Ground-Floor Office
For Sale
$449,000
2 Walden Ridge Dr Unit 115, Asheville, NC 28803
Move-in-ready professional suite with private offices, conference space, breakroom, and courtyard access.
Property Size1,591 SF
Price / SF$282.21
Days on Market22
Property Features for 2 Walden Ridge Dr Unit 115
General Information
Standard status
Active
Size
1,591 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Floor
Ground Floor
Asking Price
$449,000
Amenities
private outdoor courtyard access
monument signage available
Building Details
Year Built
1998
Listing Agency:
Whitney Commercial Real Estate
(828) 665-9085
Listed By:
James Harrison · License #282322
Source:
Highperformancerea
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 29 at 1:25PM
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.
Suite 115 is a 1,591-square-foot, ground-floor office condominium at Walden Ridge Professional Business Park. The layout includes two private offices, a conference room, breakroom, and access to a private outdoor courtyard. The property was built in 1998 and is positioned for owner occupancy or landlord investment. On-site parking and monument signage are available.
The office is located at 2 Walden Ridge Drive in South Asheville, with signalized access at Hendersonville Road and Mills Gap Road. The intersection records 27,000 VPD, while Hendersonville Road provides access to nearby shops, restaurants, and retail amenities. I-40 is less than 3 miles away, I-26 is less than 4 miles away, Downtown Asheville is 7 miles north, and Asheville Regional Airport is 7 miles south.
The office is located at 2 Walden Ridge Drive in South Asheville, with signalized access at Hendersonville Road and Mills Gap Road. The intersection records 27,000 VPD, while Hendersonville Road provides access to nearby shops, restaurants, and retail amenities. I-40 is less than 3 miles away, I-26 is less than 4 miles away, Downtown Asheville is 7 miles north, and Asheville Regional Airport is 7 miles south.
Key Highlights
- 1,591 SF ground‑floor office condominium in Suite 115
- Two private offices, conference room, and breakroom
- Private outdoor courtyard access
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
$29,518
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
6.57%
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%
$590,360
$590.4K
Cap Rate 7%
$421,686
$421.7K
Cap Rate 9%
$327,978
$328.0K
Market Conditions
NOI Build-Up for 1,591 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
$40.3K $25.32/SF
− Vacancy
−$927 −$0.58/SF
EGI
$39.4K $24.74/SF
− OpEx
−$9.8K −$6.18/SF
NOI
$29.5K $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%
$590,360
Cap Rate 7%
$421,686
Cap Rate 9%
$327,978
Alternative Uses
Best Use
Office B
$421.7K
$369.0K – $492.0K
NOI $29,518 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$503.1K
$440.2K – $587.0K
NOI $35,217 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Move-in-ready professional suite with private offices, conference space, breakroom, and courtyard access.
Where is this office units located?
The property is located at 2 Walden Ridge Dr Unit 115 Asheville, NC.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 1,591 SF ground‑floor office condominium in Suite 115; Two private offices, conference room, and breakroom; Private outdoor courtyard access
