New search
Property profile & analytics
OFF-MARKET
Estimated value
$2,845,000
Retail space
38 Battery Park Ave, Asheville, NC 28801-2715
Entity Owned
Absentee Owner
Free & Clear
Property ID
US53-1681556
Property summary
AI-generated overview
This stunning three-story, 13,400 square foot mixed-use building is located in Asheville's vibrant Grove Arcade district. Constructed of concrete and steel in 1953, the property features two street-level access points and boasts a prime location across from the historic Grove Arcade, a Cambria hotel, and a public parking garage. The building currently houses four tenants: two street-level retailers on Battery Park Avenue, one retailer on Wall Street, and a second-floor luxury apartment with a steel balcony overlooking Wall Street. Additionally, a third-floor live/work unit offers a unique opportunity. The property sits on a 0.11-acre lot (APN 9649-30-1374-00000) and is zoned CBD. With five units in total, this multi-tenant property offers significant income potential and is easily adaptable for single-tenant use. The asking price is $3,800,000, translating to $283.58 per square foot. This exceptional investment opportunity is situated in a highly walkable area surrounded by Asheville's finest hotels, restaurants, and shops. Don't miss this chance to own a piece of Asheville's thriving downtown core.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1953
Construction
BRICK
Total area
12,128 SF
Lot
0.11 ac (4,792 SF)
Zoning code
DEED DATE: 04/22/2014 DEE
APN
9649-30-1374-00000
UPID
US53-1681556
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Asheville Bee Charmer (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.34M
Blend (final)
Blend
$2.85M
Owner & transaction history
Cpi 38 Battery Park LLC
Cpi 38 Battery Park LLC
since 2025
Last sale
$3.3M
4 recorded transactions
Zoning & alternative use
DEED DATE: 04/22/2014 DEE · Asheville, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.5M
+99.5%
Commercial (general)
$3.1M
+36.8%
Auto repair, garage
$3.1M
+36.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Asheville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Asheville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$2,280,000
Current use
RESTAURANT
$4,545,000
Change: +100% · Conversion: Easy
COMMERCIAL (GENERAL)
$3,115,000
Change: +37% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,110,000
Change: +36% · Conversion: Difficult
MEDICAL BUILDING
$2,735,000
Change: +20% · Conversion: Difficult
OFFICE BUILDING
$2,245,000
Change: -1% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$2,085,000
Change: -8% · Conversion: Moderate
Blend value · Realmo final
$2.85M
Range $2.56M – $3.13M · ±10% · vs last sale $3.35M (Jun 26 2025)
Last sale anchor
$3.35M
Jun 26 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$235 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$26,131
Tax year 2024
Assessed value
$2,331,500
Assessed 2024
Previous assessed
$2,331,500
+0.0% YoY
Effective rate
1.12%
On assessed value
Land market value
$694,800
Improvement market value
$1,636,700
Total market value
$2,331,500
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1953
Construction
BRICK
Heating
NONE
Cooling
YES
Stories
2
Units
2
Total area
12,128 SF
Lot
0.11 ac (4,792 SF)
Zoning code
DEED DATE: 04/22/2014 DEE
APN
9649-30-1374-00000
UPID
US53-1681556
Jurisdiction
BUNCOMBE
Zoning & alternative use
DEED DATE: 04/22/2014 DEE · Asheville, NC
Zoning DEED DATE: 04/22/2014 DEE · permitted uses
DEED DATE: 04/22/2014 DEE · Asheville, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Asheville. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$2.3M
RESTAURANT
Est. value
$4.5M
COMMERCIAL (GENERAL)
Est. value
$3.1M
AUTO REPAIR, GARAGE
Est. value
$3.1M
MEDICAL BUILDING
Est. value
$2.7M
OFFICE BUILDING
Est. value
$2.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.1M
RETAIL STORES Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1953
Construction
BRICK
Heating
NONE
Cooling
Yes
Stories
2
Units
2
Lot
0.11 ac
Current owner
From public records · entity-resolved
Cpi 38 Battery Park LLC
Entity
Free & Clear · 0 yrs held
Mailing address
113 MONTFORD AVE, ASHEVILLE, NC 28801-2143
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 26, 2025
$3,348,000
Cpi 38 Battery Park LLC
Kenneth M Pitts
Warranty Deed
—
Apr 22, 2014
—
Kenneth M Pitts
Pitts,jacksie M
Quit Claim Deed
related
—
Mar 31, 2011
—
Kenneth M Pitts
Pitts,kenneth M
Quit Claim Deed
related
—
Dec 30, 1977
—
Owner Name Unavailable
Owner Name Unavailable
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 38 Battery Park Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
