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    167 Smokey Park Hwy Asheville, NC 28806
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    167 Smokey Park Hwy Asheville, NC 28806

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    • Turn key restaurants
    • 1,456 SF
    • 0.66 lot acres
    For Lease
    $720,000
    View Listing →
    Commercial Pad Site For Lease For Lease
    $720,000

    Commercial Pad Site For Lease

    Commercial land for lease near national chains, Asheville, NC.

    167 Smokey Park Hwy, Asheville, NC 28806
    View Listing
    Property ID
    US53-1243811
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Healthy Harvest Produce / Food Market / Specialty Food Shop
    • UNITED REFRESHMENT SOLUTIONS / Big Box & Wholesale Store
    • The Extended Garden Florist / (Bike/Boat/Book/etc) Store / Florist

    Property Details for 167 Smokey Park Hwy

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.66 lot acres
    Property size
    1,456 SF
    Zone code
    DEED DATE: 02/18/1997 DEE
    Property type
    Turn key restaurants
    APN
    9627-09-7799-00000
    APU
    962709779900000

    Description

    This exceptional 0.66-acre commercial land parcel is ideally situated at 167 Smokey Park Highway in Asheville, Buncombe County, North Carolina (zip code 28806). Zoned HB, this single-tenant property presents a unique opportunity for developers and businesses seeking a prime location with high visibility. The lot offers significant potential for a build-to-suit development, catering to a variety of commercial uses. Given its size and location, this property is well-suited for retail pad development, offering excellent exposure to a substantial daily traffic volume. The property is available for ground lease, with price and terms negotiable. All offers are encouraged. This is a rare chance to acquire a strategically positioned commercial lot in a thriving Asheville market. The property's location provides easy access to major roadways and a diverse customer base. Serious inquiries are welcome. Act quickly to secure this exceptional investment opportunity. Latitude and longitude coordinates are 35.5636172, -82.6298371 respectively.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $717,000
      Market price range: $232k - $815k
      AI Estimate
      $717,000
      Market price range: $232k - $815k

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

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.6296
    Latitude
    35.5636
    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
    $4,687
    $0.00
    $0.00
    $505,700
    -
    $460,000
    $45,700
    $505,700

    Comparable in this City

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      $1,865,000
      8,930 SF

      1003 Brevard Rd

      RESTAURANT • 8,930 SF
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    • Value Estimation
      $2,495,000
      5,040 SF

      279 Smokey Park Hwy

      RESTAURANT • 5,040 SF
      279 Smokey Park Hwy, Asheville, NC 28806-1140
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    • Value Estimation
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      794 Haywood Rd

      RESTAURANT • 784 SF
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    • Value Estimation
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      11,800 SF

      5 Crowell Rd

      RESTAURANT • 11,800 SF
      5 Crowell Rd, Asheville, NC 28806-1104
      View Details
    • Value Estimation
      $1,715,000
      6,999 SF

      880 Brevard Rd

      RESTAURANT • 6,999 SF
      880 Brevard Rd, Asheville, NC 28806-2206
      View Details

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      West Asheville Retail Corner Location

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      Prime Patton Avenue Assemblage

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    Similar Nearby for Lease

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      Retail Space in Regent Park

      Retail space available in Regent Park Center near Sam’s Club.
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      Retail Space in Asheville, NC

      Retail space available for rent in Asheville, North Carolina.
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      Retail Space in West Asheville

      Retail space with excellent highway frontage and parking.
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      Asheville Warehouse and Office Space

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      View Details
    View Listing
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    Asheville, NC 28806
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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.

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