Modern Industrial Facility, Prime
For Sale
$4,900,000
110 Commercial Boulevard, Flat Rock, NC 28731
24,000 SF industrial facility in Hendersonville, North Carolina.
Property Size24,000 SF
Price / SF$204.17
Days on Market212
Property Features for 110 Commercial Boulevard
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Commercial
Amenities
Central air
Metal Roof
Bath Grab Bars
Central Air Cooling
Concrete Flooring
Forced Air Heating
Level
Natural Gas Heating
Parking Lot
Paved
Vinyl Flooring
Building Details
Year Built
2025
Listing Agency:
KELLER WILLIAMS MTN PARTNERS, LLC
(828) 290-1000
Listed By:
DAVID LEE · License #212568
Source:
Corcoran
Added: Jan 21
Changed: Aug 18
Last Checked: Aug 20 at 4:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS MTN PARTNERS, LLC
Investment Insights
Based on property information with market context.
This 24,000-square-foot industrial facility is located in the Appleland Business Park in Hendersonville, North Carolina. Positioned off Interstate 26 at Upward Road, the property provides local and regional connectivity, suitable for manufacturing, distribution, logistics, or owner-operator users needing efficient access throughout Western North Carolina and the Southeast. Approximately 12,000 SF was constructed in 2001, with an additional 12,000 SF expansion completed in 2025. The facility includes approximately 3,000 SF of office space and 21,000 SF of clear-span warehouse space. Infrastructure features include three-phase power with 800 amps, natural gas, two loading docks, and one overhead drive-in door. The entire facility is fully climate-controlled, ADA compliant, and equipped with a new bi-directional amplifier (BDA) system. The site offers 40 striped parking spaces, with additional land available for expanded parking. The location provides access to Asheville, Greenville, and Spartanburg, positioning the property within a regional distribution corridor serving Western North Carolina and Upstate South Carolina. The property provides access for deliveries, regional distribution, and employee commuting.
Key Highlights
- Prime I‑26 Location in Appleland Business Park: Offers exceptional connectivity.
- Modern Construction: Featuring a 12,000 SF expansion completed in 2025.
- High Power Capacity: With three‑phase power and natural gas.
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
$178,092
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
3.63%
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%
$3,561,840
$3.6M
Cap Rate 7%
$2,544,171
$2.5M
Cap Rate 9%
$1,978,800
$2.0M
Market Conditions
NOI Build-Up for 24,000 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
$216.0K $9.00/SF
− Vacancy
−$6.5K −$0.27/SF
EGI
$209.5K $8.73/SF
− OpEx
−$31.4K −$1.31/SF
NOI
$178.1K $7.42/SF
Area
Henderson County, NC
Vacancy
3.00%
Lease Rate
$9.00 /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%
$3,561,840
Cap Rate 7%
$2,544,171
Cap Rate 9%
$1,978,800
Alternative Uses
Best Use
Warehouse
$2.54M
$2.23M – $2.97M
NOI $178,092 @ 7.0% cap · market cap 3.63%
Second Best
Industrial
$2.10M
$1.83M – $2.44M
NOI $146,664 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$8.00M
$7.00M – $9.33M
NOI $559,872 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 28731, NC
8,806
Population
4,417
Households
2
Avg Household Size
53
Median Age
37%
College-Educated
91%
High-School Grad
33.1 sq mi
ZIP Area
266
Density / Sq Mi
$65,882
Median Household Income
$35,957
Median Earnings
$947
Median Rent
$361,700
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - 24,000 SF industrial facility in Hendersonville, North Carolina.
Where is this manufacturing property located?
The property is located at 110 Commercial Boulevard Flat Rock, NC.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Prime I‑26 Location in Appleland Business Park: Offers exceptional connectivity.; Modern Construction: Featuring a 12,000 SF expansion completed in 2025.; High Power Capacity: With three‑phase power and natural gas.
