Freestanding Storefront
For Sale
$525,000
738 Merrimon Avenue, Asheville, NC 28804
Round commercial building suitable for retail or office use near established North Asheville services.
Property Size2,210 SF
Lot Size0.13 Acres
Price / SF$237.56
Days on Market552
Property Features for 738 Merrimon Avenue
General Information
Standard status
Active
Size
2,210 SF
Total Parking Spaces
5
Lot size
0.13 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2000
Buildings
1
Listing Agency:
EXP Realty LLC
(888) 584-9431
Listed By:
Dora Liao · License #292604
Source:
Techrealtyllc
Added: Feb 7, 2025
Changed: Aug 5
Last Checked: Aug 12 at 12:00PM
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
Investment Insights
Based on property information with market context.
This freestanding round storefront building was completed in 2000 and contains approximately 2,210 square feet on a 0.13-acre lot. The property supports retail, office, or investment use within a compact commercial format.
Located on Merrimon Avenue in North Asheville, the building is near Ingles Market, the U.S. Post Office, and Truist Bank. The site also provides access to downtown Asheville and I-240, placing the property within an established commercial corridor.
Located on Merrimon Avenue in North Asheville, the building is near Ingles Market, the U.S. Post Office, and Truist Bank. The site also provides access to downtown Asheville and I-240, placing the property within an established commercial corridor.
Key Highlights
- Freestanding round building completed in 2000
- Approximately 2,210 square feet on a 0.13‑acre lot
- Stated retail, office, and investment use potential
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
$41,003
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
7.81%
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%
$820,060
$820.1K
Cap Rate 7%
$585,757
$585.8K
Cap Rate 9%
$455,589
$455.6K
Market Conditions
NOI Build-Up for 2,210 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
$56.0K $25.32/SF
− Vacancy
−$1.3K −$0.58/SF
EGI
$54.7K $24.74/SF
− OpEx
−$13.7K −$6.18/SF
NOI
$41.0K $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%
$820,060
Cap Rate 7%
$585,757
Cap Rate 9%
$455,589
Alternative Uses
Best Use
Office B
$585.8K
$512.5K – $683.4K
NOI $41,003 @ 7.0% cap · market cap 7.81%
Second Best
Retail
$370.2K
$323.9K – $431.9K
NOI $25,913 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$698.8K
$611.5K – $815.3K
NOI $48,918 @ 7.0% cap · market cap 9.32%
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
2,513
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28804, NC
23,964
Population
11,716
Households
2
Avg Household Size
44
Median Age
60%
College-Educated
93%
High-School Grad
28.7 sq mi
ZIP Area
835
Density / Sq Mi
$79,709
Median Household Income
$37,169
Median Earnings
$1,399
Median Rent
$528,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Round commercial building suitable for retail or office use near established North Asheville services.
Where is this storefront property located?
The property is located at 738 Merrimon Avenue Asheville, NC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Freestanding round building completed in 2000; Approximately 2,210 square feet on a 0.13‑acre lot; Stated retail, office, and investment use potential
