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    Property profile & analytics

    121 Tunl Rd Asheville, NC 28805-1817

    • Turn key restaurants
    • 9,189 SF
    • 1.68 lot acres
    OFF-MARKET
    Value Estimations
    $4,100,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1903244
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Olive Garden Italian Restaurant / Take-out & Catering / Catering Service

    Property Details for 121 Tunl Rd

    Year built
    1994
    Construction
    WOOD FRAME
    Lot size
    1.68 lot acres
    Property size
    9,189 SF
    Zone code
    DEED DATE: 12/08/2015 DEE
    Property type
    Turn key restaurants
    APN
    9658-09-2344-00000
    APU
    965809234400000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,099,000
      Market price range: $1.47M - $5.14M
      AI Estimate
      $4,099,000
      Market price range: $1.47M - $5.14M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5318
    Latitude
    35.5927
    CBSA code
    11700
    CBSA name
    ASHEVILLE, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $26,762
    $0.00
    $0.00
    $2,887,300
    -
    $2,100,000
    $787,300
    $2,887,300

    Comparable in this City

    • Value Estimation
      $2,515,000
      7,874 SF

      131 Tunl Rd

      RESTAURANT • 7,874 SF
      131 Tunl Rd, Asheville, NC 28805
      View Details
    • Value Estimation
      $3,375,000
      9,420 SF

      106 Bleachery Blvd

      RESTAURANT • 9,420 SF
      106 Bleachery Blvd, Asheville, NC 28805-8209
      View Details
    • Value Estimation
      $3,980,000
      7,314 SF

      10 Buckstone Pl

      RESTAURANT • 7,314 SF
      10 Buckstone Pl, Asheville, NC 28805-1808
      View Details
    • Value Estimation by Request
      2,324 SF

      1235 Tunl Rd

      RESTAURANT • 2,324 SF
      1235 Tunl Rd, Asheville, NC 28805-2108
      View Details
    • Value Estimation
      $1,250,000
      4,648 SF

      45 Tunl Rd

      RESTAURANT • 4,648 SF
      45 Tunl Rd, Asheville, NC 28805-1229
      View Details
    • Value Estimation
      $870,000
      2,504 SF

      84 Mineral Spgs Rd

      RESTAURANT • 2,504 SF
      84 Mineral Spgs Rd, Asheville, NC 28805-1735
      View Details

    Similar Nearby for Sale

    • $525,000

      Restaurant Building For Sale

      Restaurant building with existing tenant on month-to-month lease.
      84 Mineral Springs Rd, Asheville, NC 28805
      View Details
    • $1,600,000
      6,300 SF

      Asheville Retail Center on US 70

      Fully leased 6,300 SF retail center near I-40.
      1269 Tunnel Rd, Asheville, NC 28805
      View Details
    • $5,100,000

      Asheville Mall Retail Opportunity

      Retail box adjoining Asheville Mall, a major regional destination.
      7 S Tunnel Rd, Asheville, NC 28805
      View Details
    • Sponsored
      $5,100,000
      130,500 SF

      3 S Tunnel Rd

      Former Department Store at Asheville Mall
      3 S Tunnel Rd, Asheville, NC 28805
      View Details
    • Contact for pricing
      6,700 SF

      Asheville Multi-Tenant Net Leased Property

      A 6,700 SF property 100% leased to national tenants.
      148 Tunnel Rd, Asheville, NC 28805
      View Details
    • New
      $1,200,000
      8.87 Acres

      Rare Asheville Land Opportunity

      8.87 acres of land with development potential.
      67 Shawnee Trl, Asheville, NC 28805
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Asheville Mall Retail Opportunity

      Retail spaces available in Asheville's premier shopping, dining, entertainment destination.
      3 S Tunnel Rd, Asheville, NC 28805
      View Details
    • Contact for pricing

      High-Traffic Retail Center on Tunnel Road

      Retail center on Tunnel Road, the #1 retail corridor.
      4 S Tunnel Rd, Asheville, NC 28805
      View Details
    • $25 SF/Yr

      High-Exposure Storefront on Tunnel Road

      Prime Asheville retail space with high visibility and traffic.
      244 Tunnel Rd, Asheville, NC 28805
      View Details
    • Contact for pricing
      6,808 SF

      Industrial Space Near I-240

      6,808 SF industrial space with dock doors near I-240.
      56 Truckers Pl, Asheville, NC 28805
      View Details
    • $15 SF/Yr

      New Construction Warehouse Space

      10,110 SF industrial/warehouse space in Asheville, NC for lease.
      1700 Tunnel Rd, Asheville, NC 28805
      View Details
    • Contact for pricing
      8,989 SF

      Retail Space Near Asheville Mall

      Signalized corner location with excellent visibility and access.
      90 S Tunnel Rd, Asheville, NC 28805
      View Details

    Property Visit Statistics

    • Visits by month
      11.2k
    • Visitors by month
      9.8k
    • Avg Time on site
      13 min
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    Asheville, NC 28805-1817
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    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
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