Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    548 Caribou Rd Asheville, NC 28803

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    10-Acre City Development Site

    Property Features for 548 Caribou Rd

    General Information

    Property type
    Land
    Lot Size
    435,600 SF

    We can help!

    Listing Contact
    Mark Morris, Ccim
    Mark Morris, Ccim

    Listing Agent: Mark Morris, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 10-acre development site in Asheville, North Carolina, presents a unique opportunity. Located at 548 Caribou Rd, Buncombe County, zip code 28803 (APN 9657113881), this property is zoned RS4, allowing for a potential 49-lot subdivision by right. The seller is actively pursuing a rezoning effort to increase density, offering significant upside potential. The site boasts three convenient access points from private dead-end streets and benefits from readily available public utilities. This prime location makes it ideal for creating a new community of affordable or modest homes. Note that major subdivisions and rezoning require a Level 3 city review. The status of any ongoing rezoning efforts will be documented before any offer is accepted; the seller will cooperate with rezoning efforts depending on the timing of the sale. This is a rare chance to acquire a large, well-situated parcel within city limits, poised for substantial development. The asking price is $1,325,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5259189
    Latitude
    35.5447981

    Nearby Similar for Sale

    • New
      $4,500,000
      4,500 SF

      Asheville Bed and Breakfast Opportunity

      Historic property near downtown Asheville with income potential.
      173 E Chestnut St, Asheville, NC 28801
      View Details
    • $250,000
      0.13 Acres

      Riverside Commercial Property with River Access

      Commercial property with river access and development potential in Asheville.
      704 Riverside Dr, Asheville, NC 28801
      View Details
    • $5,675,000
      8,000 SF

      Brewery/Restaurant Space in Downtown Asheville

      Fully equipped brewery and restaurant in the heart of Asheville.
      39 N Lexington Ave, Asheville, NC 28801
      View Details
    • $2,800,000
      0.78 Acres

      Merrimon Avenue Redevelopment Opportunity

      Prime location with high traffic, ideal for redevelopment or investment.
      853 Merrimon Ave, Asheville, NC 28804
      View Details
    • $565,000
      0.13 Acres

      High-Traffic Asheville Commercial Property

      Freestanding building on Merrimon Avenue, suitable for retail or office.
      738 Merrimon Ave, Asheville, NC 28804
      View Details
    • New
      $615,000
      0.42 Acres

      Asheville Multifamily with Rental Income

      Two homes on a corner lot with short-term rental potential.
      75 Cisco Rd, Asheville, NC 28805
      View Details
    • $375,000
      Pending

      West Asheville Duplex Investment Opportunity

      Income-generating duplex in prime West Asheville location with in-unit laundry.
      32 Rash Rd, Asheville, NC 28806
      View Details
    • $600,000
      Pending

      Four Residences Near Asheville

      Four unique living spaces on nearly an acre of land.
      9 Mountain View Rd, Asheville, NC 28806
      View Details
    • New
      $850,000
      0.23 Acres

      Asheville Home with Rental Potential

      Sun-filled home with mountain views and income-generating apartment.
      17 Elkmont Ter, Asheville, NC 28804
      View Details
    • $599,000
      0.13 Acres

      Modern Asheville Multifamily with Rental

      Nearly new home with rental unit in West Asheville.
      113 Burton St, Asheville, NC 28806
      View Details
    • $1,050,000
      3.95 Acres

      Asheville Multifamily Investment Opportunity

      Fully leased property with five homes near downtown Asheville.
      17 Hat Creek Dr, Asheville, NC 28806
      View Details
    • New
      $1,900,000
      1.38 Acres

      Asheville Tudor Home with Cottages

      Forested urban estate with Tudor home and guest cottages.
      108 Lakewood Dr, Asheville, NC 28803
      View Details

    FAQs

    What type of property is this?
    Land - 10-Acre City Development Site
    Where is this land located?
    The property is located at 548 Caribou Rd Asheville, NC.
    What is the asking price?
    The asking price for this property is $1,325,000.
    What are key features of this property?
    This property features: 10-acre development site within Asheville city limits, offering potential for a 49-lot subdivision under current RS4 zoning.; Owner pursuing rezoning for increased density.; Three private road access points.
    (828) 674-4350 Call to check price and availability
    Request Owner's contact information
    548 Caribou Rd Asheville, NC 28803
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    548 Caribou Rd
    Asheville, NC 28803
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    548 Caribou Rd Asheville, NC 28803
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mark Morris, Ccim
    Mark Morris, Ccim
    Real Estate License ID: #46982
    (828) 674-4350
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!