Twitter
Facebook
Email
|
A rare investor opportunity in Banner Elk, this property offers four rentable doors between a triplex and a separate 1-bedroom bungalow. Two of the four units have already been masterfully renovated as luxury short-term rentals, and both are proving their income potential now: the fully completed 1BR unit, "Hillside Haven," has already earned $50K in its first year, even in a softer rental market, while the top-floor unit, "The Penthouse," went live this fall and is actively booking. The remaining two units have been fully gutted, leaving plenty of value for the next owner to finish and scale. The third unit(main floor) is actively being completed and price will be adjusted as work continues. Current price is As-Is. Completion is estimated to be Spring 2026. Once all 4 units are complete, this property is projected to gross over $200k per year. The seller is a seasoned STR operator and consultant who has thoughtfully redesigned these spaces with intention, quality, and long-term performance in mind. Major systems and big-ticket items have already been addressed, including roof, windows, and core infrastructure, so the hard work is done. He's selling now only to pivot focus to another local project, offering this property as-is at a price that leaves serious meat on the bone for the next investor. This opportunity is great for experienced short term rental investors who want to enter the High Country market or expand their portfolio with a standout property in a prime location. It is on the way to Beech Mountain yet a 2 minute drive to downtown Banner Elk and Lees McRae, offering tremendous guest appeal. Short term rentals are the highest and best use but long term rentals could also easily cover expenses if needed. This property is not suited for anyone seeking a turnkey property. Square footage on this listing does not reflect the unfinished units. Once completed the main home will offer 3,494sf across three levels, and the detached bungalow adds an additional 715sf of finished space(4,209sf TOTAL). This is a rare chance to step into a partially completed/partially cash-flowing, high performing STR investment with proven income and plenty of room to grow.
| DAYS ON MARKET | 1 | LAST UPDATED | 12/2/2025 |
|---|---|---|---|
| TRACT | None | YEAR BUILT | 1936 |
| COMMUNITY | 8-Banner Elk | COUNTY | Avery |
| STATUS | Active | PROPERTY TYPE(S) | Multi Family |
| Elementary School | Banner Elk |
|---|---|
| High School | Avery County |
| ADDITIONAL DETAILS | |
| AIR | Ductless |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Dryer, Electric Range, Microwave, Refrigerator, Washer |
| AREA | 8-Banner Elk |
| BASEMENT | Unfinished, Walk-Out Access, Yes |
| CONSTRUCTION | Frame, Stone, Wood Siding |
| FIREPLACE | Yes |
| HEAT | Ductless, Wood Stove |
| INTERIOR | High Speed Internet |
| LOT | 0.48 acre(s) |
| LOT DIMENSIONS | 0.48 |
| SEWER | Public Sewer |
| STYLE | Cottage, Craftsman |
| SUBDIVISION | None |
| TAXES | 2549.91 |
| UTILITIES | Electricity Available, Natural Gas Available, Sewer Available, Water Available |
| VIEW | Yes |
| VIEW DESCRIPTION | Creek/Stream, Trees/Woods |
| WATER | Public |
| WATERFRONT DESCRIPTION | Creek, Stream |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
0
P
I
*Estimate only
| SATELLITE VIEW |
| / | |
We respect your online privacy and will never spam you. By submitting this form with your telephone number
you are consenting for Chad
Gryder to contact you even if your name is on a Federal or State
"Do not call List".
Listing provided by Nikki Rezvani, Keller Williams High Country, (828) 773-7845
IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS.
This IDX solution is (c) Diverse Solutions 2025.