Flex Space with Warehouse and
For Sale
$1,200,000
5 Woodland Drive Unit C, Asheville, NC 28806
Warehouse, office, parking, and arterial access accommodate manufacturing, storage, distribution, and administrative operations.
Property Size1 SF
Lot Size0.60 Acres
Price / SF$120
Days on Market50
Property Features for 5 Woodland Drive Unit C
General Information
Standard status
Active
Size
1 SF
Lot size
0.60 Acres
Property subtype
Warehouse/Office
Zoning
COA Highway Business
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Warehouse Space
9,000 SF
Office Build-Out
1,000 SF
Amenities
Size: 0.6, Size Units: Acres
Description: Aluminum
Description: Partial
Flooring: Concrete, Laminate
Details: Ductless
Heating: Ductless, Radiant
Days on Market: 0, Listing Price: 1200000, Status: Active
Construction Materials: Aluminum, Stories: 1, Year Built: 1974, Construction Type: Site Built
Unit: C, City: Asheville, State: NC, Zip: 28806, County: Buncombe, Directions: From West Asheville/Haywood Road: Travel west on Patton Ave/Smokey Park Hwy/US-19 for ~1mi. Turn right onto Old Haywood Road and travel ~0.2mi. Sharp right turn onto Woodland Drive. Location is second driveway on right. From I-40: Use Exit 44. Travel east on Smokey Park Hwy/US-19 for ~0.1mi. Turn left onto Old Haywood Road. Travel ~1.2mi and veer left onto Woodland Drive. Location is second driveway on the right.
Zoning: HB
Sewer: Public Sewer, Water Source: Public, Utilities: Cable Available, Electricity Connected, Natural Gas
Auction Y/N: 0
Building Details
Building Size
1 SF
Year Built
1974
Listing Agency:
Keller Williams Professionals
(828) 254-7253
Listed By:
Scott Mirkin
(828) 335-0808
Source:
Blackstreaminternational
Added: Jul 31
Changed: Sep 17
Last Checked: Sep 18 at 6:28AM
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 Keller Williams Professionals
Investment Insights
Based on property information with market context.
This flex property at 5 Woodland Drive Unit C in Asheville combines approximately 9,000 SF of warehouse area with 1,000 SF of office space. The configuration supports small manufacturing, storage, distribution, and administrative office functions. Built in 1974, the property also includes parking and approximately 0.6 AC of the total parcel.
The site carries COA Highway Business zoning and offers arterial access to US-19/23 and I-40. The owner intends to subdivide the current lot before sale, with deed restrictions protecting the neighboring school’s continued ability to operate. Property access is provided via the second driveway on the right after turning onto Woodland Drive from Old Haywood Road.
The site carries COA Highway Business zoning and offers arterial access to US-19/23 and I-40. The owner intends to subdivide the current lot before sale, with deed restrictions protecting the neighboring school’s continued ability to operate. Property access is provided via the second driveway on the right after turning onto Woodland Drive from Old Haywood Road.
Key Highlights
- Approximately 9,000 SF of warehouse area plus 1,000 SF of office space
- Approximately 0.6 AC included from the total parcel
- COA Highway Business zoning
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
$84,619
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
7.05%
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%
$1,692,380
$1.7M
Cap Rate 7%
$1,208,843
$1.2M
Cap Rate 9%
$940,211
$940.2K
Market Conditions
NOI Build-Up for 10,000 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
$102.0K $10.20/SF
− Vacancy
−$2.4K −$0.24/SF
EGI
$99.6K $9.96/SF
− OpEx
−$14.9K −$1.49/SF
NOI
$84.6K $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 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%
$1,692,380
Cap Rate 7%
$1,208,843
Cap Rate 9%
$940,211
Alternative Uses
Best Use
Office B
$2.65M
$2.32M – $3.09M
NOI $185,532 @ 7.0% cap · market cap 15.46%
Second Best
Warehouse
$1.21M
$1.06M – $1.41M
NOI $84,619 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$3.16M
$2.77M – $3.69M
NOI $221,349 @ 7.0% cap · market cap 18.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
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 Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse, office, parking, and arterial access accommodate manufacturing, storage, distribution, and administrative operations.
Where is this flex space located?
The property is located at 5 Woodland Drive Unit C Asheville, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 9,000 SF of warehouse area plus 1,000 SF of office space; Approximately 0.6 AC included from the total parcel; COA Highway Business zoning
