Property profile

1 Old Ml Ln Weaverville, NC 28787

OFF-MARKET
Turn key restaurants
Property ID
US53-1779588
7,686 SF 0.5 ac lot Built 1910
Entity Owned 2-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional property presents a rare opportunity to acquire a piece of Weaverville's rich history. The offering encompasses three historic structures, including the main mill building, a remodeled 1940s house, and a remodeled cottage, all situated on a sprawling 5.4-acre lot. The main mill building, dating back to circa 1905, boasts over 5,000 square feet of space, complemented by a 1,400 square foot covered patio. Its strong local history and architectural character are undeniable assets. The remodeled 1940s house offers approximately 1,100 square feet of living space, including three bedrooms and two bathrooms, a rear deck, and a large unfinished daylight basement. The remodeled cottage provides an additional 600 square feet of living space, featuring one bedroom, one bathroom, a kitchenette, and a 300 square foot rear deck. The property enjoys approximately 1,000 feet of bold water frontage along Reems Creek. An old barn is also included on the property. The property is zoned for mixed-use commercial and short-term rentals, making it ideal for a variety of ventures, including event spaces. The property is not located within Weaverville city limits but benefits from city water and sewer. Importantly, the structures sustained no flood damage during Hurricane Helene. The property consists of two parcels: 1 Old Mill Lane, zoned EMP, and 9 Old Mill Lane, zoned R-3. This unique offering combines historical charm with significant development potential. The asking price is $3,500,000.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1910
Construction WOOD FRAME
Total area 7,686 SF
Lot 0.5 ac (21,780 SF)
Zoning code DEED DATE: 01/20/1986 DEE
APN 9742-13-7098-00000
UPID US53-1779588

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

1 Old Ml Ln Weaverville, NC 28787
Weaverville metro Census 2704 ASHEVILLE, NC METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$500k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$500k

Owner & transaction history

since 2024
Last sale
$500,000
2 recorded transactions
2024
$500,000
2023
Price N/A

Zoning & alternative use

DEED DATE: 01/20/1986 DEE · Weaverville, NC

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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