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Residential, Cottage,Craftsman - Banner Elk, NC
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 c...
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.
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