Under Contract

TBD Jefferson Avenue

West Jefferson, NC 28694

$849,000 $3,579/Mo

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Overview

6.03

Acres(Lot)

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.

Property Details

Property Type : Land

Price : $849,000

AD Id : 79875905

MLS Id : 255639

Lot Size : 6.03 Acres(Lot)

County : Ashe

Map

What's Nearby

Nearby Areas

Features

Interior Features

High Speed Internet

Lot Information

Main Square Feet: 6.028 Acres Lot Size Acres: 6.028 Lot Description: Sloped, Level, Rolling Slope, Wooded, Steep Slope

Property Information

Subdivision: None Source Property Type: Land MLS Area Minor: Ashe County Zoning Description: R-7

Listing Price Information

Listing Price: $849000 Cash, Conventional, Owner May Carry

Tax Information

Parcel Number: 192966773462 Tax Lot: N/A Annual Tax: $6774

Parking Information

Shared Driveway

School Information

Elementary School: Westwood

Junior High School:

Senior High School: Ashe County
Utility Information

Cable Available, Water Available
Location Information

WaterSource: Public

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Nearby Home Value

Address	Estimate	Bed	Bath	Sq. Ft	Lot Size
TBD N Sixth Avenue, West Jefferson, NC, 28694	$1,400,000	--	--	--	22.52 Acres(Lot)
TBD Graybeal Avenue, West Jefferson, NC, 28694	$129,990	--	--	--	0.16 Acre(Lot)
TBD Liberty Court Drive, West Jefferson, NC, 28694	$7,000	--	--	--	0.38 Acre(Lot)
TBD Seventy Sixth Drive, West Jefferson, NC, 28694	$11,500	--	--	--	0.31 Acre(Lot)
TBD Beaver Creek Drive, West Jefferson, NC, 28694	$16,000	--	--	--	0.49 Acre(Lot)
TBD Town View Street, West Jefferson, NC, 28694	$134,900	--	--	--	2.28 Acres(Lot)
N/A Jefferson Avenue, West Jefferson, NC, 28694	$699,000	--	--	--	5.22 Acres(Lot)
TBD Spruce Street, West Jefferson, NC, 28694	$129,900	--	--	--	0.22 Acre(Lot)
TBD Graybeal Avenue, West Jefferson, NC, 28694	$129,990	--	--	--	0.16 Acre(Lot)
TBD Pritchard Road, West Jefferson, NC, 28694	$6,300	--	--	--	0.14 Acre(Lot)