Warehouse on Highway Business
For Sale
$2,000,000
91 New Leicester Highway, Asheville, NC 28806
Zoned highway business warehouse with three loading docks and climate-conditioned front space.
Property Size13,540 SF
Lot Size3.95 Acres
Price / SF$147.71
Days on Market62
Property Features for 91 New Leicester Highway
General Information
Standard status
Active
Size
13,540 SF
Lot size
3.95 Acres
Property subtype
Office
Zoning
highway business
Additional Details
Dock-High Doors
3
Building Details
Year Built
1969
Listing Agency:
NAI Beverly-Hanks
(828) 768-7425
Listed By:
Rick Tisdale · License #197215
(828) 768-7425
Source:
Naiglobal
Added: Jun 7
Changed: Jul 10
Last Checked: Aug 6 at 5:06AM
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 NAI Beverly-Hanks
Investment Insights
Based on property information with market context.
The property is a warehouse facility on a 3.95-acre site zoned highway business. The building totals 13,540 square feet and includes three loading docks for practical receiving and distribution. The interior climate system is split by building half: the front half has AC and heat, while the back half is heated.
Conveniently located less than a 1/2 mile off Patton Avenue, the site is positioned for industrial and commercial operations that need straightforward access from a primary corridor.
This warehouse configuration may be well-suited for tenants looking for dock-ready logistics space with differentiated comfort levels across the building. The three loading docks support steady inbound activity, while the AC and heated areas can help accommodate functions that benefit from more consistent temperature control in the front half of the facility.
Conveniently located less than a 1/2 mile off Patton Avenue, the site is positioned for industrial and commercial operations that need straightforward access from a primary corridor.
This warehouse configuration may be well-suited for tenants looking for dock-ready logistics space with differentiated comfort levels across the building. The three loading docks support steady inbound activity, while the AC and heated areas can help accommodate functions that benefit from more consistent temperature control in the front half of the facility.
Key Highlights
- 3.95‑acre warehouse property zoned Highway Business
- 13540 SF warehouse building built in 1969
- Three loading docks
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
$114,574
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
5.73%
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%
$2,291,480
$2.3M
Cap Rate 7%
$1,636,771
$1.6M
Cap Rate 9%
$1,273,044
$1.3M
Market Conditions
NOI Build-Up for 13,540 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
$138.1K $10.20/SF
− Vacancy
−$3.3K −$0.24/SF
EGI
$134.8K $9.96/SF
− OpEx
−$20.2K −$1.49/SF
NOI
$114.6K $8.46/SF
Area
Buncombe County, NC
Vacancy
2.40%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
15.00%
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%
$2,291,480
Cap Rate 7%
$1,636,771
Cap Rate 9%
$1,273,044
Alternative Uses
Best Use
Warehouse
$1.64M
$1.43M – $1.91M
NOI $114,574 @ 7.0% cap · market cap 5.73%
Second Best
Industrial
$1.35M
$1.18M – $1.57M
NOI $94,355 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$4.28M
$3.75M – $5.00M
NOI $299,707 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Dock-high doors
Location Intelligence
Trade Area within ½ mile
1,105
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- SmartStop Self Storage — 197 Deaverview Rd, Asheville, NC 28806
- Bolt Storage — 32 Old County Home Rd, Asheville, NC 28806
Frequently Asked Questions
What type of property is this?
Warehouse - Zoned highway business warehouse with three loading docks and climate-conditioned front space.
Where is this warehouse located?
The property is located at 91 New Leicester Highway Asheville, NC.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 3.95‑acre warehouse property zoned Highway Business; 13540 SF warehouse building built in 1969; Three loading docks
