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    Spinning Wheel Almond, NC 28702
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    Spinning Wheel Almond, NC 28702

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    • Land
    • 2.68 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Spinning Wheel

    Lot size
    2.68 lot acres
    Property type
    Land

    Description

    This exceptional 2.68-acre residential land parcel in Almond, North Carolina, presents a unique opportunity. Located in the desirable Fontana View community, this high-elevation knoll boasts potential for breathtaking views of the Great Smoky Mountain National Park and possibly Fontana Lake, after some tree removal. The property offers convenient access from two streets, and the well-maintained HOA roads ensure year-round usability. The lot is identified by APN 663200223651 and is currently owned by Safer. Buyers should note that the property requires the installation of a well and septic system. Fontana View's prime location provides easy access to Fontana Lake, marinas, the Nantahala River, excellent fishing opportunities, the Great Smoky Mountain National Park, the Tail of the Dragon, Bryson City, and more. The property's zoning is currently NONE, but potential subdivision is possible, subject to Swain County approval. This property has undergone a significant price reduction, exceeding 50%, to facilitate a quick sale. The address is Spinning Wheel Drive, Almond, NC 28702. This is a remarkable opportunity to acquire a piece of land with exceptional potential in a highly sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Almond
    County
    Swain
    State
    North Carolina
    Longitude
    -83.5843
    Latitude
    35.3984

    Comparable in this City

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      2.26 Acres

      00 Spinning Wheel Dr

      Land • 2.26 Acres
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      2,460 SF

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      AUTO REPAIR, GARAGE • 2,460 SF
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      3.34 Acres

      Double Spgs Dr

      PROFESSIONAL CLUBS/ASSOCIATIONS • 3.34 Acres
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      1,040 SF

      2186 Hwy 28th N

      COMMERCIAL (GENERAL) • 1,040 SF
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    • Value Estimation by Request
      2,385 SF

      Fontana Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 2,385 SF
      Fontana Rd, Almond, NC 28702
      View Details
    • Value Estimation
      $745,000
      2,784 SF

      135 Turkey Crk Rd

      OFFICE (GENERAL) • 2,784 SF
      135 Turkey Crk Rd, Almond, NC 28702-6600
      View Details

    Similar Nearby for Sale

    • $279,000
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    • $79,900
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      58+/- acres with views near Bryson City and Fontana Lake.
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    • New
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    Almond, NC 28702
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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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