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    Restored Farmhouse with Pasture Acreage Title is generated by Realmo AI

    741-99999 Morrow Branch Road, Leicester, NC 28748

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    For Sale
    $1,800,000

    Restored 1890s farmhouse on 35+ acres with pasture, mature forest, and multiple outbuildings for agriculture or equestrian use.

    Type:Land / Farm
    Lot size:
    35.00 Acres
    Added:
    May 30, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 6 at 3:56 am

    Property Features for 741-99999 Morrow Branch Road

    General Information

    Standard status
    Active
    Lot size
    35.00 Acres
    Property subtype
    Land / Farm

    We can help!

    Listing Contact
    Greg Palombi
    Greg Palombi

    Listing agent Greg Palombi License #A4077

    Listing office Asheville Real Estate Network

    Listing date May 30, 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 Asheville Real Estate Network

    HighLights

    • Restored 1890s farmhouse on 35+ private acres with open pasture, mature forest, and long‑range views
    • Extensive updates include modern plumbing, electrical, HVAC, high‑efficiency foam insulation, insulated windows, and whole‑house generator
    • Multiple outbuildings: 2 pole barns, hay/tobacco barn, workshop, shed(s), tractor shed, plus detached 2‑car garage with guest quarters
    • Water features include a 300‑foot well dug in 2018, natural springs, and multiple creeks
    • Equestrian and agriculture‑ready setup with horses allowed, fenced property, and hay storage
    • Interior highlights include heart pine and oak floors, beadboard walls, and bullseye trim

    Overview

    This thoughtfully restored 1890s farmhouse blends original character with modern comfort. Updates include modern plumbing, electrical, HVAC, high-efficiency foam insulation, insulated windows, and a whole-house generator. Interior details feature heart pine and oak floors, beadboard walls, and classic bullseye trim. The property is set on 35+ private acres with open pasture and mature forest, along with natural springs and multiple creeks. For additional utility, there is a 300-foot well dug in 2018 and several building sites. Outbuildings include two pole barns, a hay/tobacco barn, and a sauna/spa building, plus a detached 2-car garage with private guest quarters.

    The farm is quietly tucked away on a peaceful dead-end road in the Sandy Mush area. With long-range views and a mix of pasture, woods, and water features, the site supports a variety of rural lifestyles while maintaining privacy.

    The layout and improvements lend themselves to multiple types of agriculture, livestock, or equestrian use, with room for farming, recreation, or future expansion. Existing structures such as the pole barns and hay/tobacco barn provide practical support for day-to-day operations, while the restored home and guest quarters accommodate extended stays or multi-generational living.
    Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Daycare Center Plumbing 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
    -82.7735123
    Latitude
    35.7170249

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    FAQs

    What type of property is this?
    Farm - Restored 1890s farmhouse on 35+ acres with pasture, mature forest, and multiple outbuildings for agriculture or equestrian use.
    Where is this farm located?
    The property is located at 741-99999 Morrow Branch Road Leicester, NC.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Restored 1890s farmhouse on 35+ private acres with open pasture, mature forest, and long‑range views; Extensive updates include modern plumbing, electrical, HVAC, high‑efficiency foam insulation, insulated windows, and whole‑house generator; Multiple outbuildings: 2 pole barns, hay/tobacco barn, workshop, shed(s), tractor shed, plus detached 2‑car garage with guest quarters
    (828) 216-4037
    We can help!
    Listing Contact
    Greg Palombi
    Greg Palombi
    Real Estate License ID: A4077
    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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