Strip Center Shell at
For Sale
$2,250,000
90 S Tunnel Rd, Asheville, NC 28805
Signalized corner retail site with a structurally sound strip center shell formerly totaling approximately 8,989 SF.
Property Size8,989 SF
Price / SF$250.31
Days on Market291
Property Features for 90 S Tunnel Rd
General Information
Standard status
Active
Size
8,989 SF
Additional Details
Road Access
Yes
Listing Agency:
Whitney Commercial Real Estate
(828) 665-9085
Listed By:
Jason Burk
(828) 674-2120
Source:
Exprealty
Added: Nov 18, 2025
Changed: Aug 21
Last Checked: Sep 4 at 9:19AM
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 offering is a retail strip center shell at a signalized corner location. The existing building shell from the former strip center is approximately 8,989 SF and is described as structurally sound, with an owner report available. The property was damaged from Hurricane Helene.
The site is across the street from Lowe’s and Walgreens and is positioned within a retail trade area that includes major national retailers such as Walmart, Target, Dick’s, and Ross. Visibility and access are described as excellent from Swannanoa River Road and S. Tunnel Rd.
Because the shell is intact and reported to be structurally sound, the property may serve as a base for redevelopment consistent with the former strip center footprint.
The site is across the street from Lowe’s and Walgreens and is positioned within a retail trade area that includes major national retailers such as Walmart, Target, Dick’s, and Ross. Visibility and access are described as excellent from Swannanoa River Road and S. Tunnel Rd.
Because the shell is intact and reported to be structurally sound, the property may serve as a base for redevelopment consistent with the former strip center footprint.
Key Highlights
- Signalized corner retail site at a former strip center location, with structurally sound building shell
- Shell former strip center totals approximately 8,989 SF (report available with structural soundness claim)
- Across from Lowe’s and Walgreens, within a retail trade area with major global retailers including Walmart, Target, Dick’s, and Ross
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
$105,398
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
4.68%
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%
$2,107,960
$2.1M
Cap Rate 7%
$1,505,686
$1.5M
Cap Rate 9%
$1,171,089
$1.2M
Market Conditions
NOI Build-Up for 8,989 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
$153.2K $17.04/SF
− Vacancy
−$2.6K −$0.29/SF
EGI
$150.6K $16.75/SF
− OpEx
−$45.2K −$5.03/SF
NOI
$105.4K $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%
$2,107,960
Cap Rate 7%
$1,505,686
Cap Rate 9%
$1,171,089
Alternative Uses
Best Use
Retail
$1.51M
$1.32M – $1.76M
NOI $105,398 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.84M
$2.49M – $3.32M
NOI $198,971 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
750
Businesses Nearby
529k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 31%
Shops & Services 24%
Superstores 18%
Dining 13%
Target
Superstores
96,328 visits/mo
0.4 miles
Five Below
Shops & Services
46,252 visits/mo
0.2 miles
Chick-fil-A
Dining
41,655 visits/mo
0.4 miles
Belk
Apparel
38,941 visits/mo
0.3 miles
Ross Dress for Less
Apparel
38,095 visits/mo
0.1 miles
Demographics for 28805, NC
18,554
Population
10,737
Households
1.7
Avg Household Size
48
Median Age
49%
College-Educated
96%
High-School Grad
26.5 sq mi
ZIP Area
700
Density / Sq Mi
$67,104
Median Household Income
$35,897
Median Earnings
$1,198
Median Rent
$360,600
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?
Strip mall - Signalized corner retail site with a structurally sound strip center shell formerly totaling approximately 8,989 SF.
Where is this strip mall located?
The property is located at 90 S Tunnel Rd Asheville, NC.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Signalized corner retail site at a former strip center location, with structurally sound building shell; Shell former strip center totals approximately 8,989 SF (report available with structural soundness claim); Across from Lowe’s and Walgreens, within a retail trade area with major global retailers including Walmart, Target, Dick’s, and Ross
