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Rare Opportunity!! Only listing like this in downtown Banner Elk; Set as a duplex (but could be used as a single family with a rental income apartment, or with the stairs from the main level down to the workshop/garage, it could easily be finished out as a 5/3 home with an extra living/kitchen below) that is walking distance to town!!! At $37,200/ most recent annual rents, why get into the vacation rental market and it's headaches? It's very rare for any multi-family to come on the market in Downtown Banner Elk on city water/sewer/maintained-paved roads, and this investment has been a great asset for 11 years to the current owner. Easily accessible with paved driveway, and fully remodeled when purchased, including metal roof, paint, new kitchens, new baths, new plumbing, new windows, lvp flooring, etc, the duplex features a 2/1 below, and a 3/2 above, with separate entrances/decks. The basement features a 1-car garage and large workshop area (this is set up to be assessed by either unit, depending on which wants to include it in their lease). There is a small flat yard around the lower unit. Old Turnpike runs next to a noisy creek, and is a quiet, flat street that is great for walking. Available for showings now (lower tenants lease ends 7/31/25. Tenants pay all utilities 50/50 between the units; with power on 1 meter. Currently advertised with Blue Ridge Management for rent at $2200/month upper, $1400/ lower, so a potential 40k/yr income stream.
| DAYS ON MARKET | 1 | LAST UPDATED | 7/9/2025 |
|---|---|---|---|
| TRACT | None | YEAR BUILT | 1984 |
| COMMUNITY | 8-Banner Elk | COUNTY | Avery |
| STATUS | Active | PROPERTY TYPE(S) | Multi Family |
| Elementary School | Banner Elk |
|---|---|
| High School | Avery County |
| ADDITIONAL DETAILS | |
| AIR | Wall/Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Dishwasher, Dryer, Electric Range, Exhaust Fan, Microwave, Refrigerator, Washer |
| AREA | 8-Banner Elk |
| BASEMENT | Finished, Partially Finished, Yes |
| CONSTRUCTION | Frame, Wood Siding |
| EXTERIOR | Storage |
| HEAT | Baseboard, Electric, Exhaust Fan |
| INTERIOR | High Speed Internet |
| LOT | 0.26 acre(s) |
| SEWER | Public Sewer |
| STYLE | Cottage, Traditional |
| SUBDIVISION | None |
| TAXES | 1255 |
| UTILITIES | Electricity Available, Sewer Available, Water Available, Cable Available |
| VIEW | Yes |
| VIEW DESCRIPTION | Mountain(s), Pasture |
| WATER | Public |
| ZONING | Residential |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listing provided by Benjamin Ray, Client First Of The High Country, (704) 287-2760
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