Freestanding Retail and Office
For Sale
$699,000
2124 Hendersonville Road, Arden, NC 28704
Freestanding corner commercial building with prominent signage exposure and highway-business zoning for flexible retail, office, and medical uses.
Property Size2,262 SF
Price / SF$309.02
Days on Market67
Property Features for 2124 Hendersonville Road
General Information
Standard status
Active
Size
2,262 SF
Total Parking Spaces
13
Property subtype
Commercial
Zoning
HB
Site & Location
Traffic Count
32,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Amenities
Central air
Corner Lot
Carpet Flooring
Heat Pump Cooling
Heat Pump Heating
Laminate Flooring
Level
Parking Lot
Tile Flooring
Building Details
Year Built
1960
Listing Agency:
LIKEWISE COMMERCIAL REAL ESTATE
(828) 222-3685
Listed By:
ABIGAIL FARROW · License #302812
Source:
Corcoran
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 8 at 3:26PM
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.
Freestanding commercial building totaling 2,262 SF, situated on a corner lot with 86 feet of road frontage and prominent signage exposure. The site includes approximately 13 parking spaces and is positioned at a signalized intersection, supporting straightforward customer access and visibility.
Located on Hendersonville Road near the intersection with Long Shoals Road, the property is described as having approximately 32,000 vehicles per day passing the site. The building also benefits from convenient regional connectivity, with NC Highway 191 less than 1 mile away, Interstate 26 about 2 miles away, and Downtown Asheville within 8 miles.
Zoned Highway Business (HB), the property is positioned to support a wide range of retail, office, medical, and service-oriented uses. This makes the space a practical fit for an owner-occupant seeking a visible flagship location or for an investor evaluating a high-traffic corridor asset with on-site parking.
Located on Hendersonville Road near the intersection with Long Shoals Road, the property is described as having approximately 32,000 vehicles per day passing the site. The building also benefits from convenient regional connectivity, with NC Highway 191 less than 1 mile away, Interstate 26 about 2 miles away, and Downtown Asheville within 8 miles.
Zoned Highway Business (HB), the property is positioned to support a wide range of retail, office, medical, and service-oriented uses. This makes the space a practical fit for an owner-occupant seeking a visible flagship location or for an investor evaluating a high-traffic corridor asset with on-site parking.
Key Highlights
- Freestanding 2,262 SF commercial building built in 1960 on a corner lot at Hendersonville Rd and Long Shoals Rd
- Approximately 86 ft of road frontage with prominent signage exposure and traffic count of about 32,000 vehicles per day
- Zoned Highway Business (HB), supporting retail, office, medical, and service‑oriented uses
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
$41,967
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
6.00%
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%
$839,340
$839.3K
Cap Rate 7%
$599,529
$599.5K
Cap Rate 9%
$466,300
$466.3K
Market Conditions
NOI Build-Up for 2,262 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
$57.3K $25.32/SF
− Vacancy
−$1.3K −$0.58/SF
EGI
$56.0K $24.74/SF
− OpEx
−$14.0K −$6.18/SF
NOI
$42.0K $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%
$839,340
Cap Rate 7%
$599,529
Cap Rate 9%
$466,300
Alternative Uses
Best Use
Office B
$599.5K
$524.6K – $699.5K
NOI $41,967 @ 7.0% cap · market cap 6.00%
Second Best
Healthcare Medical
$536.5K
$469.4K – $625.9K
NOI $37,552 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$715.3K
$625.9K – $834.5K
NOI $50,069 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28704, NC
23,734
Population
11,514
Households
2.1
Avg Household Size
39
Median Age
41%
College-Educated
92%
High-School Grad
30.1 sq mi
ZIP Area
789
Density / Sq Mi
$79,088
Median Household Income
$39,072
Median Earnings
$1,369
Median Rent
$343,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Sweet Bouquets Florist — 2120 Hendersonville Rd, Arden, NC 28704
Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding corner commercial building with prominent signage exposure and highway-business zoning for flexible retail, office, and medical uses.
Where is this storefront property located?
The property is located at 2124 Hendersonville Road Arden, NC.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Freestanding 2,262 SF commercial building built in 1960 on a corner lot at Hendersonville Rd and Long Shoals Rd; Approximately 86 ft of road frontage with prominent signage exposure and traffic count of about 32,000 vehicles per day; Zoned Highway Business (HB), supporting retail, office, medical, and service‑oriented uses
