Flat Rock Resort on Highland
For Sale
$5,300,000
86 Lily Pad Lane, Flat Rock, NC 28731
Resort on 26 acres with lodging, restaurant, and meeting spaces.
Property Size1,912 SF
Lot Size26.00 Acres
Price / SF$87.22
Days on Market206
Property Features for 86 Lily Pad Lane
General Information
Standard status
Active
Size
1,912 SF
Lot size
26.00 Acres
Property subtype
Hotel/Motel
Amenities
Waterfront
In Ground, Outdoor Pool
Architectural Shingle
Public Sewer
Additional parcels description:, Parcel Number: 9577-55-6566, Assessed Value: $5.493e+06
Carpet, Tile, Vinyl, Wood
Central Air, Total
Central, Electric, Natural Gas
Listing ID: CAR4420863, Standard Status: Active, MLS Status: Active, Property Subtype: Hotel/Motel, 30 days on market, Special Conditions: None
Built in 1912, Living area: 60769, Construction Materials: Frame, Wood
County/Parish: Henderson
Elevation: 1500, Other structures: Other - See Remarks, Water
Cable Connected, Electricity Connected, Natural Gas, Phone Connected, Water Source: Public
Crawl Space, Slab
Water Body Name: Highland Lake, Boat Slip (Deed), Dock, Paddlesport Launch Site
Frontage Type: 4 Lane Highway, City Street, Road Responsibility: Publicly Maintained Road, Private Maintained Road, Road Surface: Paved
Two or More Access Exits, Bath Grab Bars, Handicap Parking, Pool Power Lift
Building Details
Building Size
1,912 SF
Year Built
1912
Listing Agency:
Likewise Commercial Real Estate
(828) 222-3685
Listed By:
Debbie Lane · License ##122957
(828) 230-5263
Source:
Blackstreaminternational
Added: Mar 26
Changed: Oct 16
Last Checked: Oct 16 at 8:39AM
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 Likewise Commercial Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This resort is located in Flat Rock, North Carolina, and occupies 26 acres on Highland Lake. The property includes a total of 63 bedrooms distributed among cottages, a lodge, and homes, as well as the Woodward House. It features meeting spaces, reception facilities, and the Seasons restaurant. An owner's residence is included in the purchase.
Key Highlights
- 26‑acre resort property on Highland Lake in historic Flat Rock, NC.
- 63 bedrooms across cottages, Lodge, Woodward House, and homes.
- Includes an owner's residence.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$367,166
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,343,320
$7.3M
Cap Rate 7%
$5,245,229
$5.2M
Cap Rate 9%
$4,079,622
$4.1M
Market Conditions
NOI Build-Up for 60,769 SF
Gross rent
$911.5K $15.00/SF
− Vacancy
−$138.6K −$2.28/SF
EGI
$773.0K $12.72/SF
− OpEx
−$405.8K −$6.68/SF
NOI
$367.2K $6.04/SF
Area
Henderson County, NC
Vacancy
15.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,343,320
Cap Rate 7%
$5,245,229
Cap Rate 9%
$4,079,622
Alternative Uses
Best Use
Hotel Hospitality
$5.25M
$4.59M – $6.12M
NOI $367,166 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.25M
$17.72M – $23.63M
NOI $1,417,619 @ 7.0% cap · market cap 26.75%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 28731, NC
8,806
Population
4,417
Households
2
Avg Household Size
53
Median Age
37%
College-Educated
91%
High-School Grad
33.1 sq mi
ZIP Area
266
Density / Sq Mi
$65,882
Median Household Income
$35,957
Median Earnings
$947
Median Rent
$361,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Resort - Resort on 26 acres with lodging, restaurant, and meeting spaces.
Where is this resort located?
The property is located at 86 Lily Pad Lane Flat Rock, NC.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: 26‑acre resort property on Highland Lake in historic Flat Rock, NC.; 63 bedrooms across cottages, Lodge, Woodward House, and homes.; Includes an owner's residence.
