Two-Story Medical
For Sale
Contact for pricing
7 Walden Ridge Drive, Asheville, NC 28803
Purpose-built healthcare space with patient-care rooms, administrative offices, and specialty-practice functionality.
Property Size3,551 SF
Price / SF$308.36
Days on Market8
Property Features for 7 Walden Ridge Drive
General Information
Standard status
Active
Size
3,551 SF
Class
A
Property subtype
Office
Zoning
HB
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$1,095,000
Building Details
Year Built
1998
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Whitney Commercial Real Estate
(828) 665-9085
Listed By:
James Harrison · License #NC 282322
Source:
Crexi
Added: Aug 14
Changed: Aug 18
Last Checked: Aug 20 at 9:47PM
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 Real Estate
Investment Insights
Based on property information with market context.
This 3,551 SF medical office property is arranged across two stories and was built in 1998. The main floor includes four exam rooms, a procedure or operating room, two X-ray or storage rooms, a lab, reception, patient waiting area, two private offices, additional storage, and three restrooms, including two ADA-accessible facilities. The upper floor adds four offices, a large meeting room, break room, two walk-in closets, and a restroom with shower.
The property is zoned HB and located at 7 Walden Ridge Drive in Asheville, just south of the Hendersonville Road and Mills Gap Road intersection. Signalized access and approximately 27,000 vehicles per day support convenient arrival, while South Asheville restaurants, retail, services, and residential areas are nearby. I-40 is less than 3 miles away, and I-26 is less than 4 miles away.
The property is zoned HB and located at 7 Walden Ridge Drive in Asheville, just south of the Hendersonville Road and Mills Gap Road intersection. Signalized access and approximately 27,000 vehicles per day support convenient arrival, while South Asheville restaurants, retail, services, and residential areas are nearby. I-40 is less than 3 miles away, and I-26 is less than 4 miles away.
Key Highlights
- 3,551 SF medical office building arranged over two stories
- Four exam rooms, procedure or operating room, lab, and patient waiting area
- Upper level includes four offices, meeting room, break room, and restroom with shower
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
$65,883
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
6.02%
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%
$1,317,660
$1.3M
Cap Rate 7%
$941,186
$941.2K
Cap Rate 9%
$732,033
$732.0K
Market Conditions
NOI Build-Up for 3,551 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
$89.9K $25.32/SF
− Vacancy
−$2.1K −$0.58/SF
EGI
$87.8K $24.74/SF
− OpEx
−$22.0K −$6.18/SF
NOI
$65.9K $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 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%
$1,317,660
Cap Rate 7%
$941,186
Cap Rate 9%
$732,033
Alternative Uses
Best Use
Office B
$941.2K
$823.5K – $1.10M
NOI $65,883 @ 7.0% cap · market cap 6.02%
Second Best
Healthcare Medical
$842.2K
$736.9K – $982.5K
NOI $58,951 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$1.12M
$982.5K – $1.31M
NOI $78,601 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28803, NC
34,108
Population
18,322
Households
1.9
Avg Household Size
43
Median Age
50%
College-Educated
93%
High-School Grad
38.4 sq mi
ZIP Area
888
Density / Sq Mi
$70,638
Median Household Income
$41,057
Median Earnings
$1,455
Median Rent
$408,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- South Asheville Veterinary Emergency & Specialty — 1836 Hendersonville Rd, Asheville, NC 28803
- Sweeten Creek Animal & Bird: Krauskopf Judi DVM — 3131 Sweeten Creek Rd, Asheville, NC 28803
- Partners Animal Hospital Asheville — 1990 Hendersonville Rd, Asheville, NC 28803
- Sweeten Creek Animal and Bird Hospital — 3131 Sweeten Creek Rd, Asheville, NC 28803
- Veterinary Emergency Group — 1856 Hendersonville Rd Suite F, Asheville, NC 28803
Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built healthcare space with patient-care rooms, administrative offices, and specialty-practice functionality.
Where is this medical office space located?
The property is located at 7 Walden Ridge Drive Asheville, NC.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 3,551 SF medical office building arranged over two stories; Four exam rooms, procedure or operating room, lab, and patient waiting area; Upper level includes four offices, meeting room, break room, and restroom with shower
