Building Details

Year Built 1944

Listing Agency: Whitney Commercial Real Estate j***@whitneycre.com Show Phone

Listed By: Austin Walker · License #227527 Show Phone

Source: Luxefineproperties

Added: Oct 5 Changed: Oct 29 Last Checked: Oct 28 at 1:56PM

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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 Whitney Commercial Real Estate

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Investment Insights

Based on property information with market context.

This 15,318-square-foot flex property combines office space with warehouse areas suited to varied operational needs. A 7,500-square-foot portion is conditioned, while a separate 1,600-square-foot heated warehouse has 16-foot ceilings and a 600-square-foot mezzanine. Three roll-up doors serve the building, with 30 paved parking spaces on site. The property is zoned CI.

Located on Old Shoals Road in Arden, the building sits off the Airport Road corridor and approximately 2 miles from Interstate 26. The location is also near Asheville Regional Airport and within a South Asheville industrial area. The combination of office and warehouse space, loading access, and regional road connections supports a range of flex and industrial operations.

Key Highlights

• 15,318‑square‑foot flex property with office and warehouse areas
• 7,500‑square‑foot conditioned warehouse section
• 1,600‑square‑foot heated warehouse with 16‑foot ceilings

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$129,620

Cap Rate

5.64%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,592,400 $2.6M

Cap Rate 7%

$1,851,714 $1.9M

Cap Rate 9%

$1,440,222 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 15,318 SF

Gross rent

$156.2K $10.20/SF

− Vacancy

−$3.7K −$0.24/SF

EGI

$152.5K $9.96/SF

− OpEx

−$22.9K −$1.49/SF

NOI

$129.6K $8.46/SF

Area

Buncombe County, NC

Vacancy

2.40%

Lease Rate

$10.20 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,592,400

Cap Rate 7%

$1,851,714

Cap Rate 9%

$1,440,222

Alternative Uses

Best Use

Warehouse

$1.85M

$1.62M – $2.16M (±1% cap)

NOI $129,620 @ 7.0% cap · market cap 5.64%

Second Best

Industrial

$1.52M

$1.33M – $1.78M (±1% cap)

NOI $106,746 @ 7.0% cap · market cap 4.64%

Theoretical Best

Office A

$4.84M

$4.24M – $5.65M (±1% cap)

NOI $339,063 @ 7.0% cap · market cap 14.75%

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

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Parking Lot & Garage Law Firm Food Market Storage Facility Grocery & Convenience Store Garden Center

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

227

Businesses Nearby

Well-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 Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Office areas accompany conditioned warehouse space and a separate heated section for storage or operations.

Where is this flex space located?

The property is located at 36 Old Shoals Road Arden, NC.

What is the asking price?

The asking price for this property is $2,299,000.

What are key features of this property?

This property features: 15,318‑square‑foot flex property with office and warehouse areas; 7,500‑square‑foot conditioned warehouse section; 1,600‑square‑foot heated warehouse with 16‑foot ceilings