Asheville Retail Center on US
For Sale
Contact for pricing
Pending
1269 Tunnel Rd, Asheville, NC 28805
Fully leased 6,300 SF retail center near I-40.
Property Size6,300 SF
Days on Market159
Property Features for 1269 Tunnel Rd
General Information
Standard status
Pending
Size
6,300 SF
Property subtype
Office, Retail
Zoning
HB
Building Details
Year Built
2003
Year Renovated
2024
Buildings
1
Stories
1
Listing Agency:
G/M PROPERTY GROUP LLC
(828) 281-4024
Listed By:
Keoki Kimzin · License #NC 340190
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Jul 25 at 1:12PM
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 G/M PROPERTY GROUP LLC
Investment Insights
Based on property information with market context.
Located at 1269 Tunnel Road in Asheville, NC, Legacy Business Park is a fully stabilized retail center with a size of approximately 6,300 square feet. Built in 2003, the property is 100% occupied and anchored by a national pizza brand, along with a diverse mix of five additional established tenants. The property is located on the US 70 corridor and features approximately 411 feet of frontage. It is situated less than a mile from both I-40 and the Asheville VA Medical Center. The tenant base includes medical, fitness, and retail users, providing a resilient income stream.
Key Highlights
- 100% Occupied Retail Center
- Anchored by a National Pizza Brand
- High‑Visibility Location on US 70 Corridor with 411 Feet of Frontage**
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
$73,869
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
4.62%
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%
$1,477,380
$1.5M
Cap Rate 7%
$1,055,271
$1.1M
Cap Rate 9%
$820,767
$820.8K
Market Conditions
NOI Build-Up for 6,300 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
$107.4K $17.04/SF
− Vacancy
−$1.8K −$0.29/SF
EGI
$105.5K $16.75/SF
− OpEx
−$31.7K −$5.03/SF
NOI
$73.9K $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%
$1,477,380
Cap Rate 7%
$1,055,271
Cap Rate 9%
$820,767
Alternative Uses
Best Use
Retail
$1.06M
$923.4K – $1.23M
NOI $73,869 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,450 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
14k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 39%
Arby's
Dining
4,094 visits/mo
0.4 miles
Family Dollar
Shops & Services
3,240 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
2,857 visits/mo
0.4 miles
Domino's Pizza
Dining
1,489 visits/mo
0.1 miles
Mobil
Shops & Services
1,429 visits/mo
0.4 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
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased 6,300 SF retail center near I-40.
Where is this shopping center located?
The property is located at 1269 Tunnel Rd Asheville, NC.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 100% Occupied Retail Center; Anchored by a National Pizza Brand; High‑Visibility Location on US 70 Corridor with 411 Feet of Frontage**
