565 George Wilson RdBoone, NC 28607

Property Details for 565 George Wilson Rd

Year built

1985

Lot size

1.90 AC

Property size (Sq ft)

1,350 SF

Zone code

BOB3

Property type

Specialty properties

Property subtype

Day care centers & nurseries

APN

1991-90-6168-000

APU

1991906168000

Description

This exceptional commercial property at 565 George Wilson Road, Boone, NC, presents a lucrative investment opportunity. The 6,550 square foot building sits on a 1.9-acre lot, boasting approximately 170 feet of frontage on a state-maintained paved road, providing easy access to Highways 421 and 105. Currently operating as a successful daycare/pre-school under lease until 2029, this property is ideal for passive investors seeking high returns. The existing lease offers an estimated cap rate of around 8%. The main level comprises eight classrooms, a full kitchen, office space, bathroom, storage, and a utility room. Many classrooms include integrated sinks and/or toilets. The upper level, offering over 1,900 square feet, is currently divided into two suites. Suite 1 is configured as a two-bedroom, one-bathroom unit with a full kitchen and living area. Suite 2 is used for storage but has the potential to be converted into a similar two-bedroom, one-bathroom unit. Ample paved parking is available on-site. The property's proximity to Appalachian State University and downtown Boone (less than 3 miles) adds to its desirability and potential for future growth. This is a rare chance to acquire a well-established, income-generating property in a thriving location.

• CAP approach

  CAP return

  Valuation

  6%

  $308,339

  6.5%

  $284,621

  7%

  $264,291

• Comparable approach

  Method

  Valuation

  Relative Method

  $262,900

  Geo Method

  $262,900

• Alternative Use

  Use

  Valuation

  Residential

  $361,053

  Hospitality

  $330,723

  Educational

  $275,158

  Medical

  $284,621

  Retail

  $428,023

Location Insight

City

Boone

County

Watauga

State

North Carolina

Latitude

36.221

Longitude

-81.7131

CBSA code

14380

CBSA name

BOONE, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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