Building Details

Year Built 1975

Listing Agency: Looking Glass Realty

Listed By: Jeff Baucom Show Phone

Source: Lewisandkirk

Added: Sep 14 Changed: Oct 25 Last Checked: Oct 7 at 4:10PM

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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 Looking Glass Realty

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This storefront property is currently occupied by the Penrose Post Office under a lease running through May 21, 2030. The building was constructed in 1975 and includes several recent capital improvements: the HVAC system was replaced 2 months ago, a metal roof was installed 18 months ago, and commercial-grade vinyl plank flooring was added 3 years ago.

The property is located at 5858 Old Hendersonville Hwy in Pisgah Forest, North Carolina, approximately 0.15 miles from the Ecusta Trail. Its existing post office use and nearby trail access provide clear context for evaluating the property’s current occupancy and future commercial utility.

Key Highlights

• Lease in place through May 21, 2030
• Current Penrose Post Office operation
• Approximately 0.15 miles from the Ecusta Trail

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,309

Cap Rate

3.17%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$206,180 $206.2K

Cap Rate 7%

$147,271 $147.3K

Cap Rate 9%

$114,544 $114.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 840 SF

Gross rent

$15.1K $18.00/SF

− Vacancy

−$393 −$0.47/SF

EGI

$14.7K $17.53/SF

− OpEx

−$4.4K −$5.26/SF

NOI

$10.3K $12.27/SF

Area

Transylvania County, NC

Vacancy

2.60%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$206,180

Cap Rate 7%

$147,271

Cap Rate 9%

$114,544

Alternative Uses

Best Use

Retail

$147.3K

$128.9K – $171.8K (±1% cap)

NOI $10,309 @ 7.0% cap · market cap 3.17%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$247.4K

$216.5K – $288.6K (±1% cap)

NOI $17,317 @ 7.0% cap · market cap 5.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Channel 70 Video ... Film Production

Suggested Use

Top Pick Building Supply Auto Repair Shop HVAC Service Storage Facility Grocery & Convenience Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

65

Businesses Nearby

17k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Marathon Petroleum Shops & Services

10,732 visits/mo 0.4 miles

Dollar General Shops & Services

5,977 visits/mo 0.2 miles

Demographics for 28768, NC

6,820

Population

3,542

Households

1.9

Avg Household Size

50

Median Age

40%

College-Educated

96%

High-School Grad

83.1 sq mi

ZIP Area

82

Density / Sq Mi

$72,567

Median Household Income

$35,442

Median Earnings

$819

Median Rent

$299,500

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Frequently Asked Questions

What type of property is this?

Storefront property - An operating post office occupies the property under a lease extending through May 21, 2030.

Where is this storefront property located?

The property is located at 5858 Old Hendersonville Hwy Pisgah Forest, NC.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: Lease in place through May 21, 2030; Current Penrose Post Office operation; Approximately 0.15 miles from the Ecusta Trail