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    401 Kanuga Rd Hendersonville, NC 28739

    Sponsored
    For Sale
    Under Contract
    $1,295,000

    SINGLE_FAMILY - Hendersonville, NC

    Type:Retail
    Lot size:
    1.24 Acres
    Days on Market:
    26
    Last Refresh:
    Jan 28 at 1:06 am

    Property Features for 401 Kanuga Rd

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active Under Contract
    Zoning
    CMU
    Rooms
    Bathroom 8, Bathroom 7, Bathroom 2, Bathroom 5, Bathroom 1, Bathroom 4, Bathroom 3, Bathroom 6
    Bathrooms
    8
    APN
    107965
    Lot size
    1.24 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air, Heat Pump (Heating), Ductless (Heating), Electric (Heating)
    Cooling system
    Heat Pump, Ductless, Central Air, Electric

    Building Details

    Year built
    1989
    Number of units
    7
    Flooring type
    Concrete, Vinyl, Laminate, Tile
    Building materials
    Metal
    Roof type
    Metal

    We can help!

    Listing Contact
    Jon Blatt

    Southern Commercial Corporation (828) 692-5000

    Listing agent Jon Blatt (828) 388-1210

    Listing date Jan 3, 2026

    MLS# 4296653

    Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Hendersonville Strip Center Investment Opportunity

    This investment opportunity features a seven-unit strip center spanning two buildings located at 401-413 Kanuga Rd in Hendersonville, NC. The property benefits from high visibility in the "Busy Bend" of Kanuga, near the Ecusta Trail. The center is currently 100% occupied, with all tenants secured by written leases, some long-term. Rental unit sizes range from approximately 700 to 4,000 sq ft. The property, built on a 1.24-acre lot, has long paved road frontage on two streets, providing easy access to shared parking areas for both buildings. Tenants include a renovated pet supply store, dog groomer, clothing shop, barber shop, vape shop, restaurant, and a massage/chiropractic practice. The building at 401-407 Kanuga was built in 1995, while the building at 409-413 Kanuga was built in 1989. A small portion of the 409 Kanuga building is in the 500-year flood fringe area, and a small portion of the parking area is in the 100/500-year flood fringe area, according to the Henderson County GIS flood map. A landslide damaged 401 Kanuga during Hurricane Helene, but the damage has been repaired, and an engineered retaining wall has been constructed behind the building. The previous tenant re-occupied the renovated and updated space in May 2025.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Barkers Anonymous Boutique ... Pet Supply Store Piercings Jewelry Jewelry Store

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hendersonville
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.4627942
    Latitude
    35.3107164

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    FAQs

    What type of property is this?
    Strip mall - Seven-unit strip center with 100% occupancy in Hendersonville, NC.
    Where is this strip mall located?
    The property is located at 401 Kanuga Rd Hendersonville, NC.
    What is the asking price?
    The asking price for this property is $1,295,000.
    What are key features of this property?
    This property features: - 100% Occupancy: Enjoy immediate income from fully leased units.; - Secured Tenants with Written Leases: Benefit from stable cash flow, some with long-term agreements.; - High-Visibility Location: Situated on the 'Busy Bend' of Kanuga Road for maximum exposure.
    (828) 692-5000
    Request Owner's contact information
    401 Kanuga Rd Hendersonville, NC 28739
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    Hendersonville, NC 28739
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    401 Kanuga Rd Hendersonville, NC 28739
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    We can help!
    Listing Contact
    Jon Blatt
    (828) 692-5000
    Learn more
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