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591-611 Locust Gap Rd - 2 Vacation Rental Houses on 2+ Acres w/ Views

347 SF Specialty Building Offered at $475,990 at a 10.50% Cap Rate in Vilas, NC 28692

Investment Highlights

  • 2 Mountain Top Vacation Rentals w/ Occupancy Rates over 80%! Generating $70,000 annually in income.
  • Spacious View Decks w/ Fire Pits & Grills
  • Active Turn-Key STR/VR grossing $65k+ Annually!
  • 2+ Acres w/ Room to Expand & RV/Camper-Friendly!
  • Long Range Layered Mtn Views/Views of Beech Mtn Ski Resort
  • 4BR Septic System & Spring-fed Cistern!

Executive Summary

Both tiny houses, the 2.1-acre property, all furnishings, all appliances, TVs, etc., along with all linens and supplies in inventory at time of sale will convey.
Both tiny houses are active STR/Vacation Rentals. The Sellers are self-managing these, using AirBnB as a marketing platform, and are actively facilitating the cleaning & maintenance/quality control.
The margins are very favorable, in large part, because the Sellers have been self-managing; other than the AirBnB fees, they aren’t paying any additional commissions. The Sellers pay the cleaners, and do their own quality control oversight. The Sellers do most of the light maintenance, outsourcing only things which are outside of their ability to do.
The utilities are minimal (power and propane only), as these are on a shared septic and well. They do provide high speed WiFi internet and tv programming through a streaming service.
Both houses come completely furnished and outfitted - all furniture, appliances, electronics, grills, fire features, outdoor furniture, linens, supplies, etc convey. The sellers have extras of nearly everything (plates, bowls, glassware, cookware, serving ware, linens, etc); all supplies in stock at the time of closing will convey also.
All said, they are grossing around $65k annually in rental revenues, and are netting between 80 and 85% of their gross rental revenues. They are seeing approximately 80 to 85% occupancy rates as well, which is much stronger than the area average. They’ve been hosting guests at one of the two homes for six-plus years, and for going on three years at the second home. They get a healthy representation of repeat guests as well as guest-referred business. They are super-hosts and have an extremely high satisfaction rating, along with countless rave reviews. They've already booked over $20k in less than 4 months so far as of mid-April of 2024!
All future bookings will of course be passed along to the new owners at closing.
***The Sellers also own a contiguous 11-acre parcel with another tiny house, and are willing to consider selling that along with this 2-plus acre & 2 tiny house parcel. That would total over 13 acres and 3 tiny houses! The third tiny house is also custom built, less than 2 years old, set up to accommodate 2 comfortably, and sits in a nice private wooded nook on the lower portion of the 13-plus acre property. It has its own separate driveway, and a huge softly-rolling front yard. It has a neat outhouse style toilet shed beside the house, and a large soaking tub inside the house. The total price for the 13 acres and 3 tiny houses is $725,000.

Financial Summary (Actual - 2023)

Annual Annual Per SF
Gross Rental Income $64,000 $184.44
Other Income - -
Vacancy Loss - -
Effective Gross Income $64,000 $184.44
Taxes $87 $0.25
Operating Expenses $13,000 $37.46
Total Expenses $13,087 $37.71
Net Operating Income $50,913 $146.72

Financial Summary (Actual - 2023)

Gross Rental Income
Annual $64,000
Annual Per SF $184.44
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $64,000
Annual Per SF $184.44
Taxes
Annual $87
Annual Per SF $0.25
Operating Expenses
Annual $13,000
Annual Per SF $37.46
Total Expenses
Annual $13,087
Annual Per SF $37.71
Net Operating Income
Annual $50,913
Annual Per SF $146.72

Property Facts

Price $475,990
Price Per SF $1,372
Sale Type Investment
Cap Rate 10.50%
Property Type
Specialty
Lot Size 2.05 AC
Building Size 347 SF
No. Stories 1
Year Built 2018

Amenities

  • Air Conditioning
  • Fiber Optic Internet
  • Smoke Detector

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
1965-35-9175-000
Land Assessment
$18,800
Improvements Assessment
$4,800
Total Assessment
$23,600
Annual Taxes
$87 ($0.25/SF)
Tax Year
2023

zoning

Zoning Code Open (Open/Residential zoning. Unrestricted other than default county land use restrictions.)
Open (Open/Residential zoning. Unrestricted other than default county land use restrictions.)
  • Listing ID: 31500082

  • Date on Market: 4/13/2024

  • Last Updated:

  • Address: 591-611 Locust Gap Rd, Vilas, NC 28692

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