Adjoining Medical Office
New
For Sale
$1,995,000
1998 Hendersonville Road, Asheville, NC 28803
Two connected suites support owner occupancy, leasing, or a combined medical office configuration.
Property Size3,164 SF
Price / SF$301.86
Days on Market2
Property Features for 1998 Hendersonville Road
General Information
Standard status
Active
Size
3,164 SF
Class
B
Property subtype
Office
Additional Details
Office Units
2
Building Details
Building Size
3,164 SF
Year Built
1989
Listing Agency:
NAI ALLEN TATE BEVERLY-HANKS COMMERCIAL
(845) 699-3340
Listed By:
Chris Mansfield · License #NC #340236
(845) 699-3340
Source:
Naiglobal
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 11:06AM
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 ALLEN TATE BEVERLY-HANKS COMMERCIAL
Investment Insights
Based on property information with market context.
Units 40 and 45 comprise two adjoining medical office condominiums within the professionally managed Skyland Office Park. The suites contain approximately 6,609 SF combined, with Unit 45 available for immediate occupancy and Unit 40 leased to an established medical office tenant. The arrangement supports several ownership structures, including occupying one unit while leasing the other, retaining both suites as an income-producing asset, or evaluating a combined medical or professional office layout.
The property is situated along Hendersonville Road in South Asheville, offering visibility and convenient access. Built in 1989, the condominium pair provides an established office setting for medical or professional use.
The property is situated along Hendersonville Road in South Asheville, offering visibility and convenient access. Built in 1989, the condominium pair provides an established office setting for medical or professional use.
Key Highlights
- Two adjoining medical office condominiums, Units 40 and 45
- Approximately 6,609± SF combined
- Unit 45 is available for immediate occupancy
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
$122,618
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
6.15%
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%
$2,452,360
$2.5M
Cap Rate 7%
$1,751,686
$1.8M
Cap Rate 9%
$1,362,422
$1.4M
Market Conditions
NOI Build-Up for 6,609 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
$167.3K $25.32/SF
− Vacancy
−$3.8K −$0.58/SF
EGI
$163.5K $24.74/SF
− OpEx
−$40.9K −$6.18/SF
NOI
$122.6K $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%
$2,452,360
Cap Rate 7%
$1,751,686
Cap Rate 9%
$1,362,422
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,618 @ 7.0% cap · market cap 6.15%
Second Best
Healthcare Medical
$1.57M
$1.37M – $1.83M
NOI $109,717 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,290 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,072
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28803, NC
34,108
Population
18,322
Households
1.9
Avg Household Size
43
Median Age
50%
College-Educated
93%
High-School Grad
38.4 sq mi
ZIP Area
888
Density / Sq Mi
$70,638
Median Household Income
$41,057
Median Earnings
$1,455
Median Rent
$408,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two connected suites support owner occupancy, leasing, or a combined medical office configuration.
Where is this medical office space located?
The property is located at 1998 Hendersonville Road Asheville, NC.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Two adjoining medical office condominiums, Units 40 and 45; Approximately 6,609± SF combined; Unit 45 is available for immediate occupancy
