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    OFF-MARKET
    Turn key restaurants

    1 Old Ml Ln, Weaverville, NC 28787

    7,686 SF 0.5 ac lot Built 1910
    Entity Owned 2-yr Hold Absentee Owner ~ Est. High Equity
    Property ID
    US53-1779588
    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
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
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    Comparable Approach Comparable
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    Blend (final) Blend
    by Request
    Owner & transaction history
    Old Weaverville Milling Company LLC · 2 yrs held
    Old Weaverville Milling Company LLC
    since 2024
    Last sale
    $500,000
    2 recorded transactions
    2024
    $500,000
    2023
    Zoning & alternative use
    DEED DATE: 01/20/1986 DEE · Weaverville, NC
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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