Flex Space with Warehouse and
For Sale
$1,200,000
5 Woodland Drive, Asheville, NC 28806
Commercial Sale, Asheville, NC
Property Size10,000 SF
Lot Size0.60 Acres
Price / SF$120
Days on Market26
Property Features for 5 Woodland Drive
General Information
Property type
Residential
Property subtype
Office
Zoning
HB
Zoning description
Highway Business
Parking features
Parking Lot, Driveway
Directions
From West Asheville/Haywood Road: Travel west on Patton Ave/Smokey Park Hwy/US-19 for ~1mi. Turn right onto Old Haywood Road and travel ~0.2mi. Sharp right turn onto Woodland Drive. Location is second driveway on right. From I-40: Use Exit 44. Travel east on Smokey Park Hwy/US-19 for ~0.1mi. Turn left onto Old Haywood Road. Travel ~1.2mi and veer left onto Woodland Drive. Location is second driveway on the right.
Standard status
Active
APN
9628322558
Lot size
0.60 Acres
Taxes and HOA fees
Tax Description
A portion of the Metes & Bounds (see attached aerials photos with lot lines)
Legal Description
A portion of the Metes & Bounds (see attached aerials photos with lot lines)
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Ductless (Heating), Radiant
Cooling system
Ductless
Water source
Public
Building Details
Year built
1974
Floors in Building
1
Flooring type
Laminate, Concrete
Building materials
Aluminum
Roof type
Aluminum
Listing Agency:
Keller Williams Professionals · Keller Williams Realty
(828) 254-7253
Listed By:
Scott Mirkin · License #324454
(828) 335-0808
Added: Jul 31
Changed: Aug 20
Last Checked: Aug 25 at 3:06AM
MLS# 4409870
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.
Investment Insights
Based on property information with market context.
This flex-space property combines approximately 9,000 SF of warehouse area with approximately 1,000 SF of office space on approximately 0.6 AC. The configuration is identified for small manufacturing, storage, distribution, and administrative office uses. Built in 1974, the building features aluminum construction and roofing, concrete and laminate flooring, ductless heating and cooling, and radiant heat.
The property is in West Asheville with arterial access to US-19/23 and I-40. On-site parking includes a parking lot and driveway. Public water and public sewer serve the property, and cable is available. The current parcel is intended to be subdivided before sale, with deed restrictions preserving the neighboring school’s continued operation.
The property is in West Asheville with arterial access to US-19/23 and I-40. On-site parking includes a parking lot and driveway. Public water and public sewer serve the property, and cable is available. The current parcel is intended to be subdivided before sale, with deed restrictions preserving the neighboring school’s continued operation.
Key Highlights
- Approximately 9,000 SF of warehouse space
- Approximately 1,000 SF of office space
- Approximately 0.6 AC included in the sale
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$84,619
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,692,380
$1.7M
Cap Rate 7%
$1,208,843
$1.2M
Cap Rate 9%
$940,211
$940.2K
Market Conditions
NOI Build-Up for 10,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$102.0K $10.20/SF
− Vacancy
−$2.4K −$0.24/SF
EGI
$99.6K $9.96/SF
− OpEx
−$14.9K −$1.49/SF
NOI
$84.6K $8.46/SF
Area
Buncombe County, NC
Vacancy
2.40%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,692,380
Cap Rate 7%
$1,208,843
Cap Rate 9%
$940,211
Alternative Uses
Best Use
Office B
$2.65M
$2.32M – $3.09M
NOI $185,532 @ 7.0% cap · market cap 15.46%
Second Best
Warehouse
$1.21M
$1.06M – $1.41M
NOI $84,619 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$3.16M
$2.77M – $3.69M
NOI $221,349 @ 7.0% cap · market cap 18.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Food Experience — 1501 Patton Ave #2, Asheville, NC 28806
Frequently Asked Questions
What type of property is this?
Flex space - Highway-accessible commercial facility offering warehouse, office, parking, and public utility connections.
Where is this flex space located?
The property is located at 5 Woodland Drive Asheville, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 9,000 SF of warehouse space; Approximately 1,000 SF of office space; Approximately 0.6 AC included in the sale
