242-244 Tunnel Rd Asheville, NC 28805
- Retail properties
- 15,931 SF
- 1.71 lot acres
Current Use by Public Records
- Retail properties
Property Details for 242-244 Tunnel Rd
- Year built
- 1994
- Lot size
- 1.71 lot acres
- Property size
- 15,931 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a 15,931 square foot retail building situated on a 1.71-acre lot at 242-244 Tunnel Road, Asheville, NC 28805. The property boasts a 6.60% cap rate and a strong net operating income (NOI) of $325,183, supported by 100% occupancy from two national credit tenants: Pet Supermarket and Verizon Wireless. Both tenants have a long history at this location, with Pet Supermarket occupying the space since 2004 and Verizon Wireless since 2005. The property features 60 parking spaces and is located in a high-traffic area on Tunnel Road, Asheville's busiest retail corridor, benefiting from excellent visibility and accessibility. Built in 1994, the building is zoned for Highway Business/Strip Shopping Center use (APN: 965816475900000). The current rental rates present a value-add opportunity for the buyer. The property's strategic location within a dense retail area, coupled with its strong tenant base and significant NOI, makes it an attractive investment prospect. The surrounding area features numerous national retailers, restaurants, and hotels, further enhancing the property's desirability. The strong local demographics, with an average home value of $433,825 within a 5-mile radius, and the property's location on a fully signalized hard corner, contribute to its exceptional investment potential. The property is offered at an asking price of $4,930,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Asheville
- County
- Buncombe
- State
- North Carolina
- Longitude
- -82.5275
- Latitude
- 35.5858
