Waterfall Below Sugarloaf Mountain
This falls is apparently unnamed, although it is referred to as the Waterfall on Tributary of Hensley Branch in Kevin Adams' book, North Carolina Waterfalls. Looking at the map, there are two streams named Hensley Branch in the vicinity but this doesn't appear to be a tributary of either of them - it appears to be a tributary of Mill Creek.
Whatever you call it, this is a pretty two-level cascade that's easy to get to, so it's worth a stop if you're in the area.