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Mitchell 28777
3178 Penland Road
$299,000
● House - Off Market

3178 Penland Road

Spruce Pine, NC 28777
bedrooms
3 Beds
bathrooms
2 Baths
square feet
1,350 Ft²
$1,469
Est. Monthly

About This Property

Price improved! And newly encapsulated crawlspace! Beautifully remodeled home! Convenient to both Spruce Pine and Burnsville! Less than a mile from 19E, you'll experience the perfect blend of convenience AND privacy. The property is mostly level and very usable with a sweet little creek on both sides of the yard. There is a natural spring feeding the water feature on the property as well! Everything inside has been redone for both comfort and function. The home includes new kitchen appliances as well! The property sits roughly 1 mile from public Toe River access; 3.4 miles from Penland School of Crafts; 7 minutes to Spruce Pine, 15 minutes to Burnsville; and centrally located roughly 1 hour from Asheville, Johnson City, TN, and Boone. Come take a look! Agent is the owner.
Unit Size
1,350 Ft²
Days on Market
-
Land Size
0.85 acres
Price per sqft
$221
Property Type
House
Property Taxes
-
HOA Dues
-
Year Built
1969

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 2 years ago (CANOPYMLS #CAR4163197)

Price History

Date / Event Date Event Price
Jan 27, 2025 Sold
Premium
Sold
Dec 14, 2024 In contract -
In contract
Nov 6, 2024 Price Decreased $299,000
↓ $20K (6.3%)
Price Decreased
Jul 19, 2024 Listed by Foxfire Real Estate, LLC $319,000
Listed by Foxfire Real Estate, LLC
Oct 24, 2023 Sold
Premium
Sold
Show More

Property Highlights

Fireplace

Building Info

Overview

    General

  • Year Built: 1969
  • Effective Year Built: 1969
  • Total Rooms: 6
  • Bedroom Count: 3
  • Bathroom Count: 1
  • Full Bathrooms: 1
  • Partial Bathrooms: 1
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 17
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Count: 100
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 0
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 37,026
  • Total Building Area: 1,008
  • Building Area: 1,008
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 7
  • Heated Square Feet: 1,008
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000000850
  • Standard Land Use Code: 1999
  • County Land Use Code: 510
  • Legal Description 1: 1162

Neighborhood

  • School District Name: Mitchell County Schools
  • Census Tract: 950400

Geography

  • Account Number: 555783605
  • District: 010
  • Parcel: 0870-00-61-1677
  • Municipality: SPRUCE PINE FD
  • Latitude: 35.9129
  • Longitude: -82.1201

    Address

  • Full Address: 3178 Penland Rd
  • Address - House Number: 3178
  • Address - Street Name: Penland
  • Address - Suffix Type: Rd
  • State: NC
  • City Name: Spruce Pine
  • Carrier Code: R004
  • 4-Digit Zip Code: 8790
  • Zip Code: 28777

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $76,167

    Appraisal Valuation

  • Standard Deviation: 0.1357
  • Valuation Date: Oct 18, 2023
  • Confidence Score: 84
  • Final Value: 188,681
  • High Value: 214,303
  • Low Value: 163,059

    Market Valuation

  • Market Total Value: $120,900
  • Market Land Value: $24,000
  • Market Improvement Value: $96,900

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $120,900
  • Assessed Land Value: $24,000
  • Assessed Improvements Value: $96,900

    Sales

  • Current Sale Contract Date: Oct 24, 2023
  • Current Sale Recording Date: Oct 24, 2023
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 2114
  • Previous Sale Recording Date: Jun 04, 2021
  • Previous Sale Contract Date: Jun 03, 2021
  • Previous Sale Amount: $130,000
  • Previous Sale Document Type: 71
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Mitchell

Stats & Trends

Median Asking:

$320,000

Sale Price/ft²

$208

Below Asking

0.05%

Average Days on Market

94

Average Home Size

1868 ft²

Average Home Age

50.2 years

Currently For Sale

108 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

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CANOPYMLS

Listed by: Hannah McCormick, Foxfire Real Estate, LLC
Last Updated: 2 years ago
Data Source: CANOPYMLS, MLS# CAR4163197
Details provided by CANOPYMLS as Distributed by MLS Grid and may not match the public record.
All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Frequently Asked Questions

When was property at 3178 Penland Road built and last sold?
The property at 3178 Penland Road was built in 1969 and last sold on Oct 24, 2023 for $173,500.
How much is this home worth?
The estimated value of the home located at 3178 Penland Road is $0.
What are some comparable homes to 3178 Penland Road?
There are currently no comparable homes to 3178 Penland Road.
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