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

    232 Phillips Rd Waynesville, NC 28786-7229

    • Hotels
    • 5,731 SF
    • 3.03 lot acres
    OFF-MARKET
    Value Estimations
    $650,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-4762515
    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

    • Econo Lodge / Hotel

    Property Details for 232 Phillips Rd

    Year built
    1997
    Lot size
    3.03 lot acres
    Property size
    5,731 SF
    Property type
    Hotels
    Property subtype
    Motels
    APN
    8616-12-1822
    APU
    8616121822

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $755,000
      Current use
      COMMERCIAL (GENERAL)
      $850,000
      Change: +12% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $690,000
      Change: -9% Conversion: Difficult
      RETAIL STORES
      $635,000
      Change: -16% Conversion: Difficult
      RESTAURANT
      $625,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Waynesville
    County
    Haywood
    State
    North Carolina
    Longitude
    -82.9958
    Latitude
    35.5055
    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
    2022
    $0.00
    $395,500
    $1,101,000
    $1,496,500
    -
    $395,500
    $1,101,000
    $1,496,500

    Comparable in this City

    • Value Estimation by Request
      2,622 SF

      79 Liner Cv Rd

      HOTEL/MOTEL • 2,622 SF
      79 Liner Cv Rd, Waynesville, NC 28786-9713
      View Details
    • Value Estimation by Request
      3,448 SF

      20760 Great Smoky Mtn Expy

      HOTEL/MOTEL • 3,448 SF
      20760 Great Smoky Mtn Expy, Waynesville, NC 28786-7786
      View Details
    • Value Estimation by Request
      1,125 SF

      196 Main St

      HOTEL/MOTEL • 1,125 SF
      196 Main St, Waynesville, NC 28786-4355
      View Details
    • Value Estimation
      $3,065,000
      3,248 SF

      176 Country Clb Dr

      HOTEL/MOTEL • 3,248 SF
      176 Country Clb Dr, Waynesville, NC 28786-4722
      View Details
    • Value Estimation
      $510,000
      11,472 SF

      2093 Dellwood Rd

      HOTEL/MOTEL • 11,472 SF
      2093 Dellwood Rd, Waynesville, NC 28786-6205
      View Details
    • Value Estimation
      $820,000
      3,146 SF

      3376 Dellwood Rd

      HOTEL/MOTEL • 3,146 SF
      3376 Dellwood Rd, Waynesville, NC 28786-7214
      View Details

    Similar Nearby for Sale

    • $492,500
      2,310 SF

      Renovated Victorian Commercial Building

      Stunning renovated Victorian building suitable for various commercial uses.
      145 Shackford St, Waynesville, NC 28786
      View Details
    • $789,000
      4,122 SF

      Waynesville Mixed-Use Property

      Profitable Greenhouse & Residence
      66 Bradley St, Waynesville, NC 28786
      View Details
    • $2,300,000
      0.72 Acres

      Waynesville Commercial Property Investment

      Seven-unit building, prime location, mountain views
      297 Haywood St, Waynesville, NC 28786
      View Details
    • $1,100,000
      1.32 Acres

      Waynesville Commercial Land - Prime Location

      High-traffic, redevelopment opportunity, 1.32 acres.
      1727 Main St, Waynesville, NC 28786
      View Details
    • $1,750,000
      1.23 Acres

      Waynesville Commercial Property - Prime Location

      High-visibility retail, office, & warehouse space.
      82 Locust Dr, Waynesville, NC 28786
      View Details
    • $924,000
      1,500 SF

      Waynesville Retail Investment Opportunity

      Two buildings, prime location, high potential
      163 Depot St, Waynesville, NC 28786
      View Details

    Similar Nearby for Lease

    • $2,495 /Mo
      3,600 SF

      Versatile Commercial Building in Bethel

      Charming 3,600+ sqft commercial building in the heart of Bethel.
      62 Birdsong Trl, Waynesville, NC 28786
      View Details
    • $4,000 /Mo
      4,200 SF

      Cannabis/Hemp Cultivation Operation For Rent

      Thriving cannabis/hemp cultivation operation in the Blue Ridge Mountains.
      80 Allegiance Ln, Waynesville, NC 28786
      View Details
    • $5,250,000
      66,663 SF

      Waynesville Manufacturing and Distribution Facility

      Turn-key manufacturing/distribution facility with clean room and office space.
      172 Riverbend St, Waynesville, NC 28786
      View Details
    • $2,000 /Mo
      747 SF

      Renovated Office Space For Lease

      Move-in ready office space with modern upgrades and convenient location.
      491 Allens Creek Rd, Waynesville, NC 28786
      View Details

    Property Visit Statistics

    • Visits by month
      2.8k
    • Visitors by month
      604
    • Avg Time on site
      401 min
    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.
    232 Phillips Rd
    Waynesville, NC 28786-7229
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.