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    4028 Haywood Rd Mills River, NC 28759
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    Property profile & analytics

    4028 Haywood Rd Mills River, NC 28759

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    • Commercial real estate
    • 120.15 lot acres
    Off-Market
    Property ID
    US53-0070011
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 4028 Haywood Rd

    Lot size
    120.15 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 120.15-acre property in Mills River, North Carolina, presents a unique investment opportunity. Zoned R2, it offers diverse development potential, blending agricultural, residential, and commercial possibilities. The land boasts rolling pastures ideal for farming, while its strategic location near Asheville, Brevard, and Hendersonville ensures convenient access to major markets and amenities. Adding to its appeal is a charming, historically significant all-brick farmhouse dating back to the 1920s. This three-bedroom home features a covered porch, rich-wood foyer, comfortable living room, expansive kitchen with fireplace, and retains its original detailed charm. The property is offered at $7,000,000 and has been owned for over a year. Located at 4028 Haywood Rd, Mills River, NC 28759 (Henderson County), this property presents a rare chance to acquire a substantial land holding with significant historical and development potential. The property's versatility makes it suitable for a variety of uses, from continuing its agricultural legacy to creating a unique residential or commercial development. This is a truly exceptional opportunity in a highly desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mills River
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.5453805
    Latitude
    35.3747431

    Comparable in this City

    • $1,150,000
      10.00 Acres

      Picturesque Land in Mills River

      10 acres in Hendersonville, ideal for equestrian or farming.
      997 Tole Allison Rd, Mills River, NC 28759
      View Details
    • $2,400,000
      12.00 Acres

      Mills River Land with Development Potential

      12 acres near Asheville Airport with multiple development opportunities.
      467 Butler Farm Rd, Mills River, NC 28759
      View Details
    • $2,400,000
      Pending

      Mills River Land with Development Potential

      12 acres near Asheville Airport with industrial and multifamily potential.
      467 Butler Farm Rd, Mills River, NC 28759
      View Details
    • $1,750,000
      11,720 SF

      Unique Event Center with Pond

      Mixed-use property featuring an event center, house, and 5+ acre pond.
      8826 Boylston Hwy, Mills River, NC 28759
      View Details
    • $4,350,000

      Mills River Development Opportunity

      16.08 acres available for development in Mills River, NC.
      4794 Boylston Hwy, Mills River, NC 28759
      View Details

    Similar Nearby for Sale

    • $1,150,000
      10.00 Acres

      Picturesque Land in Mills River

      10 acres in Hendersonville, ideal for equestrian or farming.
      997 Tole Allison Rd, Mills River, NC 28759
      View Details
    • $2,400,000
      12.00 Acres

      Mills River Land with Development Potential

      12 acres near Asheville Airport with multiple development opportunities.
      467 Butler Farm Rd, Mills River, NC 28759
      View Details
    • $2,400,000
      Pending

      Mills River Land with Development Potential

      12 acres near Asheville Airport with industrial and multifamily potential.
      467 Butler Farm Rd, Mills River, NC 28759
      View Details
    • $1,750,000
      11,720 SF

      Unique Event Center with Pond

      Mixed-use property featuring an event center, house, and 5+ acre pond.
      8826 Boylston Hwy, Mills River, NC 28759
      View Details
    • $4,350,000

      Mills River Development Opportunity

      16.08 acres available for development in Mills River, NC.
      4794 Boylston Hwy, Mills River, NC 28759
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Industrial Facility Near I-26

      Class-A industrial facility for lease with easy access to I-26.
      319 Banner Farm Rd, Mills River, NC 28759
      View Details
    • Contact for pricing
      101,850 SF

      Class A Industrial Facility

      101,850 SF class-A industrial facility for lease.
      Banner Farm Rd, Mills River, NC 28759
      View Details
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    Mills River, NC 28759
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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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