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    Property profile & analytics

    656 Kendal Dr Leicester, NC 28748

    • Commercial real estate
    • 2.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-3255803
    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

    • Commercial real estate

    Property Details for 656 Kendal Dr

    Lot size
    2.00 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 2-acre residential lot in Leicester, North Carolina, presents a fantastic opportunity for homebuyers or developers. Priced at $53,000, this easy-to-build homesite boasts pre-grading, simplifying the construction process. The property, located at 656 Kendal Dr, Leicester, NC 28748 (latitude 35.6962789, longitude -82.821738), offers stunning views of the surrounding mountains and farmlands, creating a serene and picturesque setting. The lot's size and existing grading make it ideal for constructing a single-family residence. However, its strategic location also presents a compelling option for developers seeking to acquire a larger parcel. Combining this lot with adjacent properties could create a desirable three-lot development package. This property is situated in Madison County and provides a tranquil escape while remaining conveniently located. The asking price represents excellent value for a build-ready lot with such desirable features and breathtaking views. Don't miss this chance to secure your dream homesite or a promising development opportunity in this beautiful North Carolina location.

    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
    Leicester
    County
    Madison
    State
    North Carolina
    Longitude
    -82.821738
    Latitude
    35.6962789

    Comparable in this City

    • $79,000
      5.11 Acres

      Land with Mountain Views

      5.11 acre lot ready for your dream home.
      Halfmoon Rdg, Leicester, NC 28748
      View Details
    • $219,000
      2.50 Acres

      Leicester Land with Mountain Views

      2.5-acre lot with long-range views in a conservation community.
      650 Freemont St, Leicester, NC 28748
      View Details
    • New
      $52,000
      1.88 Acres

      Land in Gated Leicester Community

      1.88-acre lot in a quiet, gated community near Asheville.
      76 View Ridge Pkwy, Leicester, NC 28748
      View Details
    • $375,000
      13.97 Acres

      Land with Mountain Views

      13.97 acres of land with multiple potential build sites.
      24 Bob Wright Hill Rd, Leicester, NC 28748
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    • $93,000
      1.18 Acres

      Leicester Land with Septic System

      1.18 acre lot with installed septic system near Asheville.
      52 Goughes Branch Rd, Leicester, NC 28748
      View Details
    • $112,000
      1.80 Acres

      Land with Mountain Views

      Homesite in environmentally conscious community near Asheville.
      580 Freemont Dr, Leicester, NC 28748
      View Details

    Similar Nearby for Sale

    • $79,000
      5.11 Acres

      Land with Mountain Views

      5.11 acre lot ready for your dream home.
      Halfmoon Rdg, Leicester, NC 28748
      View Details
    • $219,000
      2.50 Acres

      Leicester Land with Mountain Views

      2.5-acre lot with long-range views in a conservation community.
      650 Freemont St, Leicester, NC 28748
      View Details
    • New
      $52,000
      1.88 Acres

      Land in Gated Leicester Community

      1.88-acre lot in a quiet, gated community near Asheville.
      76 View Ridge Pkwy, Leicester, NC 28748
      View Details
    • $110,000
      1.13 Acres

      Land with Mountain Views

      Land near Asheville with mountain views and building potential.
      99999 Lawson Rdg Dr, Leicester, NC 28748
      View Details
    • $799,000
      65.82 Acres

      Leicester Land with Mountain Views

      65+ acres in Leicester with long-range mountain views.
      99999 Hookers Gap Rd, Leicester, NC 28748
      View Details
    • $85,000
      0.87 Acres

      Land in Leicester, NC

      0.87-acre property near Asheville with no restrictions.
      99999 Dix Crk No 1 Rd, Leicester, NC 28748
      View Details
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    656 Kendal Dr
    Leicester, NC 28748
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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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