Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Asheville Freestanding Building Title is generated by Realmo AI

    248 Biltmore Ave, Asheville, NC 28801

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    High-profile commercial property in downtown Asheville with flexible space.

    Type:Retail, Industrial
    Property size:
    8,294 SF
    Lot size:
    0.37 Acres
    Added:
    Nov 11, 2023
    Days on Market:
    914
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 248 Biltmore Ave

    General Information

    Standard status
    Active
    Size
    8,294 SF
    Lot size
    0.37 Acres
    Property subtype
    Retail, Industrial

    Spaces For Lease

    at 248 Biltmore Ave Contact us

    Entire Building Available $15 /Mo

    Size
    8,294 SF
    Type
    Retail, Industrial
    Contact us

    We can help!

    Listing Contact
    Tim Bramley
    Tim Bramley

    Listing agent Tim Bramley License #NC 271946

    Listing office Dewey Property Advisors

    Listing date Nov 11, 2023

    Source Crexi

    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 Dewey Property Advisors

    HighLights

    • Prime downtown Asheville location on Biltmore Avenue, near the South Slope Brewing District and McCormick Field.
    • Large, freestanding ±8,294 SF building on 0.37 acres.
    • Unmatched visibility, parking, and access.
    • Flexible layout adaptable for a variety of commercial uses.
    • Features include private offices, large open work/retail areas, reception space, restrooms, and ample storage.
    • Unique architectural details: 23' FT wooden barrel ceiling and concrete flooring.

    Overview

    Located in downtown Asheville on Biltmore Avenue, this freestanding building offers approximately 8,294 square feet of space on a 0.37-acre parcel. The property is situated adjacent to the South Slope Brewing District and near McCormick Field. The building features private offices, large open work or retail areas, a reception space, restrooms, and ample storage. The layout is adaptable for various commercial uses. The front of the building includes two 12-foot roll-up doors, a 23-foot wooden barrel ceiling, and concrete flooring. The property offers visibility, parking, and access.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    UNITS Moving and Portable ... Moving Company

    Suggested Use

    Restaurant Dental Office Real Estate Agency Spa & Massage Center Hair Salon Law Firm Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.551412
    Latitude
    35.5862006

    Nearby Similar for Lease

    • $2,123/Mo

      Broadway Corridor Commercial Space

      Mixed-use space near downtown Asheville and Historic Montford Community.
      257 Broadway Street, Asheville, NC 28801
      View Details
    • $9,628/Mo

      Asheville Warehouse and Office Space

      Warehouse and office space in West Asheville with highway business zoning.
      5 Woodland Drive, Asheville, NC 28806
      View Details
    • $6,635/Mo

      Prime Retail Space Near Biltmore

      2,412 sqft retail space near Biltmore Village.
      190 Hendersonville Road, Asheville, NC 28803
      View Details
    • $22 SF/Yr

      Asheville Office Building For Lease

      Two-story brick office building in Asheville's Central Business District.
      71 N Market Street, Asheville, NC 28801
      View Details
    • $24 SF/Yr

      Downtown Asheville Office Space Available

      Exceptional office opportunity in the heart of downtown Asheville.
      175 Patton Avenue, Asheville, NC 28801
      View Details
    • $2,292/Mo

      Downtown Asheville Retail Space Available

      Prime retail space in historic downtown Asheville building.
      25 Page Avenue, Asheville, NC 28801
      View Details
    • $3,172/Mo

      Retail Space in Asheville Center

      Flexible retail space in Asheville's premier shopping center.
      4 S Tunnel Road, Asheville, NC 28805
      View Details
    • $8,000/Mo

      Downtown Asheville Office Space Available

      Prime downtown Asheville office space for lease with income potential.
      124 College Street, Asheville, NC 28801
      View Details
    • $3,100/Mo

      Historic Retail Space in Asheville

      Charming retail space in the heart of downtown Asheville.
      6 College Street, Asheville, NC 28801
      View Details
    • Contact for pricing

      Asheville Lab Space For Rent

      Operational lab space in South Asheville professional corridor. Move-in ready.
      9 Walden Ridge Dr, STE 30, Asheville, NC 28803
      View Details
    • Contact for pricing

      Downtown Asheville Office Space

      Affordable downtown office or storage space for lease.
      53 N Market St, Asheville, NC 28801
      View Details
    • Contact for pricing

      Asheville Flex Space with Dock

      7,140 SF flex facility with abundant parking.
      1260 Sweeten Creek Rd, Asheville, NC 28803
      View Details

    FAQs

    What type of property is this?
    Retail space - High-profile commercial property in downtown Asheville with flexible space.
    Where is this retail space located?
    The property is located at 248 Biltmore Ave Asheville, NC.
    What are key features of this property?
    This property features: Prime downtown Asheville location on Biltmore Avenue, near the South Slope Brewing District and McCormick Field.; Large, freestanding ±8,294 SF building on 0.37 acres.; **Unmatched visibility, parking, and access.**
    (828) 424-1141 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tim Bramley
    Tim Bramley
    Real Estate License ID: NC 271946
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    248 Biltmore Ave, Asheville, NC 28801
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!