Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    11120 Us 23rd Hwy Mars Hill, NC 28754-6342

    • Grocery and convenience stores
    • 3,600 SF
    • 1.52 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2923701
    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

    • Grocery and convenience stores

    Property Details for 11120 Us 23rd Hwy

    Year built
    2005
    Construction
    WOOD
    Lot size
    1.52 lot acres
    Property size
    3,600 SF
    Zone code
    R-1
    Property type
    Grocery and convenience stores
    APN
    9840-84-1456
    APU
    9840841456

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mars Hill
    County
    Madison
    State
    North Carolina
    Longitude
    -82.5527
    Latitude
    35.9086
    CBSA code
    11700
    CBSA name
    ASHEVILLE, NC METROPOLITAN 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
    $130,489
    $314,911
    $445,400
    -
    $130,489
    $314,911
    $445,400

    Comparable in this City

    • Value Estimation by Request
      4,560 SF

      7788 Nc Hwy 213

      CONVENIENCE STORE • 4,560 SF
      7788 Nc Hwy 213, Mars Hill, NC 28754-9696
      View Details
    • Value Estimation
      $3,535,000
      4,939 SF

      844 Carl Eller Rd

      CONVENIENCE STORE • 4,939 SF
      844 Carl Eller Rd, Mars Hill, NC 28754-6003
      View Details
    • Value Estimation
      $4,940,000
      86,141 SF

      225 Carl Eller Rd

      GROCERY, SUPERMARKET • 86,141 SF
      225 Carl Eller Rd, Mars Hill, NC 28754
      View Details
    • Value Estimation by Request
      4,000 SF

      339 Jf Robinson Ln

      CONVENIENCE STORE • 4,000 SF
      339 Jf Robinson Ln, Mars Hill, NC 28754-9511
      View Details
    • Value Estimation by Request
      2,400 SF

      2345 Puncheon Frk Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      2345 Puncheon Frk Rd, Mars Hill, NC 28754-9363
      View Details
    • Value Estimation by Request
      11,251 SF

      2936 Beech Gln Rd

      GYM, HEALTH SPA • 11,251 SF
      2936 Beech Gln Rd, Mars Hill, NC 28754-7528
      View Details

    Similar Nearby for Sale

    • $70,900
      2.24 Acres

      Mars Hill Land with Financing

      2.24 acre lot with owner financing near Mars Hill.
      13 Red Wolf Run, Mars Hill, NC 28754
      View Details
    • $49,900
      1.63 Acres

      Mars Hill Mountain Retreat Lot

      1.63-acre lot with pond near Mars Hill University.
      175 Blackberry Cv Dr, Mars Hill, NC 28754
      View Details
    • $150,000
      0.40 Acres

      Ready-to-Build Lot in Mars Hill

      Level, cleared lot near downtown Mars Hill with city utilities.
      Chestnut St, Mars Hill, NC 28754
      View Details
    • $199,000
      2.24 Acres

      Mountain View Homesite in Mars Hill

      2.25-acre homesite with mountain views and community amenities.
      63 67, Mars Hill, NC 28754
      View Details
    • $799,000
      48.17 Acres

      Renovated Farmhouse on Mountain Land

      Historic 1890s farmhouse on 48 acres near Asheville.
      456 Windy Gap Rd, Mars Hill, NC 28754
      View Details
    • Contact for pricing
      0.55 Acres

      Land in Wolf Laurel Community

      Residential land in gated community with mountain views and amenities.
      El Miner Dr, Mars Hill, NC 28754
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    11120 Us 23rd Hwy
    Mars Hill, NC 28754-6342
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.