Restaurant & Event Center For
For Sale
$2,350,000
470 Brickyard Road, Etowah, NC 28792
Hospitality and event facility on 4 acres in Etowah, NC.
Property Size6,000 SF
Lot Size4.00 Acres
Price / SF$391.67
Days on Market193
Property Features for 470 Brickyard Road
General Information
Standard status
Active
Size
6,000 SF
Lot size
4.00 Acres
Property subtype
Hospitality
Building Details
Building Size
6,000 SF
Year Built
1989
Listing Agency:
Dewey Property Advisors
Listed By:
Jay Lurie · License #NC #192865
(828) 216-8462
Source:
Deweypa
Added: Mar 27
Changed: Oct 3
Last Checked: Oct 4 at 7:14AM
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
Investment Insights
Based on property information with market context.
Chelsea’s Restaurant and Event Center, a standalone hospitality and event facility, is available for purchase. The property is situated on approximately 4 acres in Etowah, North Carolina, located between Asheville, Brevard, and Hendersonville. The offering includes approximately 6,000 square feet of restaurant and event space, designed to support various commercial uses, including dining, private events, weddings, and corporate functions. The facility features a 1,000 square foot commercial kitchen, allowing for full food service operations and catering flexibility. In addition to the interior space, the property offers a dedicated outdoor event area accommodating up to 150 guests, expanding capacity and providing additional revenue opportunities through seasonal and private event programming. The site’s acreage allows for ample parking, outdoor functionality, and future operational flexibility. The property is being conveyed as a portion of a larger parcel, with final acreage and boundaries to be determined by a seller-provided survey and recorded under the applicable Henderson County GIS PIN.
Key Highlights
- Standalone restaurant and event center with 6,000± sq ft of space.
- Prime location in Etowah, NC, between Asheville, Brevard, and Hendersonville.
- Dedicated outdoor event area accommodates up to 150 guests.
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
$79,461
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
3.38%
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%
$1,589,220
$1.6M
Cap Rate 7%
$1,135,157
$1.1M
Cap Rate 9%
$882,900
$882.9K
Market Conditions
NOI Build-Up for 6,000 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
$108.0K $18.00/SF
− Vacancy
−$2.1K −$0.34/SF
EGI
$105.9K $17.66/SF
− OpEx
−$26.5K −$4.41/SF
NOI
$79.5K $13.24/SF
Area
Henderson County, NC
Vacancy
1.90%
Lease Rate
$18.00 /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%
$1,589,220
Cap Rate 7%
$1,135,157
Cap Rate 9%
$882,900
Alternative Uses
Best Use
Specialty Retail
$1.14M
$993.3K – $1.32M
NOI $79,461 @ 7.0% cap · market cap 3.38%
Second Best
Hotel Hospitality
$517.9K
$453.2K – $604.2K
NOI $36,252 @ 7.0% cap · market cap 1.54%
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $139,968 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
2k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
United Community Bank
Shops & Services
1,953 visits/mo
0.5 miles
Demographics for 28792, NC
35,962
Population
18,121
Households
2
Avg Household Size
44
Median Age
26%
College-Educated
87%
High-School Grad
102.9 sq mi
ZIP Area
349
Density / Sq Mi
$55,066
Median Household Income
$32,312
Median Earnings
$1,131
Median Rent
$249,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Hospitality property - Hospitality and event facility on 4 acres in Etowah, NC.
Where is this hospitality property located?
The property is located at 470 Brickyard Road Etowah, NC.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Standalone restaurant and event center with 6,000± sq ft of space.; Prime location in Etowah, NC, between Asheville, Brevard, and Hendersonville.; Dedicated outdoor event area accommodates up to 150 guests.
