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    Property profile & analytics

    229 Honey Bear Campground Rd Boone, NC 28607

    • Commercial real estate
    • 26.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2826924
    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

    • Honey Bear Campground / Campground

    Property Details for 229 Honey Bear Campground Rd

    Lot size
    26.00 lot acres
    Property type
    Commercial real estate
    APN
    2900-00-6945-000

    Description

    This exceptional 26-acre parcel presents a remarkable opportunity for residential development in Boone, North Carolina. Conveniently situated off Highway 105, this mostly flat land boasts easy access via Poplar Grove Road and Diamond Ranch Road. Its proximity to Appalachian State University, just 2.5 miles away, makes it an ideal location for student housing or a residential community catering to the university's vibrant population. The property features existing septic and well infrastructure, simplifying the development process. The asking price is $3,250,000, translating to $125,000 per acre. The property's APN is 2900-00-6945-000, and the address is 229 Honey Bear Campground Rd, Boone, NC 28607. This is a rare chance to acquire a significant tract of land in a highly desirable area with strong potential for substantial returns. The property's location and features make it an attractive investment for developers seeking to capitalize on the growing demand for housing near Appalachian State University. The relatively flat topography further enhances its development potential, minimizing site preparation costs.

    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
    Boone
    County
    Watauga
    State
    North Carolina
    Longitude
    -81.7090703
    Latitude
    36.1947697

    Comparable in this City

    • $6,800,000

      Student Housing Redevelopment Opportunity

      Prime real estate near Appalachian State University with redevelopment potential.
      380 W King St, Boone, NC 28607
      View Details
    • $250,000
      2.29 Acres

      Boone, NC Wooded Lot

      2.29-acre wooded lot with creek access near Downtown Boone.
      Poplar Frst Dr, Boone, NC 28607
      View Details
    • $55,000

      Two Lots with River Access

      1.58 acres near Boone, NC with deeded river access.
      6 River Ridge Rd, Boone, NC 28607
      View Details
    • $249,000

      Blue Ridge Mountain Homesite

      Homesite with long-range views and access to community amenities.
      1310 Reynolds Pkwy, Boone, NC 28607
      View Details

    Similar Nearby for Sale

    • $6,800,000

      Student Housing Redevelopment Opportunity

      Prime real estate near Appalachian State University with redevelopment potential.
      380 W King St, Boone, NC 28607
      View Details
    • $389,900

      Blue Ridge Mountain Homesite

      6+ acre homesite with mountain and valley views.
      1241 Reynolds Pkwy, Boone, NC 28607
      View Details
    • $99,900

      Boone Homesite with Shared Well

      Homesite near Boone with shared well and potential mountain views.
      36B Indian Springs Rd, Boone, NC 28607
      View Details
    • Contact for pricing
      1.00 Acre

      Wooded Land Near Boone, NC

      Wooded lot near Boone with seasonal mountain views.
      Tbd Tanner Rd, Boone, NC 28607
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Boone Retail Pad - High Traffic Area

      Prime location, strong tenant mix, 0.75 acres.
      0 New Market Ctr, Boone, NC 28607
      View Details
    • Contact for pricing
      12,908 SF

      Boone Office Space Available

      Modern Boone office suites, various sizes.
      850 Blowing Rock Rd, Boone, NC 28607
      View Details
    • Contact for pricing
      55,650 SF

      Boone Retail Center - Highway 105

      High-traffic retail space near Appalachian State.
      2575 Nc Highway 105, Boone, NC 28607
      View Details
    • Contact for pricing
      3,030 SF

      Rivers Walk Office Suites in Boone, NC

      Modern Boone Office Space, Multiple Suites Available
      144 Poplar Grove Rd, Boone, NC 28607
      View Details
    • Contact for pricing

      Premier Retail Destination in Boone

      Retail space available in Boone's premier shopping center.
      New Market Ctr, Boone, NC 28607
      View Details
    • $15 SF/Yr
      4,486 SF

      229 Nc-105 Ext

      Medical offices • 2.55 Acres
      229 Nc-105 Ext, Boone, NC 28607
      View Details
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    229 Honey Bear Campground Rd
    Boone, NC 28607
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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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