Property profile

240 Biltmore Ave Asheville, NC 28801

OFF-MARKET
Auto shops
Property ID
US53-1276654
6,300 SF 0.4 ac lot Built 1956
Entity Owned 3-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional 6,300-square-foot free-standing retail building boasts a highly visible location on Biltmore Avenue in the heart of downtown Asheville, Buncombe County. Previously used as an auto-service center, the property offers a flexible layout ideal for a variety of commercial uses. The building features four large roll-up garage doors, a welcoming lobby/reception area, a private office, ample storage space, and three restrooms. On-site parking is a significant advantage, complemented by prominent monument signage. A substantial rear outdoor area provides additional space and potential. The property's zoning is RB. Its strategic location provides easy access to Biltmore Avenue and is within walking distance of downtown Asheville's vibrant attractions, including the South Slope district and McCormick Field/Memorial Stadium (hosting 50 home games annually). The area is thriving, surrounded by numerous restaurants, breweries, and other retail establishments. The property benefits from high visibility and significant traffic volume, averaging 15,000 vehicles per day. Its proximity to the future Greenway and planned McCormick Field enhancements further enhances its long-term value and appeal. Showings are scheduled to begin July 1st, 2024. This is a rare opportunity to acquire a versatile, high-traffic retail space in one of Asheville's most desirable locations.

Property profile

Verified
Property type Auto shops
Use group AUTO REPAIR, GARAGE
Year built 1956
Construction STEEL FRAME
Total area 6,300 SF
Lot 0.4 ac (17,424 SF)
Zoning code DEED DATE: 2023-06-16 DEE
APN 9648-47-3492-00000
UPID US53-1276654

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Auto Repair Shop

Location

240 Biltmore Ave Asheville, NC 28801-4142
Asheville metro Census 700 ASHEVILLE, NC METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.06M
Blend (final) Blend
$1.15M

Owner & transaction history

since 2023
Last sale
$1.4M
2 recorded transactions
2023
$1.4M
2004
$395,000

Zoning & alternative use

DEED DATE: 2023-06-16 DEE · Asheville, NC
Top alternative use upside
Commercial (general) $1.6M +0.2%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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