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West Jefferson,NC 28694
Key Details
Property Type Commercial
Sub Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 255639
Annual Tax Amount $6,774
Lot Size 6.028 Acres
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. 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
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
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
Acceptable Financing Cash,Conventional,New Loan,Owner May Carry
Listing Terms Cash,Conventional,New Loan,Owner May Carry