Fully Leased Retail
For Sale
$2,550,000
2-10 East Market Street, Black Mountain, NC 28711
Neighborhood retail center in Black Mountain's Village of Cheshire.
Property Size15,063 SF
Days on Market99
Property Features for 2-10 East Market Street
General Information
Standard status
Active
Size
15,063 SF
Property subtype
Retail - Strip
Building Details
Building Size
15,063 SF
Units
11
Listing Agency:
Whitney Commercial Real Estate
(828) 674-2120
Listed By:
Jason Burk
Source:
Commercialcafe
Added: May 20
Changed: Aug 21
Last Checked: Aug 26 at 5:50AM
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 Whitney Commercial Real Estate
Investment Insights
Based on property information with market context.
Located in Black Mountain, North Carolina, near Asheville, this fully leased neighborhood retail center is situated within the Village of Cheshire, a Traditional Neighborhood Development master-planned by Duany Plater-Zyberk & Company. The Village of Cheshire features a walkable layout, diverse housing styles, scenic green spaces, and pedestrian-friendly streets. The commercial component serves as the social and retail hub of the neighborhood and is currently 100% leased to nine tenants. The center features a mix of food and beverage concepts complemented by wellness and lifestyle-oriented businesses including a salon, chiropractor, yoga studio, and massage therapy practice. Surrounded by Craftsman and English Tudor-style homes, cottages, townhomes, and apartments, the Village of Cheshire benefits from the tourism and lifestyle appeal of Black Mountain. Black Mountain has a thriving tourist scene and an outdoor scene with hundreds of miles of trails. It is home to Montreat College and Conference center, as well as the headquarters of Ingles Grocery. The property sits just 1.2 miles from downtown Black Mountain and approximately 13 miles east of Asheville in the heart of the Blue Ridge Mountains.
Key Highlights
- Fully leased neighborhood retail center in the highly regarded Village of Cheshire.
- Located in Black Mountain, NC, a thriving tourist town and bedroom community of Asheville.
- Stabilized asset in a desirable Western North Carolina mountain community.
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
$176,617
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
6.93%
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%
$3,532,340
$3.5M
Cap Rate 7%
$2,523,100
$2.5M
Cap Rate 9%
$1,962,411
$2.0M
Market Conditions
NOI Build-Up for 15,063 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
$256.7K $17.04/SF
− Vacancy
−$4.4K −$0.29/SF
EGI
$252.3K $16.75/SF
− OpEx
−$75.7K −$5.03/SF
NOI
$176.6K $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%
$3,532,340
Cap Rate 7%
$2,523,100
Cap Rate 9%
$1,962,411
Alternative Uses
Best Use
Retail
$2.52M
$2.21M – $2.94M
NOI $176,617 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.76M
$4.17M – $5.56M
NOI $333,418 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
120k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Groceries 41%
Shops & Services 12%
Hotels & Casinos 1%
Ingles
Groceries
49,825 visits/mo
0.4 miles
McDonald's
Dining
25,518 visits/mo
0.5 miles
Wendy's
Dining
16,579 visits/mo
0.4 miles
BP
Shops & Services
14,464 visits/mo
0.4 miles
Taco Bell
Dining
13,087 visits/mo
0.4 miles
Demographics for 28711, NC
14,047
Population
7,563
Households
1.9
Avg Household Size
49
Median Age
54%
College-Educated
92%
High-School Grad
103.9 sq mi
ZIP Area
135
Density / Sq Mi
$69,177
Median Household Income
$38,677
Median Earnings
$1,319
Median Rent
$358,400
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 - Neighborhood retail center in Black Mountain's Village of Cheshire.
Where is this shopping center located?
The property is located at 2-10 East Market Street Black Mountain, NC.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Fully leased neighborhood retail center in the highly regarded Village of Cheshire.; Located in Black Mountain, NC, a thriving tourist town and bedroom community of Asheville.; Stabilized asset in a desirable Western North Carolina mountain community.
