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    Property profile & analytics

    226 Airport Rd Arden, NC 28704

    • Strip malls
    • 5,621 SF
    • 1.22 lot acres
    For Lease
    View listing
    $39 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-4421315
    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

    • Aspen Dental - Arden, NC / Dentist
    • Dr. Lindsey Gates / Dentist / Practitioner Service Location
    • Jason Goldberg / Dentist / Practitioner Service Location
    • Casey Cho / Dentist / Practitioner Service Location
    • Jimmy John's / Caterer / Fast Food Restaurant

    Property Details for 226 Airport Rd

    Year built
    2019
    Construction
    STEEL FRAME
    Lot size
    1.22 lot acres
    Property size
    5,621 SF
    Zone code
    DEED DATE:08/15/2018 DEED
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    9653-08-2188-00000
    APU
    965308218800000

    Description

    Thomas Plaza Phase II presents a unique opportunity for retail businesses in Buncombe County. This brand-new, 4,471 square foot retail center offers flexible space options, perfect for owner-occupants or multiple tenants. Currently, all 4,471 square feet are available for lease or purchase. Individual suites range from a minimum of 993 square feet to a maximum contiguous space of 2,482 square feet, allowing for customization to suit various business needs. The property is ideally situated on a busy Airport Road corridor, boasting 24,000 vehicles per day, ensuring high visibility and accessibility. Easy ingress and egress are facilitated by a signalized light. The strategic location provides excellent exposure, enhanced by pylon signage and proximity to established national retailers such as Aspen Dental, Jimmy John's, and Burger King. This build-to-suit opportunity allows for the creation of retail, medical, or business service spaces, catering to a diverse range of potential occupants. The building was completed in 2024, offering modern amenities and a fresh, contemporary aesthetic. This prime location and flexible space options make Thomas Plaza Phase II an exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,255,000
      Market price range: $468k - $1.92M
      AI Estimate
      $1,255,000
      Market price range: $468k - $1.92M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $965,000
      Current use
      RESTAURANT
      $1,940,000
      Change: +100% Conversion: Difficult
      MEDICAL BUILDING
      $1,270,000
      Change: +31% Conversion: Difficult
      RETAIL STORES
      $1,140,000
      Change: +18% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,070,000
      Change: +10% Conversion: Difficult
      OFFICE BUILDING
      $1,045,000
      Change: +8% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,020,000
      Change: +6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Arden
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5256
    Latitude
    35.4523
    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
    $11,084
    $0.00
    $0.00
    $1,195,800
    -
    $1,116,000
    $79,800
    $1,195,800

    Comparable in this City

    • Value Estimation
      $1,550,000
      10,432 SF

      21 Long Shls Rd

      SHOPPING CENTER, STRIP CENTER • 10,432 SF
      21 Long Shls Rd, Arden, NC 28704-7737
      View Details
    • Value Estimation by Request
      9,900 SF

      1 Brian Blvd

      SHOPPING CENTER, STRIP CENTER • 9,900 SF
      1 Brian Blvd, Arden, NC 28704-8485
      View Details
    • Value Estimation
      $1,805,000
      15,712 SF

      221 Airport Rd

      SHOPPING CENTER, STRIP CENTER • 15,712 SF
      221 Airport Rd, Arden, NC 28704-9404
      View Details
    • Value Estimation
      $3,835,000
      17,503 SF

      300 Airport Rd

      SHOPPING CENTER, STRIP CENTER • 17,503 SF
      300 Airport Rd, Arden, NC 28704-9256
      View Details
    • Value Estimation
      $1,915,000
      8,740 SF

      1 Julian Shls Dr

      SHOPPING CENTER, STRIP CENTER • 8,740 SF
      1 Julian Shls Dr, Arden, NC 28704-0619
      View Details
    • Value Estimation
      $1,015,000
      6,987 SF

      2145 Hendersonville Rd

      SHOPPING CENTER, STRIP CENTER • 6,987 SF
      2145 Hendersonville Rd, Arden, NC 28704-9723
      View Details

    Similar Nearby for Sale

    • $965,000
      4,471 SF

      Arden Retail Space: Prime Location

      New Retail Building, 4,471 SF, NNN Lease
      226 Airport Rd, Arden, NC 28704
      View Details
    • $2,990,000
      3.41 Acres

      Arden Industrial Property: Investment Opportunity

      Prime Arden location, leaseback option available.
      101 Fair Oaks Rd, Arden, NC 28704
      View Details
    • $2,250,000
      5.64 Acres

      Hendersonville Road Commercial Land

      High-visibility Arden, NC acreage.
      99999 Hendersonville Rd, Arden, NC 28704
      View Details
    • $11,000,000
      7.49 Acres

      Arden Industrial Campus: Prime Location

      7.5-Acre Manufacturing/Warehouse Complex
      90 Christ School Rd, Arden, NC 28704
      View Details
    • $3,200,000

      South Asheville Development Site

      12.43 acre development site in South Asheville.
      3862 Sweeten Creek Rd, Arden, NC 28704
      View Details
    • $279,000
      0.70 Acres

      Arden, NC Land with Views

      Prime lot with mountain views, ready for development.
      660 Glenn Bridge Rd, Arden, NC 28704
      View Details

    Similar Nearby for Lease

    • $87,955
      2,513 SF

      Upscale Retail Center Suites Available

      Exclusive suites in South Asheville's newest Class A retail center.
      1870 Brevard Rd, Arden, NC 28704
      View Details
    • $39 SF/Yr
      4,471 SF

      Thomas Plaza Retail Spaces Available

      New Retail Center, Buncombe County, 4 Suites
      226 Airport Rd, Arden, NC 28704
      View Details
    • $16 SF/Yr
      3,182 SF

      Class A Office with Warehouse

      Premier Class A office building with flex and warehouse space.
      2 Trident Dr, Arden, NC 28704
      View Details
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    226 Airport Rd
    Arden, NC 28704
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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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