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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    22 New Leicester Hwy Asheville, NC 28806-2746

    • Strip malls
    • 13,332 SF
    • 0.81 lot acres
    OFF-MARKET
    Value Estimations
    $1,110,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2176592
    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

    • Shred Nations / Recycling Center / Waste Management Facility
    • YZ Asian Market / Grocery & Convenience Store / Food Market
    • Asheville Postage Express / Shipping Company / Freight Service
    • Leicester / Car Rental Facility
    • PeopleReady / Employment Agency

    Property Details for 22 New Leicester Hwy

    Year built
    1965
    Construction
    BRICK
    Lot size
    0.81 lot acres
    Property size
    13,332 SF
    Zone code
    DEED DATE: 08/13/2004 DEE
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    9638-08-4308-00000
    APU
    963808430800000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,110,000
      Market price range: $1.11M - $4.55M
      AI Estimate
      $1,110,000
      Market price range: $1.11M - $4.55M

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

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5984
    Latitude
    35.5882
    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
    $9,429
    $0.00
    $0.00
    $912,700
    -
    $227,100
    $685,600
    $912,700

    Comparable in this City

    • Value Estimation
      $10,435,000
      113,142 SF

      40 Westgate Pkwy Ste, Unit 4

      SHOPPING CENTER, STRIP CENTER • 113,142 SF
      40 Westgate Pkwy Ste, Asheville, NC 28806-3886
      View Details
    • Value Estimation
      $2,110,000
      14,626 SF

      1065 Patton Ave

      SHOPPING CENTER, STRIP CENTER • 14,626 SF
      1065 Patton Ave, Asheville, NC 28806-3622
      View Details
    • Value Estimation
      $1,780,000
      9,962 SF

      1334 Patton Ave

      SHOPPING CENTER, STRIP CENTER • 9,962 SF
      1334 Patton Ave, Asheville, NC 28806-2606
      View Details
    • Value Estimation
      $1,725,000
      15,780 SF

      347 New Leicester Hwy

      SHOPPING CENTER, STRIP CENTER • 15,780 SF
      347 New Leicester Hwy, Asheville, NC 28806-2003
      View Details
    • Value Estimation by Request
      4,485 SF

      1064 Patton Ave

      SHOPPING CENTER, STRIP CENTER • 4,485 SF
      1064 Patton Ave, Asheville, NC 28806-3639
      View Details
    • Value Estimation
      $760,000
      2,800 SF

      1076 Patton Ave

      SHOPPING CENTER, STRIP CENTER • 2,800 SF
      1076 Patton Ave, Asheville, NC 28806-3639
      View Details

    Similar Nearby for Sale

    • $975,000
      5,929 SF

      Flexible Garage Bay Industrial Building

      Adaptable industrial building with garage bays and ample parking.
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      Prime Patton Avenue Assemblage

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      Asheville Office/Showroom Building For Sale

      Versatile office/showroom with excellent visibility and abundant natural light.
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    • $480,000
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      Commercial Opportunity in Asheville, NC

      Highway Business zoned property suitable for retail, office, or restaurant.
      220 New Leicester Hwy, Asheville, NC 28806
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    • $399,000

      West Asheville Lot with Views

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    Similar Nearby for Lease

    • Contact for pricing

      Asheville Commercial Land Opportunity

      High-traffic location, build-to-suit potential.
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    • Contact for pricing
      93,827 SF

      Asheville Retail Space - 93,827 SF

      Prime Asheville retail space, single tenant, fully vacant.
      1001 Patton Ave, Asheville, NC 28806
      View Details
    • $18 SF/Yr

      High-Visibility Commercial Space on Patton

      Highly visible commercial space with ample storage and roll-up doors.
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      View Details
    • Contact for pricing

      Asheville Restaurant Space Available

      Former QSR available for lease in Asheville, North Carolina.
      Asheville, NC 28806
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    • $2,000 /Mo
      43,560 SF

      Asheville Retail or Office Space

      Retail or office space in high-growth corridor near Asheville.
      15 Possum Trot Rd, Asheville, NC 28806
      View Details
    • $24 SF/Yr
      2,256 SF

      Ridgefield Boulevard Office Suite

      Two-story office building in Ridgefield Business Center, Asheville, NC.
      1200 Ridgefield Blvd, Asheville, NC 28806
      View Details
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    Asheville, NC 28806-2746
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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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