Neighborhood Retail
For Sale
$1,750,000
9 Fallen Spruce Drive, Asheville, NC 28806
Six-unit neighborhood retail center with one current vacancy, operating under NNN leases.
Property Size7,737 SF
Days on Market72
Property Features for 9 Fallen Spruce Drive
General Information
Standard status
Active
Size
7,737 SF
Zoning
CS
Occupancy
83%
Additional Details
Highway Access
Yes
Amenities
Electric
Central, Electric
Parking Lot
Building Details
Building Size
7,737 SF
Year Built
2004
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Likewise Commercial Real Estate
(828) 222-3685
Listed By:
Carla Barnard · License #286709
(828) 222-3685
Source:
Evrealestate
Added: Jun 14
Changed: Aug 24
Last Checked: Aug 23 at 7:54AM
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 Likewise Commercial Real Estate
Investment Insights
Based on property information with market context.
This offering is a well-maintained, six-unit neighborhood retail center. The property is configured for multiple tenants, with long-term occupancy in place and all tenants operating under NNN leases. There is one current vacancy, creating space for immediate leasing activity within the existing center layout.
The center is located in a highly accessible north-west Asheville area, conveniently just off New Leicester Highway. The surrounding area includes a mix of residential and commercial development, along with service-oriented retailers and professional offices supporting local demand.
Please contact the listing broker for showings—tenants are operating and the property is not available for walk-throughs without coordination.
The center is located in a highly accessible north-west Asheville area, conveniently just off New Leicester Highway. The surrounding area includes a mix of residential and commercial development, along with service-oriented retailers and professional offices supporting local demand.
Please contact the listing broker for showings—tenants are operating and the property is not available for walk-throughs without coordination.
Key Highlights
- Six‑unit neighborhood retail center in a well‑maintained neighborhood setting
- One current vacancy, providing in‑place income with potential for additional lease‑up
- All tenants operate under NNN leases
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
$90,718
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
5.18%
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%
$1,814,360
$1.8M
Cap Rate 7%
$1,295,971
$1.3M
Cap Rate 9%
$1,007,978
$1.0M
Market Conditions
NOI Build-Up for 7,737 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
$131.8K $17.04/SF
− Vacancy
−$2.2K −$0.29/SF
EGI
$129.6K $16.75/SF
− OpEx
−$38.9K −$5.03/SF
NOI
$90.7K $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%
$1,814,360
Cap Rate 7%
$1,295,971
Cap Rate 9%
$1,007,978
Alternative Uses
Best Use
Retail
$1.30M
$1.13M – $1.51M
NOI $90,718 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.45M
$2.14M – $2.85M
NOI $171,258 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
83.3%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
63k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 72%
Dining 16%
Shops & Services 12%
Ingles
Groceries
45,609 visits/mo
0.2 miles
SONIC Drive In
Dining
9,919 visits/mo
0.1 miles
O'Reilly Auto Parts
Shops & Services
4,237 visits/mo
0.2 miles
Super Lube
Shops & Services
3,395 visits/mo
0.4 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.
Frequently Asked Questions
What type of property is this?
NNN property - Six-unit neighborhood retail center with one current vacancy, operating under NNN leases.
Where is this nnn property located?
The property is located at 9 Fallen Spruce Drive Asheville, NC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Six‑unit neighborhood retail center in a well‑maintained neighborhood setting; One current vacancy, providing in‑place income with potential for additional lease‑up; All tenants operate under NNN leases
