1 Old Ml Ln, Weaverville, NC 28787
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.
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2024Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
DEED DATE: 01/20/1986 DEE · Weaverville, NCWeaverville. Always verify with local authorities before improvements.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.