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Will Sheppard

willsheppardrealty@gmail.com +1(704) 780-0078

$849,000

Est. payment - /mo

6.03 Acres Lot

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Key Details

Property Type Commercial

Sub Type Commercial

Listing Status Active Under Contract

Purchase Type For Sale

MLS Listing ID 255639

HOA Y/N No

Annual Tax Amount $6,774

Lot Size 6.028 Acres

Acres 6.028

Property Sub-Type Commercial

Property Description

Prime multifamily investment opportunity in West Jefferson, NC, offering 5.77± acres with approx. 300 +/- ft of high-visibility frontage on S Jefferson Hwy (NC-221 Business). Strategically located within a federally designated Opportunity Zone, this R-7 zoned parcel allows for medium-density residential development with 40% maximum lot coverage. Setbacks include 25 ft front and 10 ft sides, with access via Vista Drive (60 ft ROW). The property is surrounded by established commercial uses including quick-service restaurants, gas stations, and hotels—making it ideal for a high-demand residential development or assisted/independent living 55+ community. Conceptual plans available for an 80-unit multifamily project across 5 buildings and 31,905 SF ( proposal has not been approved by the local municipality ) Projected pro forma NOI of $775,936 yields a 6.58% cap rate, with projected pricing at $147,500 per unit or $369.85/SF. The proposed unit mix features 40 one-bedroom and 40 two-bedroom apartments with projected gross potential income of $964,800 annually. The area benefits from population growth, increasing rental demand, and spillover from the Boone market. Water and sewer are available at the site. This is a rare opportunity to secure a almost shovel-ready, high-yield asset in this High Country Community of West Jefferson. Property has road frontage on both Jefferson Ave and Vista Dr. Jefferson Ave is a State maintained road and Vista Dr is a town maintained road.

Location

State NC

County Ashe

Community Long Term Rental Allowed

Area 16-Jefferson, West Jefferson

Interior

Fireplace No

Exterior

Parking Features Shared Driveway

Community Features Long Term Rental Allowed

Utilities Available Cable Available, High Speed Internet Available, Water Available

View Y/N Yes

Water Access Desc Not Connected,Public

View Mountain(s), Residential, Seasonal View

Building

Lot Description Level, Rolling Slope, Steep Slope, Wooded

Sewer Not Connected, Public Sewer, Septic Needed

Water Not Connected, Public

Schools

Elementary Schools Westwood

High Schools Ashe County

Others

Tax ID 192966773462

Acceptable Financing Cash, Conventional, New Loan, Owner May Carry

Listing Terms Cash, Conventional, New Loan, Owner May Carry

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Listed by Blue Ridge Realty & Inv. Boone 895

Nearby School & Business

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Will Sheppard

+1(704) 780-0078

Realtor®/Broker License ID: 312498

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TBD Jefferson AVE West Jefferson, NC 28694

Will Sheppard

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby School & Business

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