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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.
| DAYS ON MARKET | 3 | LAST UPDATED | 5/29/2025 |
|---|---|---|---|
| TRACT | None | YEAR BUILT | 0 |
| COMMUNITY | 16-Jefferson, West Jefferson | COUNTY | Ashe |
| STATUS | Active | PROPERTY TYPE(S) | Commercial |
| Elementary School | Westwood |
|---|---|
| High School | Ashe County |
| ADDITIONAL DETAILS | |
| AREA | 16-Jefferson, West Jefferson |
|---|---|
| INTERIOR | High Speed Internet |
| LOT | 6.028 acre(s) |
| LOT DESCRIPTION | Level, Rolling Slope, Sloped, Steep Slope, Wooded |
| PARKING | Shared Driveway |
| SEWER | Public Sewer, Septic Needed |
| SUBDIVISION | None |
| TAXES | 6774 |
| UTILITIES | Cable Available, Water Available |
| VIEW | Yes |
| VIEW DESCRIPTION | Mountain(s) |
| WATER | Public |
| ZONING | R-7 |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listing provided by William Aceto, Blue Ridge Realty & Inv. Boone 895, (828) 263-8711
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