Retail Center at Signalized
For Sale
$4,700,000
NNN Investment 1078 Tunnel Rd, Asheville, NC 28805
Retail center on a primary corridor with 25k+ VPD traffic and established neighboring retail and medical uses.
Property Size14,092 SF
Days on Market89
Property Features for NNN Investment 1078 Tunnel Rd
General Information
Standard status
Active
Size
14,092 SF
Property subtype
Retail
Net Operating Income
$223,269
Building Details
Building Size
14,092 SF
Listing Agency:
Dewey Property Advisors
Listed By:
Scott Raines, CCIM · License #NC #226165
(828) 551-0087
Source:
Deweypa
Added: Jun 9
Changed: Aug 16
Last Checked: Sep 5 at 7:19AM
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
Investment Insights
Based on property information with market context.
This 14,262 SF retail center is configured as a multi-tenant shopping property with a diverse tenant mix. The offering is highlighted by strong in-place income, with short-term leases in place that provide flexibility for an incoming owner. The center is located at a signalized intersection, supporting direct access and prominent on-site visibility.
Situated on a primary commercial corridor with 25k+ VPD traffic counts, the property benefits from consistent passing demand. Nearby businesses include the VA Medical Center and Ingles Markets, along with additional retail operators in the surrounding area. The combination of a high-traffic main corridor and established local retail and medical neighbors supports the center’s day-to-day customer draw.
For buyers seeking a retail investment with manageable lease terms, this center offers a measurable current income profile, with current NOI of $15.65 per SF. The tenant flexibility associated with short-term leases may appeal to owners planning tenant adjustments during the hold period, while the signalized, high-visibility location supports continued retail relevancy for a variety of neighborhood-oriented concepts.
Situated on a primary commercial corridor with 25k+ VPD traffic counts, the property benefits from consistent passing demand. Nearby businesses include the VA Medical Center and Ingles Markets, along with additional retail operators in the surrounding area. The combination of a high-traffic main corridor and established local retail and medical neighbors supports the center’s day-to-day customer draw.
For buyers seeking a retail investment with manageable lease terms, this center offers a measurable current income profile, with current NOI of $15.65 per SF. The tenant flexibility associated with short-term leases may appeal to owners planning tenant adjustments during the hold period, while the signalized, high-visibility location supports continued retail relevancy for a variety of neighborhood-oriented concepts.
Key Highlights
- 14,262 SF retail center on a primary commercial corridor
- Located at a signalized intersection with 25k+ VPD traffic counts
- Current NOI is $15.65 per SF
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
$165,232
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
3.52%
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%
$3,304,640
$3.3M
Cap Rate 7%
$2,360,457
$2.4M
Cap Rate 9%
$1,835,911
$1.8M
Market Conditions
NOI Build-Up for 14,092 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
$240.1K $17.04/SF
− Vacancy
−$4.1K −$0.29/SF
EGI
$236.0K $16.75/SF
− OpEx
−$70.8K −$5.03/SF
NOI
$165.2K $11.73/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$3,304,640
Cap Rate 7%
$2,360,457
Cap Rate 9%
$1,835,911
Alternative Uses
Best Use
Retail
$2.36M
$2.07M – $2.75M
NOI $165,232 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.46M
$3.90M – $5.20M
NOI $311,925 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
94k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Groceries 39%
Dining 22%
Ingles
Groceries
36,324 visits/mo
0.3 miles
Zips Car Wash
Shops & Services
15,557 visits/mo
0.3 miles
Dollar Tree
Shops & Services
13,699 visits/mo
0.2 miles
SONIC Drive In
Dining
9,490 visits/mo
0.2 miles
Village Grill
Dining
8,173 visits/mo
0.3 miles
Demographics for 28805, NC
18,554
Population
10,737
Households
1.7
Avg Household Size
48
Median Age
49%
College-Educated
96%
High-School Grad
26.5 sq mi
ZIP Area
700
Density / Sq Mi
$67,104
Median Household Income
$35,897
Median Earnings
$1,198
Median Rent
$360,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- four seasons plaza — 1011 Tunnel Rd, Asheville, NC 28805
- Coinstar Kiosk | Bitcoin ATM — Ingles Supermarkets, 1141 Tunnel Rd, Asheville, NC 28805
Frequently Asked Questions
What type of property is this?
Shopping center - Retail center on a primary corridor with 25k+ VPD traffic and established neighboring retail and medical uses.
Where is this shopping center located?
The property is located at NNN Investment 1078 Tunnel Rd Asheville, NC.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: 14,262 SF retail center on a primary commercial corridor; Located at a signalized intersection with 25k+ VPD traffic counts; Current NOI is $15.65 per SF
