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    515 Greer Ln Vilas, NC 28692-9112

    • Investment properties
    • 800 SF
    • 0.70 lot acres
    OFF-MARKET
    Value Estimations
    $380,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2665420
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Brushy Fork Wood Products / Woodworker

    Property Details for 515 Greer Ln

    Year built
    1983
    Construction
    FRAME
    Lot size
    0.70 lot acres
    Property size
    800 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    1991-63-9600-000
    APU
    1991639600000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $417,000
      Market price range: $173k - $908k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $500,000
      OFFICE BUILDING
      $480,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Vilas
    County
    Watauga
    State
    North Carolina
    Longitude
    -81.7229
    Latitude
    36.2301
    CBSA code
    14380
    CBSA name
    BOONE, NC MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $21,100
    $99,700
    $120,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $535,000
      8,400 SF

      5189 Nc Hwy 105th S

      OFFICE/RESIDENTIAL (MIXED USE) • 8,400 SF
      5189 Nc Hwy 105th S, Vilas, NC 28692-9015
      View Details
    • Value Estimation
      $295,000
      220 SF

      1984 Bairds Crk Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 220 SF
      1984 Bairds Crk Rd, Vilas, NC 28692
      View Details
    • Value Estimation
      $330,000
      648 SF

      6876 Us Hwy 421st N

      OFFICE/RESIDENTIAL (MIXED USE) • 648 SF
      6876 Us Hwy 421st N, Vilas, NC 28692
      View Details
    • Value Estimation
      $335,000
      595 SF

      201 Westside Dr

      OFFICE/RESIDENTIAL (MIXED USE) • 595 SF
      201 Westside Dr, Vilas, NC 28692-8338
      View Details
    • Value Estimation
      $380,000
      881 SF

      1672 Bairds Crk Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 881 SF
      1672 Bairds Crk Rd, Vilas, NC 28692-9238
      View Details
    • Value Estimation
      $430,000
      1,440 SF

      630 Us Hwy 321st N

      OFFICE/RESIDENTIAL (MIXED USE) • 1,440 SF
      630 Us Hwy 321st N, Vilas, NC 28692-9478
      View Details

    Similar Nearby for Sale

    • $45,000

      Land with Creek Frontage

      Recreational land featuring creek frontage in a quiet development.
      5 Old Barn Rd, Vilas, NC 28692
      View Details
    • $124,999
      5.83 Acres

      5.3 Acres Residential Land

      Three combined lots suitable for tiny homes and rentals.
      10-11-12 Yasmine Ln, Vilas, NC 28692
      View Details
    • $125,000

      Cove Creek Fishing Enclave

      Over five acres on Fletcher Branch and Cove Creek.
      3 Old Barn Rd, Vilas, NC 28692
      View Details
    • $200,000
      3.00 Acres

      Land in Cove Creek

      Approximately 3-acre tract in Cove Creek, ready for your dream home.
      Tbd Laurel Br Rd, Vilas, NC 28692
      View Details
    • $135,000
      1.08 Acres

      Vilas Land with Mountain Views

      1.08-acre lot near Boone with seasonal mountain views.
      Tbd Lucky Leaf Ln, Vilas, NC 28692
      View Details
    • Contact for pricing
      0.93 Acres

      Vilas, NC Land Opportunity

      Land in gated community, short/long term rentals allowed.
      27 Lost Ridge Trl, Vilas, NC 28692
      View Details
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    515 Greer Ln
    Vilas, NC 28692-9112
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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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