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    Property profile & analytics

    240 3rd W Ave Hendersonville, NC 28739-4308

    • Office buildings
    • 5,547 SF
    • 0.18 lot acres
    OFF-MARKET
    Value Estimations
    $795,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0837949
    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

    • Alexander Sharon B / Law Firm
    • Tanker Richard J / Law Firm
    • Schirmer Cynthia L / Law Firm
    • Prince, Massagee & Alexander, PLLC / Law Firm

    Property Details for 240 3rd W Ave

    Year built
    1981
    Lot size
    0.18 lot acres
    Property size
    5,547 SF
    Zone code
    109557~C-1
    Property type
    Office buildings
    APN
    9568773623
    APU
    9568773623

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $817,000
      Market price range: $818k - $1.16M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $970,000
      Current use
      RETAIL STORES
      $830,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Hendersonville
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.4622
    Latitude
    35.3153
    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
    0
    $0.00
    $125,400
    $414,500
    $539,900
    -
    $125,400
    $414,500
    $539,900

    Comparable in this City

    • Value Estimation
      $810,000
      5,785 SF

      687 Blythe St Ct

      OFFICE BUILDING • 5,785 SF
      687 Blythe St Ct, Hendersonville, NC 28739-4045
      View Details
    • Value Estimation by Request
      552 SF

      720 5th W Ave

      OFFICE BUILDING • 552 SF
      720 5th W Ave, Hendersonville, NC 28739
      View Details
    • Value Estimation
      $860,000
      4,930 SF

      514 Park Hl Ct

      OFFICE BUILDING • 4,930 SF
      514 Park Hl Ct, Hendersonville, NC 28739-4265
      View Details
    • Value Estimation
      $525,000
      2,656 SF

      685 Blythe St Ct Ste A

      OFFICE BUILDING • 2,656 SF
      685 Blythe St Ct Ste A, Hendersonville, NC 28739-4167
      View Details
    • Value Estimation
      $910,000
      4,887 SF

      685 Blythe St Ct Ste B

      OFFICE BUILDING • 4,887 SF
      685 Blythe St Ct Ste B, Hendersonville, NC 28739-4167
      View Details
    • Value Estimation
      $590,000
      3,390 SF

      110 Chadwick Sq Ct Ste B

      OFFICE BUILDING • 3,390 SF
      110 Chadwick Sq Ct Ste B, Hendersonville, NC 28739-3238
      View Details

    Similar Nearby for Sale

    • $2,000,000
      0.13 Acres

      Main Street Hendersonville Building

      18,000 sq ft building on Main Street in Hendersonville.
      201 N Main St, Hendersonville, NC 28739
      View Details
    • Contact for pricing

      Downtown Hendersonville Commercial Opportunity

      Spacious mixed-use property in downtown Hendersonville with office and warehouse space.
      732 Jonesborough St, Hendersonville, NC 28739
      View Details
    • $500,000
      2,583 SF

      Hendersonville Office Condo For Sale

      2,583 SF office condo in a prime Hendersonville location.
      120 Chadwick Square Ct, Hendersonville, NC 28739
      View Details
    • $2,850,000

      Hendersonville Warehouse and Office Building

      35,100 SF building on 3.55 acres near downtown.
      1495 North Main St, Hendersonville, NC 28739
      View Details
    • Contact for pricing

      Second-Floor Office Condo For Sale

      Well-maintained office condo with four offices and conference room.
      120 Chadwick Square Ct, Hendersonville, NC 28739
      View Details
    • Contact for pricing
      Pending

      Medical Condo at Chadwick Commons

      Ground floor medical condo for sale, leased until 2025.
      110 A Chadwick Sq Ct, Hendersonville, NC 28739
      View Details

    Similar Nearby for Lease

    • $5,255 /Mo

      Ecusta Trail Retail Showroom

      Retail showroom on the popular Ecusta Trail available for lease.
      512 Kanuga Rd, Hendersonville, NC 28739
      View Details
    • $22 SF/Yr
      12,000 SF

      Ecusta Trail Retail Showroom

      Retail showroom space for lease on the popular Ecusta Trail.
      512 Kanuga Rd, Hendersonville, NC 28739
      View Details
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    240 3rd W Ave
    Hendersonville, NC 28739-4308
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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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