Land

Rhoades Estate : Asheville NC

LOCATION Woodfin, NC
SALE PRICE $1,240,000
GROSS LEASABLE AREA N/A (large-scale residential development)
PRICE/SQFT N/A
CAP RATE N/A
OCCUPANCY N/A
LAND AREA 191 acres
PRICE/LAND SQFT $0.15
SELLER Estate of Verne & William Rhoades
MAJOR TENANTS N/A
CLOSING ISSUES Zoning
Lack of public utilities
Environmental concerns
MAJOR TENANTS Kmart

At the time, this land sale represented just over 7% of the total acreage in Woodfin, NC. The 191-acre tract offered long range views of the Great Smoky Mountains National Park and the French Broad River, creating an exceptional residential development opportunity only minutes from downtown Asheville. Issues included low density zoning (one house/acre), no public water/sewer connections available to the site, and proximity to a closed county landfill and a correctional facility. Post closing, Buyer successfully lobbied for increased density and was able to provide public utilities to the site.


BACK TO PORTFOLIO MAIN PAGE