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    High-Traffic Retail Center on Tunnel Road Title is generated by Realmo AI

    4 S Tunnel Rd, Asheville, NC 28805

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    Retail center on Tunnel Road, the #1 retail corridor.

    Type:Retail
    Property size:
    130,000 SF
    Added:
    May 29, 2019
    Days on Market:
    2542
    Last Refresh:
    Mar 16 at 10:09 am

    Property Features for 4 S Tunnel Rd

    General Information

    Standard status
    Active
    Size
    130,000 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1972

    Spaces For Lease

    at 4 S Tunnel Rd Contact us

    Suite 600 $30 /Mo

    Size
    3,000 SF
    Type
    Retail
    3,000 SF former restaurant space suitable for restaurant, retail or office. Can be...
    show more
    Contact us

    Suite 500 $32 /Mo

    Size
    1,295 SF
    Type
    Retail
    1,295 SF retail or office space. Can be combined with Suite 600 for a total of 4,295...
    show more
    Contact us

    We can help!

    Listing Contact
    Tim Bramley
    Tim Bramley

    Listing agent Tim Bramley License #NC 271946

    Listing office Dewey Property Advisors

    Listing date May 29, 2019

    Source Crexi

    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 Dewey Property Advisors

    HighLights

    • Located on Tunnel Road, the #1 retail corridor in Western North Carolina.
    • High‑traffic retail center boasting 130,000 SF of retail space.
    • Strong anchor retailers including Whole Foods, DSW, and Guitar Center.
    • Great visibility along Tunnel Road and I‑240.
    • Two points of ingress and egress on Tunnel Road, with a signalized main entrance.
    • Benefits from traffic from Asheville Mall across the street.

    Overview

    Asheville Market is a 130,000 square foot retail center. The multi-tenant center is centrally located on Tunnel Road, identified as the #1 retail corridor in Western North Carolina. The property benefits from two points of ingress and egress on Tunnel Road, with the main entrance being signalized. The location provides visibility along Tunnel Road and I-240. Anchor retailers and traffic from the Asheville Mall contribute to the center's draw. Current tenants include Whole Foods, DSW, Guitar Center, Nadeau, Trek Bikes, Arhaus, and Hollywood Feed.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hollywood Feed (Bike/Boat/Book/etc) Store Mountain Running Company ... Clothing & Fashion Store 10th Muse Too Grocery & Convenience Store Tesla Supercharger Electric Vehicle Charging Station Arhaus Furniture & Home Goods

    Suggested Use

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

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

    Similar Places Nearby

    • Sunglass Hut — 3 S Tunnel Rd Ste 215, Asheville, NC 28805
    • Asheville Mall — 3 S Tunnel Rd, Asheville, NC 28805
    • Stingray Tags — 3 S Tunnel Rd, Asheville, NC 28805
    • Luxe charms — 3 S Tunnel Rd, Asheville, NC 28805, United States
    • River Hills Shopping Center — 280 Swannanoa River Rd, Asheville, NC 28805

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5246462
    Latitude
    35.5825445

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    FAQs

    What type of property is this?
    Shopping center - Retail center on Tunnel Road, the #1 retail corridor.
    Where is this shopping center located?
    The property is located at 4 S Tunnel Rd Asheville, NC.
    What are key features of this property?
    This property features: Located on Tunnel Road, the #1 retail corridor in Western North Carolina.; High‑traffic retail center boasting 130,000 SF of retail space.; Strong anchor retailers including Whole Foods, DSW, and Guitar Center.
    (828) 424-1141 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tim Bramley
    Tim Bramley
    Real Estate License ID: NC 271946
    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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