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    Residential Land in Gated Community Title is generated by Realmo AI

    Sunset Drive, Mill Spring, NC 28756

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    Claim this Listing
    For Sale
    $59,900

    LAND - Mill Spring, NC

    Lot size:
    1.93 Acres
    Added:
    Jul 24, 2023
    Days on Market:
    1034
    Last Refresh:
    May 22 at 1:06 pm

    Property Features for Sunset Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RES
    Standard status
    Active
    APN
    P52-208
    Lot size
    1.93 Acres

    Taxes and HOA fees

    Tax Description
    LOT 12 HILLCREST

    Utilities

    Sewer type
    Septic Needed
    Water source
    Well Needed

    We can help!

    Listing Contact
    Debbie Hughes
    Debbie Hughes

    Listing agent Debbie Hughes License #286307

    Listing office NorthGroup Real Estate LLC 65 Merrimon Ave #1081, Cornelius, NC

    Listing date Jul 24, 2023

    MLS# 4049273 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

    • Prime building lot in the desirable Hillcrest Subdivision, a quaint and reserved gated community.
    • Cleared building spot with a driveway already in place.
    • Enjoy privacy with mature trees and potential for views.
    • Conveniently located just 10 minutes from grocery stores and gas stations.
    • Close to Lake Lure, Chimney Rock Village, and various recreational activities.
    • A 20‑minute drive to Tryon International Equestrian Center.

    Overview

    This 1.93-acre residential lot is located within the gated Hillcrest Subdivision in Mill Spring, North Carolina. The property features mature pines and hardwoods. A driveway is already in place, and the top of the lot has been cleared to showcase a potential building site. The elevated position of the lot allows for views to be captured with selective tree removal. The lot provides privacy from neighbors while maintaining the security of a gated community. The location offers a tranquil lifestyle and convenient access to amenities. A grocery store and gas station are located 10 minutes away. Lake Lure public beach, Chimney Rock Village, shopping, restaurants, swimming, boating, hiking, zip lining, horseback riding, and golf are all located in the area. The Tryon International Equestrian Center is a 20-minute drive away.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Mill Spring
    County
    Polk
    State
    North Carolina
    Longitude
    -82.1739
    Latitude
    35.3435

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    FAQs

    What type of property is this?
    Residential land & home lot - Prime building lot in Mill Spring's desirable gated Hillcrest Subdivision.
    Where is this residential land & home lot located?
    The property is located at Sunset Drive Mill Spring, NC.
    What is the asking price?
    The asking price for this property is $59,900.
    What are key features of this property?
    This property features: Prime building lot in the desirable Hillcrest Subdivision, a quaint and reserved gated community.; Cleared building spot with a driveway already in place.; Enjoy privacy with mature trees and potential for views.
    (828) 545-3979
    We can help!
    Listing Contact
    Debbie Hughes
    Debbie Hughes
    Real Estate License ID: 286307
    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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