48-Room Hotel With Development
For Sale
$6,200,000
240 Mitchelle Drive, Hendersonville, NC 28792
Two-parcel hospitality property includes expansion land and installed utility infrastructure.
Property Size22,606 SF
Price / SF$274.26
Days on Market264
Property Features for 240 Mitchelle Drive
General Information
Standard status
Active
Size
22,606 SF
Property subtype
Commercial
Building Details
Building Size
22,606 SF
Year Built
2002
Buildings
1
Stories
2
Units
48
Listing Agency:
Looking Glass Realty, Saluda
(828) 749-4663
Listed By:
Amy Wood · License #220100
Source:
Techrealtyllc
Added: Nov 14, 2025
Changed: Aug 5
Last Checked: Aug 5 at 3:15AM
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 Looking Glass Realty, Saluda
Investment Insights
Based on property information with market context.
This hospitality property consists of two parcels totaling 3.87 acres at 240 Mitchelle Drive in Hendersonville, North Carolina. One parcel contains the 48-room Red Roof Inn and its parking lot, while the second offers more than 2 acres identified as shovel-ready development land. The existing hotel was built in 2002.
The site is designated as an Opportunity Zone and carries C-3 zoning. Sewer, a 3-phase power line, gas, water, and storm management infrastructure are already in place. The property offers access to two major highways and sits between Asheville and Greenville-Spartanburg. Historic downtown Hendersonville is approximately 5 minutes away, and the surrounding community attracts approximately 2 million tourists annually. The source information also reports population growth of nearly 12% over the last 5 years and nearby national retailers.
The site is designated as an Opportunity Zone and carries C-3 zoning. Sewer, a 3-phase power line, gas, water, and storm management infrastructure are already in place. The property offers access to two major highways and sits between Asheville and Greenville-Spartanburg. Historic downtown Hendersonville is approximately 5 minutes away, and the surrounding community attracts approximately 2 million tourists annually. The source information also reports population growth of nearly 12% over the last 5 years and nearby national retailers.
Key Highlights
- Two parcels totaling 3.87 acres
- Existing 48‑room Red Roof Inn with parking lot
- More than 2 acres of shovel‑ready development land
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $406.9k | $18.00 |
| − Vacancy | −$7.7k | −$0.34 |
| EGI | $399.2k | $17.66 |
| − OpEx | −$99.8k | −$4.41 |
| NOI | $299.4k | $13.24 |
22,606 SF · lease $18.00/SF/yr · vacancy 1.90% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$4.28M
$3.74M – $4.99M
NOI $299,383 @ 7.0% cap · market cap 4.83%
Second Best
Retail
$3.99M
$3.49M – $4.66M
NOI $279,424 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$7.53M
$6.59M – $8.79M
NOI $527,353 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
397k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Apparel 32%
Shops & Services 13%
Superstores 6%
T.J. Maxx
Apparel
57,980 visits/mo
0.4 miles
McDonald's
Dining
37,906 visits/mo
0.3 miles
Belk
Apparel
27,516 visits/mo
0.5 miles
Starbucks
Dining
25,944 visits/mo
0.2 miles
Taco Bell
Dining
24,888 visits/mo
0.4 miles
Demographics for 28792, NC
35,962
Population
18,121
Households
2
Avg Household Size
44
Median Age
26%
College-Educated
87%
High-School Grad
102.9 sq mi
ZIP Area
349
Density / Sq Mi
$55,066
Median Household Income
$32,312
Median Earnings
$1,131
Median Rent
$249,300
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?
Hotel - Two-parcel hospitality property includes expansion land and installed utility infrastructure.
Where is this hotel located?
The property is located at 240 Mitchelle Drive Hendersonville, NC.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: Two parcels totaling 3.87 acres; Existing 48‑room Red Roof Inn with parking lot; More than 2 acres of shovel‑ready development land
