148 Tunnel Rd Asheville, NC 28805

Property Details for 148 Tunnel Rd

Year built

2011

Construction

BRICK

Lot size

0.58 lot acres

Property size

6,638 SF

Zone code

DEED DATE: 05/15/2015 DEE

Property type

Breweries

APN

9658-08-8500-00000

APU

965808850000000

Description

This exceptional investment opportunity presents a 6,700 square foot, multi-tenant retail property in Asheville, NC, boasting a strong 8.00% cap rate and a substantial NOI of $237,830. The property, built in 2011 and situated on a 0.58-acre lot, enjoys a prime location on Tunnel Road (17,000 vehicles per day) with convenient access to Interstate 240 (76,000 VPD). Currently 100% occupied by The Vitamin Shoppe and America's Best Contacts & Eyeglasses, both national brands with long operating histories at this location, the property benefits from built-in rent bumps and a remaining lease term of 4.5 years. The Vitamin Shoppe has been at this location since the building's construction, while America's Best recently extended their lease through April 2032. The property's strategic position within the Greenville MSA, surrounded by major shopping centers like Asheville Mall and Innsbruck Mall, and anchored by national retailers such as Whole Foods, TJ Maxx, and Chick-fil-A, ensures high visibility and consistent traffic. The strong demographics, with over 93,409 people and an average household income of $104,199 within a five-mile radius, further solidify this investment's potential. The property also includes a fully leased billboard, generating additional income for the owner. This is a rare opportunity to acquire a high-performing, net-leased retail asset in a thriving market with low vacancy rates (1.3% according to CoStar). The asking price is $2,972,875, representing a compelling price per square foot of $443.71.

Location Insight

City

Asheville

County

Buncombe

State

North Carolina

Longitude

-82.5298

Latitude

35.5905

CBSA code

11700

CBSA name

ASHEVILLE, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments