Leased Medical Office
For Sale
$1,590,000
149 New Leicester Highway, Asheville, NC 28806
Purpose-built physical therapy facility with 346 feet of road frontage on 1.78 acres, leased through 2031.
Property Size6,740 SF
Lot Size1.78 Acres
Price / SF$235.91
Days on Market77
Property Features for 149 New Leicester Highway
General Information
Standard status
Active
Size
6,740 SF
Total Parking Spaces
49
Lot size
1.78 Acres
Property subtype
Commercial
Zoning
HB
Additional Details
Cap Rate
6%
Building Details
Building Size
6,740 SF
Year Built
2012
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Likewise Commercial Real Estate
(828) 222-3685
Listed By:
Jessica Auge · License #286709
Source:
Techrealtyllc
Added: Jun 8
Changed: Aug 23
Last Checked: Aug 23 at 6:51AM
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 Likewise Commercial Real Estate
Investment Insights
Based on property information with market context.
This 6,740 SF purpose-built medical office facility was designed for a full-service physical therapy practice and features a highly functional layout that can support a range of medical, wellness, and service-oriented uses. The property is currently leased to a regional physical therapy and sports medicine practice.
The site sits on 1.78 acres and is zoned HB (Highway Business). It offers 346 feet of road frontage, with convenient access for the local community and visibility for prospective patients and customers.
The property is leased until 2031, and the tenant has renewal options. Showing requests require at least 48 hours’ notice, and the tenant should not be disturbed.
The site sits on 1.78 acres and is zoned HB (Highway Business). It offers 346 feet of road frontage, with convenient access for the local community and visibility for prospective patients and customers.
The property is leased until 2031, and the tenant has renewal options. Showing requests require at least 48 hours’ notice, and the tenant should not be disturbed.
Key Highlights
- Purpose‑built 6,740 SF physical therapy facility built in 2012 with a functional layout for medical, wellness, or professional use
- Leased to a regional physical therapy and sports medicine practice, providing stable income with a stated 6% CAP Rate
- Lease in place through 2031 with tenant renewal options (confirm lease and NOI details with the broker)
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
$125,049
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
7.86%
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%
$2,500,980
$2.5M
Cap Rate 7%
$1,786,414
$1.8M
Cap Rate 9%
$1,389,433
$1.4M
Market Conditions
NOI Build-Up for 6,740 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
$170.7K $25.32/SF
− Vacancy
−$3.9K −$0.58/SF
EGI
$166.7K $24.74/SF
− OpEx
−$41.7K −$6.18/SF
NOI
$125.0K $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%
$2,500,980
Cap Rate 7%
$1,786,414
Cap Rate 9%
$1,389,433
Alternative Uses
Best Use
Office B
$1.79M
$1.56M – $2.08M
NOI $125,049 @ 7.0% cap · market cap 7.86%
Second Best
Healthcare Medical
$1.60M
$1.40M – $1.86M
NOI $111,892 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,189 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Balanced
Demand for This Use
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.
Similar Off Market Nearby
- Mountain Valley Vet Hospital — 348 New Leicester Hwy, Asheville, NC 28806
- Asheville Veterinary Associates - West — 50 New Leicester Hwy, Asheville, NC 28806
- Dr. McCorkle — 348 New Leicester Hwy, Asheville, NC 28806
Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built physical therapy facility with 346 feet of road frontage on 1.78 acres, leased through 2031.
Where is this medical office space located?
The property is located at 149 New Leicester Highway Asheville, NC.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Purpose‑built 6,740 SF physical therapy facility built in 2012 with a functional layout for medical, wellness, or professional use; Leased to a regional physical therapy and sports medicine practice, providing stable income with a stated 6% CAP Rate; Lease in place through 2031 with tenant renewal options (confirm lease and NOI details with the broker)
