Freestanding Round Retail/Office
For Sale
$525,000
738 Merrimon Avenue, Asheville, NC 28804
SINGLE_FAMILY - Asheville, NC
Property Size2,210 SF
Lot Size0.13 Acres
Price / SF$237.56
Days on Market559
Property Features for 738 Merrimon Avenue
General Information
Property type
Residential
Property subtype
Retail
Zoning description
CBII
Rooms
Basement
Parking
5
Basement
Storage Space
Standard status
Active
APN
9740-30-8932-00000
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
DIST:9 CITY/MUNI/TWP:CITY OF ASHEVILLE DEED DATE:03/15/2016 DEED:5405-0453 SUBDIV:JW NICHOLS PROP LOT:PT LT 5 PLAT:0001-0036 MAP REF:MB 1 PG 36
Legal Description
DIST:9 CITY/MUNI/TWP:CITY OF ASHEVILLE DEED DATE:03/15/2016 DEED:5405-0453 SUBDIV:JW NICHOLS PROP LOT:PT LT 5 PLAT:0001-0036 MAP REF:MB 1 PG 36
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2000
Listing Agency:
EXP Realty LLC
(888) 584-9431
Listed By:
Dora Liao · License #292604
(828) 776-3958
Added: Feb 7, 2025
Changed: Jun 30
Last Checked: Aug 20 at 9:06PM
MLS# 4220017
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding, round commercial building was built in 2000 and offers approximately 2,210 square feet of versatile interior space. The property sits on a 0.13-acre lot and is described as highly visible, with excellent frontage along the frontage corridor. The layout is intended to support multiple commercial uses, including retail or office.
Located on Merrimon Avenue in North Asheville, the building benefits from a high-traffic setting and convenient access to the broader Asheville area. Public remarks note proximity to major nearby amenities including Ingles Market, the U.S. Post Office, and Truist Bank, with access to downtown Asheville and I-240.
For tenants, buyers, or operators seeking a standalone location with adaptable space for retail or office, this property offers a distinctive freestanding presence and direct street frontage. Its visibility and convenient access to established amenities along Merrimon Avenue can support a wide range of day-to-day business needs. Please contact the listing agent for additional details on the space and fit for your specific use.
Located on Merrimon Avenue in North Asheville, the building benefits from a high-traffic setting and convenient access to the broader Asheville area. Public remarks note proximity to major nearby amenities including Ingles Market, the U.S. Post Office, and Truist Bank, with access to downtown Asheville and I-240.
For tenants, buyers, or operators seeking a standalone location with adaptable space for retail or office, this property offers a distinctive freestanding presence and direct street frontage. Its visibility and convenient access to established amenities along Merrimon Avenue can support a wide range of day-to-day business needs. Please contact the listing agent for additional details on the space and fit for your specific use.
Key Highlights
- High‑traffic location on Merrimon Avenue in North Asheville.
- Freestanding, unique round building with high visibility.
- Versatile 2,210 sq ft space suitable for retail, office, or investment.
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
$25,913
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
4.94%
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%
$518,260
$518.3K
Cap Rate 7%
$370,186
$370.2K
Cap Rate 9%
$287,922
$287.9K
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
$37.7K $17.04/SF
− Vacancy
−$640 −$0.29/SF
EGI
$37.0K $16.75/SF
− OpEx
−$11.1K −$5.03/SF
NOI
$25.9K $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%
$518,260
Cap Rate 7%
$370,186
Cap Rate 9%
$287,922
Alternative Uses
Best Use
Retail
$370.2K
$323.9K – $431.9K
NOI $25,913 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
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
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
154k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 35%
Dining 33%
Shops & Services 22%
Home Improvements & Furnishings 10%
Ingles
Groceries
34,854 visits/mo
0.4 miles
The Fresh Market
Groceries
19,343 visits/mo
0.4 miles
McDonald's
Dining
16,533 visits/mo
0.0 miles
Wendy's
Dining
10,700 visits/mo
0.4 miles
Young Ace Hardware Of North Asheville
Home Improvements & Furnishings
9,989 visits/mo
0.1 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Versatile freestanding round building on a high-traffic commercial corridor with strong frontage and adaptable retail or office use.
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: High‑traffic location on Merrimon Avenue in North Asheville.; Freestanding, unique round building with high visibility.; Versatile 2,210 sq ft space suitable for retail, office, or investment.
