Renovated Two-Tenant Storefront
For Sale
$750,000
645 & 647 Haywood Rd, Asheville, NC 28806
Fully leased asset with shared parking, rear employee spaces, and a fenced outdoor area.
Property Size2,250 SF
Price / SF$333.33
Days on Market9
Property Features for 645 & 647 Haywood Rd
General Information
Standard status
Active
Size
2,250 SF
Occupancy
100%
Additional Details
Gross Income
$54,000
Amenities
shared adjoining parking lot
dedicated employee parking
fenced-in outdoor area
Building Details
Year Built
1954
Year Renovated
2024
Tenancy
Multi
Listing Agency:
Trailblazer Realty LLC
(828) 230-4422
Listed By:
Dean Pistor · License #149931
Source:
Lewisandkirk
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 25 at 5:01AM
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 Trailblazer Realty LLC
Investment Insights
Based on property information with market context.
This 2,250-square-foot storefront property at 645 & 647 Haywood Rd has been renovated and upfit in 2024. The building is fully leased to two complementary businesses: Potential New Boyfriend, a vinyl and dessert bar concept, and Franny’s Farmacy, a boutique CBD/THC retailer with an outdoor patio and garden lounge offering on-site consumption. A fenced exterior area adds usable space for the occupants and their customers.
The property sits along Haywood Road in Asheville’s West Asheville area, within a corridor characterized by retail, dining, and lifestyle businesses. Shared adjoining parking, along with dedicated employee parking behind the building, supports day-to-day operations. Existing leases have approximately four years remaining, include renewal options, and provide built-in 3% annual rent escalations.
The property sits along Haywood Road in Asheville’s West Asheville area, within a corridor characterized by retail, dining, and lifestyle businesses. Shared adjoining parking, along with dedicated employee parking behind the building, supports day-to-day operations. Existing leases have approximately four years remaining, include renewal options, and provide built-in 3% annual rent escalations.
Key Highlights
- 2,250 SF storefront property at 645 & 647 Haywood Rd in Asheville, NC
- Renovated and upfit in 2024
- Fully leased to two complementary tenants
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
$26,382
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%
$527,640
$527.6K
Cap Rate 7%
$376,886
$376.9K
Cap Rate 9%
$293,133
$293.1K
Market Conditions
NOI Build-Up for 2,250 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
$38.3K $17.04/SF
− Vacancy
−$652 −$0.29/SF
EGI
$37.7K $16.75/SF
− OpEx
−$11.3K −$5.03/SF
NOI
$26.4K $11.73/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$527,640
Cap Rate 7%
$376,886
Cap Rate 9%
$293,133
Alternative Uses
Best Use
Retail
$376.9K
$329.8K – $439.7K
NOI $26,382 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$711.5K
$622.6K – $830.1K
NOI $49,804 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
29k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 69%
Shops & Services 31%
Ingles
Groceries
20,120 visits/mo
0.1 miles
Shell
Shops & Services
7,697 visits/mo
0.3 miles
SmartStop Self Storage
Shops & Services
1,176 visits/mo
0.5 miles
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
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
- Bloom Room — 508 Haywood Rd, Asheville, NC 28806, United States
Frequently Asked Questions
What type of property is this?
Storefront property - Fully leased asset with shared parking, rear employee spaces, and a fenced outdoor area.
Where is this storefront property located?
The property is located at 645 & 647 Haywood Rd Asheville, NC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,250 SF storefront property at 645 & 647 Haywood Rd in Asheville, NC; Renovated and upfit in 2024; Fully leased to two complementary tenants
