Turn-Key Office
For Sale
Contact for pricing
339 MERRIMON AVE, Asheville, NC 28801
Move-in-ready office with renovated finishes, natural light, and on-site parking along a high-traffic commercial corridor.
Property Size2,920 SF
Lot Size0.18 Acres
Price / SF$513.70
Days on Market67
Property Features for 339 MERRIMON AVE
General Information
Standard status
Active
Size
2,920 SF
Class
A
Total Parking Spaces
9
Lot size
0.18 Acres
Property subtype
Office
Site & Location
Traffic Count
20,000 vehicles/day
Highway Access
Yes
Building Details
Year Built
1910
Year Renovated
2018
Listing Agency:
Likewise Commercial Real Estate
(828) 575-0272
Listed By:
Abigail Farrow · License #NC 302812
Source:
Crexi
Added: Jun 2
Changed: Jul 10
Last Checked: Aug 6 at 9:26AM
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.
This turn-key office building offers approximately 2,920 square feet of thoughtfully designed space on a 0.18-acre site. The property was fully renovated in 2018 and features tasteful finishes, hardwood flooring, abundant natural light, and a multi-use layout suitable for a range of professional and office uses. Legacy signage is also in place, supporting continued brand presence.
The building has 55 feet of frontage along Merrimon Avenue and is positioned for visibility in a commercial area. Public remarks note approximately 20,000 vehicles per day (VPD) on Merrimon Avenue. The property includes nine on-site parking spaces, with additional neighborhood parking available for staff. Access is described as convenient to Interstate 240 and Interstate 26, as well as major thoroughfares including Charlotte Street and Broadway.
With its fully renovated condition and flexible interior layout, the property is well-suited for an owner-user seeking a Class A office or for a buyer planning a professional services tenant. The current tenant has outgrown the space and will be relocating locally, making the building a practical option for new occupancy after appropriate transition planning. Please allow 48 hours’ notice for all showings and contact the listing broker, Abigail Farrow, for requests.
The building has 55 feet of frontage along Merrimon Avenue and is positioned for visibility in a commercial area. Public remarks note approximately 20,000 vehicles per day (VPD) on Merrimon Avenue. The property includes nine on-site parking spaces, with additional neighborhood parking available for staff. Access is described as convenient to Interstate 240 and Interstate 26, as well as major thoroughfares including Charlotte Street and Broadway.
With its fully renovated condition and flexible interior layout, the property is well-suited for an owner-user seeking a Class A office or for a buyer planning a professional services tenant. The current tenant has outgrown the space and will be relocating locally, making the building a practical option for new occupancy after appropriate transition planning. Please allow 48 hours’ notice for all showings and contact the listing broker, Abigail Farrow, for requests.
Key Highlights
- 2,920 SF office building on 0.18 acres with 55 ft of frontage on Merrimon Avenue (approx. 20,000 VPD)
- Fully renovated in 2018 with hardwood flooring, abundant natural light, and a multi‑use layout
- Includes nine on‑site parking spaces, with additional neighborhood parking available
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
$54,175
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
3.61%
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%
$1,083,500
$1.1M
Cap Rate 7%
$773,929
$773.9K
Cap Rate 9%
$601,944
$601.9K
Market Conditions
NOI Build-Up for 2,920 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
$73.9K $25.32/SF
− Vacancy
−$1.7K −$0.58/SF
EGI
$72.2K $24.74/SF
− OpEx
−$18.1K −$6.18/SF
NOI
$54.2K $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%
$1,083,500
Cap Rate 7%
$773,929
Cap Rate 9%
$601,944
Alternative Uses
Best Use
Office B
$773.9K
$677.2K – $902.9K
NOI $54,175 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$923.3K
$807.9K – $1.08M
NOI $64,634 @ 7.0% cap · market cap 4.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,260
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Move-in-ready office with renovated finishes, natural light, and on-site parking along a high-traffic commercial corridor.
Where is this office building located?
The property is located at 339 MERRIMON AVE Asheville, NC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 2,920 SF office building on 0.18 acres with 55 ft of frontage on Merrimon Avenue (approx. 20,000 VPD); Fully renovated in 2018 with hardwood flooring, abundant natural light, and a multi‑use layout; Includes nine on‑site parking spaces, with additional neighborhood parking available
