Building Details

Year built 2000

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

Listed By: Dora Liao · License #292604 Show Phone

Added: Feb 7, 2025 Changed: Aug 24 Last Checked: Sep 14 at 7:06AM

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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 storefront property features a distinctive round building constructed in 2000. The property includes a basement, central heating, central air conditioning, and public sewer service. Its configuration is identified for retail, office, or investment use.

The building is located at 738 Merrimon Avenue in Asheville, near Ingles Market, the U.S. Post Office, and Truist Bank. Downtown Asheville and I-240 are accessible from the property, placing the asset within an established commercial corridor.

The site encompasses 0.13 acres and offers a standalone commercial building with a recognizable architectural form and flexible use profile.

Key Highlights

• Freestanding round building constructed in 2000
• 0.13‑acre commercial site
• Central heating and central air conditioning

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 (±1% cap)

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 (±1% cap)

NOI $48,918 @ 7.0% cap · market cap 9.32%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick HVAC Service Computer & Electronic Repair Plumbing Service (Bike/Boat/Book/etc) Store Auto Parts Store Bakery

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

Yes

Highway access

Yes

Paved road 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

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - Commercial building with central heating and cooling, a basement, and public sewer service.

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 constructed in 2000; 0.13‑acre commercial site; Central heating and central air conditioning