Bank Branch with
For Sale
$875,000
1375 Patton Avenue, Asheville, NC 28806
Glass-and-brick bank building on a traffic-lit corner with abundant onsite parking and drive-through capability.
Property Size2,563 SF
Days on Market94
Property Features for 1375 Patton Avenue
General Information
Standard status
Active
Size
2,563 SF
Property subtype
VacantLand
Building Details
Building Size
2,563 SF
Year Built
1967
Construction
glass & brick
Listing Agency:
NAI Beverly-Hanks
(828) 674-4350
Listed By:
Mark Morris, CCIM · License #46982
Source:
Commercialcafe
Added: May 14
Changed: Aug 14
Last Checked: Aug 14 at 7:50AM
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 NAI Beverly-Hanks
Investment Insights
Based on property information with market context.
Well-appointed glass-and-brick bank branch building featuring large amounts of glass and natural interior lighting, situated on a shaded lot at a traffic-lit corner. The property includes a drive-through facility, with use or conversion potential, and offers multiple points of access and abundant onsite parking.
Located at 1375 Patton Avenue in Asheville, NC 28806, the site is positioned to capture visibility along a major east-west traffic feed. Showings are by appointment only.
The seller has a financial use restriction; buyers should ask the listing agent for details. Please allow time to confirm access for any scheduled showing.
Located at 1375 Patton Avenue in Asheville, NC 28806, the site is positioned to capture visibility along a major east-west traffic feed. Showings are by appointment only.
The seller has a financial use restriction; buyers should ask the listing agent for details. Please allow time to confirm access for any scheduled showing.
Key Highlights
- 1967‑built glass‑and‑brick bank branch on a traffic‑lit corner at a major intersection in West Asheville
- Abundant on‑site parking with multiple points of access
- Drive‑through facility with use or conversion potential for other business uses
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
$47,552
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
5.43%
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%
$951,040
$951.0K
Cap Rate 7%
$679,314
$679.3K
Cap Rate 9%
$528,356
$528.4K
Market Conditions
NOI Build-Up for 2,563 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
$64.9K $25.32/SF
− Vacancy
−$1.5K −$0.58/SF
EGI
$63.4K $24.74/SF
− OpEx
−$15.9K −$6.18/SF
NOI
$47.6K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /SF/Yr
Expense Ratio
25.00%
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%
$951,040
Cap Rate 7%
$679,314
Cap Rate 9%
$528,356
Alternative Uses
Best Use
Office B
$679.3K
$594.4K – $792.5K
NOI $47,552 @ 7.0% cap · market cap 5.43%
Second Best
Healthcare Medical
$607.8K
$531.9K – $709.2K
NOI $42,549 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$810.5K
$709.2K – $945.5K
NOI $56,732 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Glass-and-brick bank building on a traffic-lit corner with abundant onsite parking and drive-through capability.
Where is this bank located?
The property is located at 1375 Patton Avenue Asheville, NC.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 1967‑built glass‑and‑brick bank branch on a traffic‑lit corner at a major intersection in West Asheville; Abundant on‑site parking with multiple points of access; Drive‑through facility with use or conversion potential for other business uses
