Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    28 Lexington Ave Asheville, NC 28801-2824

    • Commercial real estate
    • 34,646 SF
    • 0.30 lot acres
    OFF-MARKET
    Last Sale
    Dec 19, 2023
    Value Estimations
    $4,210,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1370608
    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

    • April Cornell / Clothing & Fashion Store

    Property Details for 28 Lexington Ave

    Year built
    1910
    Construction
    BRICK
    Lot size
    0.30 lot acres
    Property size
    34,646 SF
    Zone code
    CBD
    Property type
    Commercial real estate
    APN
    9649-40-1636-00000
    APU
    964940163600000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,208,000
      Market price range: $4.15M - $14.5M
      AI Estimate
      $4,208,000
      Market price range: $4.15M - $14.5M

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

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5525
    Latitude
    35.5958
    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
    2023
    $27,247
    $0.00
    $0.00
    $2,705,200
    -
    $1,610,600
    $1,094,600
    $2,705,200

    Comparable in this City

    • Value Estimation by Request
      3,600 SF

      167 Merrimon Ave

      Land • 3,600 SF
      167 Merrimon Ave, Asheville, NC 28801
      View Details
    • Value Estimation
      $1,160,000
      5,120 SF

      53 French Broad Ave

      COMMERCIAL CONDOMINUIM • 5,120 SF
      53 French Broad Ave, Asheville, NC 28801-3272
      View Details
    • Value Estimation by Request
      1,791 SF

      53 French Broad Ave, Unit 20

      COMMERCIAL CONDOMINUIM • 1,791 SF
      53 French Broad Ave, Asheville, NC 28801-3272
      View Details
    • Value Estimation
      $25,595,000
      61,325 SF

      67 Haywood St

      COMMERCIAL (GENERAL) • 61,325 SF
      67 Haywood St, Asheville, NC 28801-2834
      View Details
    • Value Estimation
      $1,890,000
      6,411 SF

      75 Coxe Ave

      COMMERCIAL (GENERAL) • 6,411 SF
      75 Coxe Ave, Asheville, NC 28801-3621
      View Details
    • Value Estimation
      $3,475,000
      13,152 SF

      100 Coxe Ave

      COMMERCIAL CONDOMINUIM • 13,152 SF
      100 Coxe Ave, Asheville, NC 28801-4051
      View Details

    Similar Nearby for Sale

    • $1,995,000
      0.80 Acres

      Biltmore Ave. Mixed-Use Land

      Asheville, NC development opportunity. 0.8 acres.
      272 Biltmore Ave, Asheville, NC 28801
      View Details
    • $1,095,000
      3,212 SF

      Asheville Commercial Fourplex Investment

      High-yield fourplex near downtown Asheville.
      181 Merrimon Ave, Asheville, NC 28801
      View Details
    • $595,000

      Asheville CBD Commercial Condo Investment

      High-yield, long-term leased commercial space.
      45 Asheland Ave, Asheville, NC 28801
      View Details
    • $4,850,000
      11,885 SF

      Downtown Asheville Mixed-Use Gem

      Award-winning, renovated mixed-use property in prime location.
      122 College St, Asheville, NC 28801
      View Details
    • $3,500,000
      2.84 Acres

      River Arts District Development Land

      Asheville, NC: Prime 2.84-acre lot.
      32 Hounds Ear Dr, Asheville, NC 28801
      View Details
    • $427,000
      1,482 SF

      Asheville Medical Office Building

      Profitable Medical Office, 1482 SF
      5 Doctors Park, Asheville, NC 28801
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      27,396 SF

      Downtown Asheville Executive Suites

      Prime Office Space, 9,262 SF Available
      16 Biltmore Ave, Asheville, NC 28801
      View Details
    • Contact for pricing
      3,600 SF

      Asheville Commercial Land Opportunity

      Prime 3,600 sq ft lot, single tenant.
      167 Merrimon Ave, Asheville, NC 28801
      View Details
    • $7 SF/Yr
      6,033 SF

      Asheville Office Space for Lease

      Flexible workspace solutions in Asheville, NC.
      16 Biltmore Ave, Asheville, NC 28801
      View Details
    • $25 SF/Yr
      42,316 SF

      Downtown Asheville Office Space

      Prestigious Office Suites Available
      22 Pack Sq, Asheville, NC 28801
      View Details
    • $25 SF/Yr
      2,246 SF

      Downtown Asheville Retail Space

      Prime retail space in vibrant downtown Asheville location.
      29-33 Page Ave, Asheville, NC 28801
      View Details
    • $33 SF/Yr
      250,000 SF

      Asheville Executive Office Suites

      Downtown Asheville, Class A Office Space
      1 Page Ave, Asheville, NC 28801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    28 Lexington Ave
    Asheville, NC 28801-2824
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.