Add Listing
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 New Leicester Hwy Asheville, NC 28806-2726

    • Strip malls
    • 8,670 SF
    • 0.55 lot acres
    OFF-MARKET
    Last Sale
    Jan 12, 2021
    $605,000
    Value Estimations
    $665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0627971
    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

    • Jesse Sweeney / Artist
    • Invidia Tattoo / Tattoo & Piercing Shop

    Property Details for 28 New Leicester Hwy

    Year built
    1959
    Construction
    STEEL FRAME
    Lot size
    0.55 lot acres
    Property size
    8,670 SF
    Zone code
    DEED DATE:01/12/2021 DEED
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    9638-08-3531-00000
    APU
    963808353100000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $455,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $721,000
      Market price range: $722k - $2.96M
      AI Estimate
      $721,000
      Market price range: $722k - $2.96M

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

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5986
    Latitude
    35.5885
    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
    $6,651
    $0.00
    $0.00
    $643,800
    -
    $154,200
    $489,600
    $643,800

    Comparable in this City

    • Value Estimation
      $3,695,000
      18,458 SF

      805 Patton Ave

      SHOPPING CENTER, STRIP CENTER • 18,458 SF
      805 Patton Ave, Asheville, NC 28806-3612
      View Details
    • Value Estimation by Request
      5,287 SF

      282 New Leicester Hwy

      SHOPPING CENTER, STRIP CENTER • 5,287 SF
      282 New Leicester Hwy, Asheville, NC 28806-2019
      View Details
    • Value Estimation
      $635,000
      7,655 SF

      34 New Leicester Hwy

      SHOPPING CENTER, STRIP CENTER • 7,655 SF
      34 New Leicester Hwy, Asheville, NC 28806-2723
      View Details
    • Value Estimation
      $520,000
      6,250 SF

      1048 Patton Ave

      SHOPPING CENTER, STRIP CENTER • 6,250 SF
      1048 Patton Ave, Asheville, NC 28806-3639
      View Details
    • Value Estimation
      $1,070,000
      11,664 SF

      1408 Patton Ave

      SHOPPING CENTER, STRIP CENTER • 11,664 SF
      1408 Patton Ave, Asheville, NC 28806-1758
      View Details
    • Value Estimation
      $2,275,000
      9,000 SF

      929 New Leicester Hwy

      SHOPPING CENTER, STRIP CENTER • 9,000 SF
      929 New Leicester Hwy, Asheville, NC 28806-1056
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      111,852 SF

      Westgate Shopping Center Retail Asset

      111,852 SF retail asset in Asheville, North Carolina.
      40 Westgate Pkwy, Asheville, NC 28806
      View Details
    • $625,000

      Patton Avenue Commercial Building

      Charming office building on Patton Avenue, Asheville, for sale.
      1473 Patton Ave, Asheville, NC 28806
      View Details
    • $1,995,000
      4,199 SF

      Prime Patton Avenue Assemblage

      Three combined properties totaling 1.72 acres with redevelopment potential.
      1473 Patton Ave, Asheville, NC 28806
      View Details
    • $475,000

      West Asheville Commercial Land Opportunity

      Prime commercial land with income potential in Asheville's business district.
      714 Haywood Rd, Asheville, NC 28806
      View Details
    • $2,500,000
      2,400 SF

      West Asheville Retail Corner Location

      Established convenience store with high traffic and future use potential.
      405 Haywood Rd, Asheville, NC 28806
      View Details
    • Contact for pricing

      West Asheville Live/Work Condo

      Mixed-use condo in West Asheville with commercial and residential units.
      315 Haywood Rd, Asheville, NC 28806
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Asheville, NC

      Retail space available for rent in Asheville, North Carolina.
      1001 Patton Ave, Asheville, NC 28806
      View Details
    • $24 SF/Yr

      Retail Space in Regent Park

      Retail space available in Regent Park Center near Sam’s Club.
      5 Regent Park Blvd, Asheville, NC 28806
      View Details
    • Contact for pricing

      Asheville Restaurant Space Available

      Former QSR available for lease in Asheville, North Carolina.
      307 Smokey Park Hwy, Asheville, NC 28806
      View Details
    • Contact for pricing

      High-Visibility Commercial Space on Patton

      Highly visible commercial space with flexible zoning and ample parking.
      1048 Patton Ave, Asheville, NC 28806
      View Details
    • Contact for pricing

      Retail Space in West Asheville

      Retail space with excellent highway frontage and parking.
      609 Haywood Rd, Asheville, NC 28806
      View Details
    • Contact for pricing
      6,275 SF

      Class-A Office in Ridgefield Business

      Well-appointed office space in a professional park with ample parking.
      1100 Ridgefield Blvd, Asheville, NC 28806
      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 New Leicester Hwy
    Asheville, NC 28806-2726
    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.
    Sign Up Successful!
    You now have access to more from Realmo!