Medical Office with Highway
For Sale
$850,000
364 Weaverville Rd, Asheville, NC 28804
Vacant, flexible commercial layout with on-site parking and convenient I-26 access.
Property Size2,883 SF
Lot Size0.75 Acres
Price / SF$294.83
Days on Market10
Property Features for 364 Weaverville Rd
General Information
Standard status
Active
Size
2,883 SF
Lot size
0.75 Acres
Additional Details
Highway Access
Yes
Amenities
highway signage
Building Details
Year Built
2005
Owner Occupied
No
Listing Agency:
Preferred Properties
(828) 337-6397
Listed By:
William Jameson
Source:
Lewisandkirk
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 8:26PM
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 Preferred Properties
Investment Insights
Based on property information with market context.
This 2,883-square-foot medical office property sits on a 0.75-acre site in the North Asheville/Woodfin area. Built in 2005, the building was previously used for healthcare and professional service operations and includes a layout adaptable to medical, dental, veterinary, wellness, professional office, financial, retail, and other commercial applications.
The property offers convenient access to I-26 through Exits 21 and 23, along with highway signage and ample on-site parking. The vacant site also includes additional area that may support future expansion or other site improvements. Its configuration can accommodate an owner-user or continued commercial use.
The property offers convenient access to I-26 through Exits 21 and 23, along with highway signage and ample on-site parking. The vacant site also includes additional area that may support future expansion or other site improvements. Its configuration can accommodate an owner-user or continued commercial use.
Key Highlights
- 2,883 SF medical office building on a 0.75‑acre site
- Built in 2005 and previously used for healthcare and professional services
- Flexible layout supporting medical, dental, veterinary, wellness, office, financial, retail, and other commercial 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
$53,489
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
6.29%
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%
$1,069,780
$1.1M
Cap Rate 7%
$764,129
$764.1K
Cap Rate 9%
$594,322
$594.3K
Market Conditions
NOI Build-Up for 2,883 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
$73.0K $25.32/SF
− Vacancy
−$1.7K −$0.58/SF
EGI
$71.3K $24.74/SF
− OpEx
−$17.8K −$6.18/SF
NOI
$53.5K $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%
$1,069,780
Cap Rate 7%
$764,129
Cap Rate 9%
$594,322
Alternative Uses
Best Use
Office B
$764.1K
$668.6K – $891.5K
NOI $53,489 @ 7.0% cap · market cap 6.29%
Second Best
Healthcare Medical
$683.7K
$598.3K – $797.7K
NOI $47,861 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$911.6K
$797.7K – $1.06M
NOI $63,815 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28804, NC
23,964
Population
11,716
Households
2
Avg Household Size
44
Median Age
60%
College-Educated
93%
High-School Grad
28.7 sq mi
ZIP Area
835
Density / Sq Mi
$79,709
Median Household Income
$37,169
Median Earnings
$1,399
Median Rent
$528,500
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?
Medical Office Space - Vacant, flexible commercial layout with on-site parking and convenient I-26 access.
Where is this medical office space located?
The property is located at 364 Weaverville Rd Asheville, NC.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 2,883 SF medical office building on a 0.75‑acre site; Built in 2005 and previously used for healthcare and professional services; Flexible layout supporting medical, dental, veterinary, wellness, office, financial, retail, and other commercial uses
