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    Property profile & analytics

    3 Tunnel Rd Asheville, NC 28805

    • Super regional malls
    • 197,776 SF
    • 40.88 lot acres
    For Lease
    View listing
    Last Sale
    Aug 04, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1449681
    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

    • Zumiez / Clothing Store / Men'S Clothing Store
    • Eddie Bauer / Clothing Store
    • Lane Bryant / Clothing & Fashion Store
    • Hollister Co. / Clothing Store / Men'S Clothing Store
    • Maurices / Clothing & Fashion Store

    Property Details for 3 Tunnel Rd

    Year built
    1973
    Construction
    TILT-UP CONCRETE
    Lot size
    40.88 lot acres
    Property size
    197,776 SF
    Zone code
    DEED DATE: 2022-08-04 DEE
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    9658-13-5696-00000
    APU
    965813569600000

    Description

    This exceptional food court opportunity is located within a bustling Asheville, North Carolina shopping center at 3 S Tunnel Rd, zip code 28805, in Buncombe County. The property boasts a total of 973,371 square feet, offering a variety of spaces to suit diverse culinary concepts. Currently, 15,429 square feet of retail space is available, divisible into units ranging from a minimum of 729 square feet to a maximum contiguous space of 7,000 square feet. This presents a unique chance for both established restaurant brands and exciting new ventures to establish a presence in this high-traffic location. The expansive 46.35-acre site provides ample parking with 4,700 spaces, ensuring convenient access for patrons. The property's strategic location within the vibrant Asheville market guarantees high visibility and significant foot traffic, making it an ideal investment for those seeking a thriving retail environment. The property is classified as Retail and Restaurant, with a Food Court subtype and multiple tenancy. This presents a unique opportunity to be part of a dynamic and successful shopping destination in the heart of Asheville.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $38,676,000
      Market price range: $16.5M - $67.5M
      AI Estimate
      $38,676,000
      Market price range: $16.5M - $67.5M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $34,025,000
      Current use
      AUTO REPAIR, GARAGE
      $50,690,000
      Change: +49% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $47,665,000
      Change: +40% Conversion: Easy
      MEDICAL BUILDING
      $44,640,000
      Change: +31% Conversion: Difficult
      RETAIL STORES
      $39,820,000
      Change: +17% Conversion: Easy
      OFFICE BUILDING
      $38,145,000
      Change: +12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5265
    Latitude
    35.5828
    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
    $341,445
    $0.00
    $0.00
    $36,837,300
    -
    $28,491,700
    $8,345,600
    $36,837,300

    Comparable in this City

    • Value Estimation
      $6,600,000
      79,265 SF

      3 Tunnel Rd Rds

      REGIONAL SHOPPING CENTER, MALL • 79,265 SF
      3 Tunnel Rd Rds, Asheville, NC 28805-2238
      View Details
    • Value Estimation
      $11,015,000
      132,292 SF

      7 Tunl Rd

      REGIONAL SHOPPING CENTER, MALL • 132,292 SF
      7 Tunl Rd, Asheville, NC 28805
      View Details
    • Value Estimation
      $14,580,000
      175,088 SF

      5 Tunl Rd

      REGIONAL SHOPPING CENTER, MALL • 175,088 SF
      5 Tunl Rd, Asheville, NC 28805-2218
      View Details
    • Value Estimation
      $7,665,000
      92,064 SF

      3 Tunl Rdn

      REGIONAL SHOPPING CENTER, MALL • 92,064 SF
      3 Tunl Rdn, Asheville, NC 28805-2238
      View Details
    • Value Estimation by Request
      120,551 SF

      1 Tunl Rd

      REGIONAL SHOPPING CENTER, MALL • 120,551 SF
      1 Tunl Rd, Asheville, NC 28805-2218
      View Details
    • Value Estimation
      $25,025,000
      153,820 SF

      80 Tunl Rd

      SHOPPING CENTER, STRIP CENTER • 153,820 SF
      80 Tunl Rd, Asheville, NC 28805-2252
      View Details

    Similar Nearby for Sale

    • $5,100,000

      Asheville Mall Retail Opportunity

      Retail box adjoining Asheville Mall, a major regional destination.
      7 S Tunnel Rd, Asheville, NC 28805
      View Details
    • $5,100,000
      130,500 SF

      3 S Tunnel Rd

      Former Department Store at Asheville Mall
      3 S Tunnel Rd, Asheville, NC 28805
      View Details
    • $2,972,875
      6,700 SF

      Asheville Retail Center Investment

      High-Yield, Multi-Tenant Retail Property
      148 Tunnel Rd, Asheville, NC 28805
      View Details
    • $1,200,000
      8.87 Acres

      Asheville Land Development Opportunity

      8.87-acre residential development opportunity within Asheville city limits.
      67 Shawnee Trl, Asheville, NC 28805
      View Details
    • $525,000

      Restaurant Building For Sale

      Restaurant building with existing tenant on month-to-month lease.
      84 Mineral Springs Rd, Asheville, NC 28805
      View Details
    • $615,000
      0.42 Acres

      Asheville Multifamily with Rental Income

      Two homes on a corner lot with short-term rental potential.
      75 Cisco Rd, Asheville, NC 28805
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr

      Retail Space Near Asheville Mall

      Retail spaces available in high-traffic Asheville shopping center.
      4 S Tunnel Rd, Asheville, NC 28805
      View Details
    • Contact for pricing
      973,371 SF

      Asheville Food Court Opportunity

      Prime Asheville retail space, multiple units available.
      3 Tunnel Rd, Asheville, NC 28805
      View Details
    • $3,172 /Mo
      436 SF

      Retail Space in Asheville Center

      Retail space with flexible floor plan in Asheville shopping center.
      4 S Tunnel Rd, Asheville, NC 28805
      View Details
    • $25 SF/Yr

      High-Exposure Storefront on Tunnel Road

      Prime Asheville retail space with high visibility and traffic.
      244 Tunnel Rd, Asheville, NC 28805
      View Details
    • Contact for pricing

      Commercial Land Near Downtown Asheville

      Commercial land for rent, 10 minutes from Downtown Asheville.
      40 South Tunnel Rd, Asheville, NC 28805
      View Details
    • Contact for pricing
      6,808 SF

      Industrial Space Near I-240

      6,808 SF industrial space with dock doors near I-240.
      56 Truckers Pl, Asheville, NC 28805
      View Details
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    3 Tunnel Rd
    Asheville, NC 28805
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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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