Former Walgreens with
For Sale
Contact for pricing
510 NC Hwy 9, Black Mountain, NC
Drive-thru space at signalized corner near Ingles grocery store.
Property Size2,010 SF
Lot Size0.37 Acres
Price / SF$397.51
Days on Market310
Property Features for 510 NC Hwy 9
General Information
Standard status
Active
Size
2,010 SF
Lot size
0.37 Acres
Property subtype
RETAIL
Listing Agency:
Whitney Commercial
(828) 674-2120
Listed By:
Jason Burk, CCIM
(828) 674-2120
Source:
Moodyscre
Added: Oct 10, 2025
Changed: Jul 10
Last Checked: Aug 14 at 5:06AM
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
Investment Insights
Based on property information with market context.
This former Walgreens offers potential for businesses requiring a drive-thru, such as a bank, restaurant, or pharmacy. The property benefits from daily traffic driven by the adjacent 113,000 square foot Ingles grocery store. It features visibility and signage options on the building front and a large pylon sign. The property includes 23 parking spaces. Visible from I-40, the property is located on a signalized corner. The available space measures 2,010 square feet.
Key Highlights
- Drive‑thru capability, suitable for various businesses.
- High visibility due to location on a signalized corner.
- Proximity to a high‑traffic Ingles grocery store (113,000 sq ft) driving daily trips.
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
$28,096
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
3.52%
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%
$561,920
$561.9K
Cap Rate 7%
$401,371
$401.4K
Cap Rate 9%
$312,178
$312.2K
Market Conditions
NOI Build-Up for 2,010 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
$38.1K $18.96/SF
− Vacancy
−$648 −$0.32/SF
EGI
$37.5K $18.64/SF
− OpEx
−$9.4K −$4.66/SF
NOI
$28.1K $13.98/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$18.96 /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%
$561,920
Cap Rate 7%
$401,371
Cap Rate 9%
$312,178
Alternative Uses
Best Use
Specialty Retail
$401.4K
$351.2K – $468.3K
NOI $28,096 @ 7.0% cap · market cap 3.52%
Second Best
Retail
$336.7K
$294.6K – $392.8K
NOI $23,568 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$635.6K
$556.1K – $741.5K
NOI $44,491 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
145k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Groceries 34%
Shops & Services 19%
Hotels & Casinos 2%
Ingles
Groceries
49,825 visits/mo
0.1 miles
McDonald's
Dining
25,518 visits/mo
0.2 miles
Wendy's
Dining
16,579 visits/mo
0.1 miles
BP
Shops & Services
14,464 visits/mo
0.1 miles
Taco Bell
Dining
13,087 visits/mo
0.0 miles
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
- Walgreens — 510 NC-9, Black Mountain, NC 28711
- Ingles Pharmacy — 550 NC-9, Black Mountain, NC 28711
- COVID-19 Drive-Thru Testing at Walgreens — 510 NC-9, Black Mountain, NC 28711
- Salim Patwa — 540 NC-9, Black Mountain, NC 287113829
- Petrus Van Der Linde — 540 NC-9, Black Mountain, NC 287113829
Frequently Asked Questions
What type of property is this?
Drug store - Drive-thru space at signalized corner near Ingles grocery store.
Where is this drug store located?
The property is located at 510 NC Hwy 9 Black Mountain, NC.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Drive‑thru capability, suitable for various businesses.; High visibility due to location on a signalized corner.; Proximity to a high‑traffic Ingles grocery store (113,000 sq ft) driving daily trips.
