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    Downtown Mixed-Use Café Building Title is generated by Realmo AI

    615 Oak Avenue, Spruce Pine, NC 28705

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    New
    For Sale
    $500,000

    COMMERCIAL - Spruce Pine, NC

    Property size:
    3,600 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $138/SF
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 5:06 am

    Property Features for 615 Oak Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.13 Acres

    Building Details

    Year built
    1958

    We can help!

    Listing Contact
    Dylan Ledford
    Dylan Ledford

    Listing agent Dylan Ledford License #333005

    Listing office Realty One Group Results-Boone 719-A Greenway Rd Suite 100, Boone, NC

    Listing date Jun 5, 2026

    MLS# 262465

    Copyright © 2026 High Country Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 3,600 SF mixed‑use building (built 1958) with commercial space on the main level and a residential apartment above
    • Fox & Fig Cafe currently operates in the main‑level commercial space
    • Renovations include updated bathrooms, electrical and plumbing improvements, and a new water heater installed in 2024
    • Significant plumbing upgrades completed in 2025
    • Upstairs apartment updates include a remodeled bathroom, updated paint and trim, and new handrails
    • Accessory storage building extensively renovated with insulation, drywall, tongue‑and‑groove ceilings, and recessed lighting

    Overview

    This mixed-use building offers commercial space on the main level and a residential apartment above. The property has been thoughtfully improved over the years, including renovations to the café and dining area, custom black walnut countertops and cabinetry, updated bathrooms, and electrical and plumbing upgrades. Recent updates include a new water heater in 2024 and significant plumbing upgrades completed in 2025. The upstairs apartment has also received continued updates, such as a remodeled bathroom, updated paint and trim, and new handrails. In addition, an accessory storage building on site has been extensively renovated with insulation, drywall, tongue-and-groove ceilings, and recessed lighting.

    Located at 615 Oak Avenue in Spruce Pine, the property is positioned for walkable use in the downtown area near local shops, restaurants, and community events as described in the remarks.

    For buyers seeking a live-work or mixed-income setup, this configuration allows one building to support both a street-facing café presence and an upstairs residential unit. The combination of completed mechanical and plumbing improvements, along with the updated commercial and apartment interiors, may appeal to tenants or owner-operators looking for a well-cared-for property with functionality already in place.
    Property Profile Location Intelligence

    Current Use by Public Records

    Fox and the Fig Cafe & Coffee Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Spruce Pine
    County
    Mitchell
    State
    North Carolina
    Longitude
    -82.062725
    Latitude
    35.915837

    Nearby Similar for Sale

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    • $109,000
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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building with a café storefront below and an apartment above, plus a renovated accessory storage building.
    Where is this mixed-use property located?
    The property is located at 615 Oak Avenue Spruce Pine, NC.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: 3,600 SF mixed‑use building (built 1958) with commercial space on the main level and a residential apartment above; Fox & Fig Cafe currently operates in the main‑level commercial space; Renovations include updated bathrooms, electrical and plumbing improvements, and a new water heater installed in 2024
    (828) 406-8016
    We can help!
    Listing Contact
    Dylan Ledford
    Dylan Ledford
    Real Estate License ID: 333005
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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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