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    Arts-Based Hub with Retail Spaces Title is generated by Realmo AI

    1 Balcrank Way, Weaverville, NC 28787

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    For Lease
    $6 SF/Yr

    COMMERCIAL - Weaverville, NC

    Type:Retail
    Lot size:
    33.00 Acres
    Added:
    Feb 17, 2026
    Days on Market:
    94
    Last Refresh:
    May 22 at 3:06 am

    Property Features for 1 Balcrank Way

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    9742-24-9167-00000
    Lot size
    33.00 Acres

    Taxes and HOA fees

    Tax Description
    DEED DATE:02/08/2017 DEED:5518-1875

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas

    Building Details

    Year built
    1954
    Flooring type
    Concrete
    Building materials
    Block, Brick Partial, Metal
    Roof type
    Rubber

    We can help!

    Listing Contact
    Toby Davis
    Toby Davis

    Listing agent Toby Davis License #65893

    Listing office RE/MAX Results 116 N Main Street, Hendersonville, NC

    Listing date Feb 17, 2026

    MLS# 4349045

    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.

    HighLights

    • Spaces available from 5,000 sqft to 30,000 sqft suitable for retail, gallery, restaurant, or activity‑based venues.
    • Located approximately 12 minutes to Downtown Asheville & 7 minutes to Downtown Weaverville.
    • Rebranded as an arts‑based hub with established tenants: Balcrank Indoor Pickleball Club (completion est. July 2026) and Big Ivy Brewing (opening est. Fall 2026).
    • Ample parking with a huge parking lot.
    • Dry Ridge Fairgrounds Outdoor Flea Market opening Summer 2026.
    • Owner open to leasing outdoor space to retail businesses like a Nursery/Garden Center.

    Overview

    The property, rebranded as The Dry Ridge Fairgrounds and The Dry Ridge Arcade, is an arts-based hub offering spaces ranging from 5,000 to 30,000 square feet. It is intended to be a retail, gallery, restaurant, and activity-based venue. The property has a large parking lot. Balcrank Indoor Pickleball Club is building out a large space at the far end of the building, with completion expected by July of 2026. Big Ivy Brewing is also building out their space and plans to open by the fall of 2026. The Dry Ridge Fairgrounds outdoor flea market is planned to open by the summer of 2026. The owner is open to leasing outdoor space to a retail business such as a nursery or garden center. The property consists of 33 acres and is located just outside the Asheville city limits, between Asheville and Weaverville, approximately 12 minutes from downtown Asheville and 7 minutes from downtown Weaverville. No space will be leased for warehouse use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Weaverville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.560444
    Latitude
    35.687702

    Nearby Similar for Lease

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      26,000 SF

      Industrial Flex Complex in Weaverville

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    FAQs

    What type of property is this?
    Retail space - Retail, gallery, restaurant, and activity-based venue near Asheville.
    Where is this retail space located?
    The property is located at 1 Balcrank Way Weaverville, NC.
    What is the lease rate?
    The lease rate is $6 SF/Yr.
    What are key features of this property?
    This property features: Spaces available from 5,000 sqft to 30,000 sqft suitable for retail, gallery, restaurant, or activity‑based venues.; Located approximately 12 minutes to Downtown Asheville & 7 minutes to Downtown Weaverville.; Rebranded as an arts‑based hub with established tenants: Balcrank Indoor Pickleball Club (completion est. July 2026) and Big Ivy Brewing (opening est. Fall 2026).
    (828) 230-8068
    We can help!
    Listing Contact
    Toby Davis
    Toby Davis
    Real Estate License ID: 65893
    Learn More
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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.

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