development Opportunity

      16.08 acres available for development in Mills River, NC.
      4794 Boylston Highway, Mills River, NC 28759
      View Details
    • $31,300

      Mills River Vacant Land Parcel

      1.16-acre vacant land parcel suited for mixed-use or residential development.
      Poplar Drive, Mills River, NC 28759
      View Details
    • $1,750,000
      11,720 SF

      Unique Event Center with Pond

      Mixed-use property featuring an event center, house, and 5+ acre pond.
      8826 Boylston Highway, Mills River, NC 28759
      View Details

    FAQs

    What type of property is this?
    Commercial land - Exceptional development opportunity in the heart of Mills River.
    Where is this commercial land located?
    The property is located at 5620 Old Haywood Road Mills River, NC.
    What is the asking price?
    The asking price for this property is $2,995,000.
    What are key features of this property?
    This property features: Nearly 900 feet of frontage on NC 191 with **excellent visibility and accessibility.**; MRMU (Mixed Use) zoning offers **versatile development potential.**; Strategic location in the heart of Mills River, a thriving area of the Asheville market.
    (828) 665-9085
    We can help!
    Listing Contact
    AUSTIN WALKER
    AUSTIN WALKER
    Real Estate License ID: 227527
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5620 Old Haywood Road, Mills River, NC 28759
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!