Sprinklered Storefront
New
For Sale
$5,995,000
38 & 40 Biltmore Avenue, Asheville, NC 28801
Three levels, freight service, and a sprinkler system support the building’s current commercial occupancy.
Property Size1,925 SF
Lot Size0.20 Acres
Price / SF$246.38
Days on Market7
Property Features for 38 & 40 Biltmore Avenue
General Information
Standard status
Active
Size
1,925 SF
Lot size
0.20 Acres
Property subtype
Retail
Zoning
CBD
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Sprinkler System
Yes
Amenities
freight elevator
Level, Paved
Public Sewer
Additional parcels description:, Parcel Number: 9648-49-5851-00000, Assessed Value: $3.1004e+06, Zoning: CBD
Carpet, Concrete, Tile, Wood
Electric, Heat Pump
Electric, Heat Pump, Natural Gas
Listing ID: CAR4429116, Standard Status: Active, MLS Status: Active, Property Subtype: Retail, 3 days on market, Special Conditions: None
Display Window(s), Skylight(s)
Exterior Entry, Interior Entry, Storage Space, Walk-Out Access, Walk-Up Access
Built in 1925, Living area: 24332, 2 buildings
County/Parish: Buncombe
Elevation: 2000, City
4 total bathrooms
Electricity Connected, Water Source: City
Frontage Type: City Street, Road Responsibility: Publicly Maintained Road, Road Surface: Paved
Mobility Friendly Flooring
Dishwasher, Refrigerator
Building Details
Building Size
1,925 SF
Year Built
1925
Buildings
1
Stories
3
Tenancy
Single
Listing Agency:
Likewise Commercial Real Estate
(828) 222-3685
Listed By:
Carla Barnard
(864) 920-0303
Source:
Blackstreaminternational
Added: Sep 29
Changed: Oct 4
Last Checked: Oct 4 at 9:56AM
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 24,332-square-foot storefront building occupies 0.20 acres and was built in 1925. The three-floor layout includes a freight elevator, and the building is fully sprinklered. It is zoned CBD and has 100% occupancy, with Blue Spiral 1 as its tenant for more than three decades. The lower level may offer potential for additional rentable area.
At 38 & 40 Biltmore Avenue in downtown Asheville, the property is approximately 1 mile from I-240 and 3 miles from I-40. Those routes connect to I-26, US 25, US 70, and other regional roads.
At 38 & 40 Biltmore Avenue in downtown Asheville, the property is approximately 1 mile from I-240 and 3 miles from I-40. Those routes connect to I-26, US 25, US 70, and other regional roads.
Key Highlights
- 24,332 SF building on 0.20 acres
- 100% occupied; Blue Spiral 1 has occupied the property for more than three decades
- Three floors; built in 1925
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
$285,298
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
4.76%
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%
$5,705,960
$5.7M
Cap Rate 7%
$4,075,686
$4.1M
Cap Rate 9%
$3,169,978
$3.2M
Market Conditions
NOI Build-Up for 24,332 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
$414.6K $17.04/SF
− Vacancy
−$7.0K −$0.29/SF
EGI
$407.6K $16.75/SF
− OpEx
−$122.3K −$5.03/SF
NOI
$285.3K $11.73/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$5,705,960
Cap Rate 7%
$4,075,686
Cap Rate 9%
$3,169,978
Alternative Uses
Best Use
Retail
$4.08M
$3.57M – $4.75M
NOI $285,298 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.69M
$6.73M – $8.98M
NOI $538,587 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,089
Businesses Nearby
81k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 43%
Shops & Services 32%
Dining 12%
Apparel 9%
Citgo
Shops & Services
11,201 visits/mo
0.4 miles
State Employees Credit Union
Shops & Services
9,288 visits/mo
0.4 miles
Cambria Hotel Downtown Asheville
Hotels & Casinos
8,998 visits/mo
0.4 miles
Kimpton Hotel Arras
Hotels & Casinos
8,356 visits/mo
0.2 miles
Mellow Mushroom
Dining
7,714 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Studio Flora Diva Inc — 1 Page Ave #112-H, Asheville, NC 28801
- Bloomin' Art — 60 Haywood St, Asheville, NC 28801
- Shady Grove Flowers — 65 N Lexington Ave, Asheville, NC 28801
- Ditsy Flowers — 65 Merrimon Ave #1232, Asheville, NC 28801
Frequently Asked Questions
What type of property is this?
Storefront property - Three levels, freight service, and a sprinkler system support the building’s current commercial occupancy.
Where is this storefront property located?
The property is located at 38 & 40 Biltmore Avenue Asheville, NC.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: 24,332 SF building on 0.20 acres; 100% occupied; Blue Spiral 1 has occupied the property for more than three decades; Three floors; built in 1925
