591-611 Locust Gap Rd - Specialty FOR SALE


Vilas, NC 28692
$475,990 USD
828-999-9028
591-611 Locust Gap Rd, Vilas, NC for Sale
$475,990 USD
Specialty - FOR SALE
1/33
null | 10.5% Cap Rate

591-611 Locust Gap Rd
Vilas, NC 28692


HIGHLIGHTS

  • 2 Mountain Top Vacation Rentals w/ Occupancy Rates over 80%! Generating $70,000 annually in income.
  • 2+ Acres w/ Room to Expand & RV/Camper-Friendly!
  • Spacious View Decks w/ Fire Pits & Grills
  • Long Range Layered Mtn Views/Views of Beech Mtn Ski Resort
  • Active Turn-Key STR/VR grossing $65k+ Annually!
  • 4BR Septic System & Spring-fed Cistern!

OVERVIEW

Both tiny houses, the 2.1-acre property, all furnishings, all appliances, TVs, etc., along with all linens and supplies in inventory at time of sale will convey. Both tiny houses are active STR/Vacation Rentals. The Sellers are self-managing these, using AirBnB as a marketing platform, and are actively facilitating the cleaning & maintenance/quality control. The margins are very favorable, in large part, because the Sellers have been self-managing; other than the AirBnB fees, they aren’t paying any additional commissions. The Sellers pay the cleaners, and do their own quality control oversight. The Sellers do most of the light maintenance, outsourcing only things which are outside of their ability to do. The utilities are minimal (power and propane only), as these are on a shared septic and well. They do provide high speed WiFi internet and tv programming through a streaming service. Both houses come completely furnished and outfitted - all furniture, appliances, electronics, grills, fire features, outdoor furniture, linens, supplies, etc convey. The sellers have extras of nearly everything (plates, bowls, glassware, cookware, serving ware, linens, etc); all supplies in stock at the time of closing will convey also. All said, they are grossing around $65k annually in rental revenues, and are netting between 80 and 85% of their gross rental revenues. They are seeing approximately 80 to 85% occupancy rates as well, which is much stronger than the area average. They’ve been hosting guests at one of the two homes for six-plus years, and for going on three years at the second home. They get a healthy representation of repeat guests as well as guest-referred business. They are super-hosts and have an extremely high satisfaction rating, along with countless rave reviews. They've already booked over $20k in less than 4 months so far as of mid-April of 2024! All future bookings will of course be passed along to the new owners at closing. ***The Sellers also own a contiguous 11-acre parcel with another tiny house, and are willing to consider selling that along with this 2-plus acre & 2 tiny house parcel. That would total over 13 acres and 3 tiny houses! The third tiny house is also custom built, less than 2 years old, set up to accommodate 2 comfortably, and sits in a nice private wooded nook on the lower portion of the 13-plus acre property. It has its own separate driveway, and a huge softly-rolling front yard. It has a neat outhouse style toilet shed beside the house, and a large soaking tub inside the house. The total price for the 13 acres and 3 tiny houses is $725,000.

FOR SALE DETAILS

PRICE

$475,990 USD

PRICE/SF

$1,372 USD /SF

CAP RATE

10.5%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

2 Vacation Rental Houses on 2+ Acres w/ Views

PROPERTY TYPE

Specialty

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

-

YEAR BUILT

2018

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.05 AC

LAND SF

89,298 SF

ZONING

Open

APN/PARCEL ID

1965-35-9175-000

ASK ABOUT THIS PROPERTY

W.D. 'Billy' Rich, JrThe Rich CompanyMore Info
828-999-9028

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W.D. 'Billy' Rich, JrThe Rich CompanyMore Info
828-999-9028

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.