Building Details

Building Size 1,482 SF

Year Built 1966

Units 7

Tenancy Multi

Listing Agency: EXP Realty LLC n***@exprealty.com Show Phone

Listed By: Robin Cape · License #296861 Show Phone

Source: Clr-properties

Added: Jul 15 Changed: Oct 25 Last Checked: Oct 29 at 7:21PM

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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 EXP Realty LLC

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Investment Insights

Based on property information with market context.

This second-floor medical office suite at Doctors Park contains seven individual offices, a waiting room, two bathrooms, and a break room. Built-in bookshelves and desks are present in some offices, and waiting room furniture is included. Updates include HVAC, carpet, paint, and bathroom improvements. The 1,482-square-foot unit was built in 1966 and is fully leased to counselors and therapists.

Doctors Park is a 5.5-acre office park near downtown Asheville and Mission Hospital, off Biltmore Avenue. The property owners association manages the park and covers electric, water, landscaping, snow removal, trash and recycling, exterior pest control, and insurance for the exterior building structure.

Key Highlights

• 1,482‑square‑foot second‑floor medical office suite
• Seven offices supported by a waiting room, two bathrooms, and a break room
• Fully leased to counselors and therapists

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,496

Cap Rate

5.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$549,920 $549.9K

Cap Rate 7%

$392,800 $392.8K

Cap Rate 9%

$305,511 $305.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,482 SF

Gross rent

$37.5K $25.32/SF

− Vacancy

−$863 −$0.58/SF

EGI

$36.7K $24.74/SF

− OpEx

−$9.2K −$6.18/SF

NOI

$27.5K $18.55/SF

Area

Buncombe County, NC

Vacancy

2.30%

Lease Rate

$25.32 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$549,920

Cap Rate 7%

$392,800

Cap Rate 9%

$305,511

Alternative Uses

Best Use

Office B

$392.8K

$343.7K – $458.3K (±1% cap)

NOI $27,496 @ 7.0% cap · market cap 5.98%

Second Best

Healthcare Medical

$351.5K

$307.5K – $410.1K (±1% cap)

NOI $24,603 @ 7.0% cap · market cap 5.35%

Theoretical Best

Office A

$468.6K

$410.1K – $546.7K (±1% cap)

NOI $32,804 @ 7.0% cap · market cap 7.13%

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

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Storage Facility Auto Parts Store Building Supply Big Box & Wholesale Store Kitchen & Bath Showroom HVAC Service

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

Lease Details

1

Office units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

2,188

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

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

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - A fully leased second-floor suite includes shared client amenities and office space used by counselors and therapists.

Where is this medical office space located?

The property is located at 5G2 Doctors Park #G2 Asheville, NC.

What is the asking price?

The asking price for this property is $460,000.

What are key features of this property?

This property features: 1,482‑square‑foot second‑floor medical office suite; Seven offices supported by a waiting room, two bathrooms, and a break room; Fully leased to counselors and therapists