Building Details

Building Size 19,103 SF

Year Built 1910

Buildings 5

Listing Agency: Likewise Commercial Real Estate

Listed By: Jessica Auge · License #288191 Show Phone

Source: Geoffcampbell

Added: Oct 20 Changed: Oct 23 Last Checked: Oct 23 at 2:13PM

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Investment Insights

Based on property information with market context.

This 1.66-acre commercial land assemblage includes five existing buildings with short-term leases. The parcels have approximately 300 feet of frontage along Merrimon Avenue (US 25), plus several curb cuts on the avenue and signalized access from Hillside Street through a roughly 35-foot-wide curb cut. Zoning designations stated for the lots are CBI and RS8.

The property sits on a primary commuter route and is surrounded by national retailers, including Trader Joe's, Whole Foods, and Harris Teeter. Downtown Asheville, I-240, and I-26 are each less than 1 mile away; I-40 is approximately 3 miles away. The site combines current rental income with commercial, residential, and mixed-use development potential.

Key Highlights

• 1.66‑acre assemblage with five existing buildings
• Approximately 300 feet of frontage on Merrimon Avenue (US 25)
• Lots identified with CBI and RS8 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$204,163

Cap Rate

6.21%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,083,260 $4.1M

Cap Rate 7%

$2,916,614 $2.9M

Cap Rate 9%

$2,268,478 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 19,103 SF

Gross rent

$343.9K $18.00/SF

− Vacancy

−$17.2K −$0.90/SF

EGI

$326.7K $17.10/SF

− OpEx

−$122.5K −$6.41/SF

NOI

$204.2K $10.69/SF

Area

Buncombe County, NC

Vacancy

5.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,083,260

Cap Rate 7%

$2,916,614

Cap Rate 9%

$2,268,478

Alternative Uses

Best Use

Mixed Use

$2.92M

$2.55M – $3.40M (±1% cap)

NOI $204,163 @ 7.0% cap · market cap 6.21%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$6.04M

$5.29M – $7.05M (±1% cap)

NOI $422,843 @ 7.0% cap · market cap 12.85%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Sachi Spa | Asheville Spa & Massage Center

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Storage Facility HVAC Service Locksmith Butcher Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,816

Businesses Nearby

Explore this area Business Placement

Demographics for 28801, NC

15,148

Population

8,490

Households

1.8

Avg Household Size

39

Median Age

53%

College-Educated

93%

High-School Grad

5.1 sq mi

ZIP Area

2,970

Density / Sq Mi

$51,125

Median Household Income

$38,829

Median Earnings

$1,130

Median Rent

$481,400

Median Home Value

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Frequently Asked Questions

What type of property is this?

Commercial land - Five structures have short-term leases that generate rental income during the site's next phase of use.

Where is this commercial land located?

The property is located at 210 212 & 230 Merrimon Avenue Asheville, NC.

What is the asking price?

The asking price for this property is $3,290,000.

What are key features of this property?

This property features: 1.66‑acre assemblage with five existing buildings; Approximately 300 feet of frontage on Merrimon Avenue (US 25); Lots identified with CBI and RS8 zoning