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Property profile & analytics
OFF-MARKET
Estimated value
$715,000
Retail space
506 Merrimon Ave Asheville, NC 28804-3460
Individually Owned
18-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-1419062
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1923
Construction
BRICK
Total area
4,898 SF
Lot
0.06 ac (2,614 SF)
Zoning code
DEED DATE: 04/17/2008 DEE
APN
9649-38-6076-00000
UPID
US53-1419062
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$713k
Blend (final)
Blend
$715k
Owner & transaction history
Robert G Johnson JR. · 18 yrs held
Robert G Johnson JR.
since 2008
1 recorded transaction
Zoning & alternative use
DEED DATE: 04/17/2008 DEE · Asheville, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.2M
+19.7%
Medical building
$1.1M
+12.1%
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
$985,000
Current use
COMMERCIAL (GENERAL)
$1,180,000
Change: +20% · Conversion: Easy
MEDICAL BUILDING
$1,105,000
Change: +12% · Conversion: Difficult
OFFICE BUILDING
$945,000
Change: -4% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$845,000
Change: -15% · Conversion: Moderate
Blend value · Realmo final
$715k
Range $644k – $787k · ±10%
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
$146 / 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
$1,638
Tax year 2024
Assessed value
$158,600
Assessed 2024
Previous assessed
$158,600
+0.0% YoY
Effective rate
1.03%
On assessed value
Land market value
$64,700
Improvement market value
$93,900
Total market value
$158,600
Applied tax rate
9.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
1923
Construction
BRICK
Heating
NONE
Stories
2
Total area
4,898 SF
Lot
0.06 ac (2,614 SF)
Zoning code
DEED DATE: 04/17/2008 DEE
APN
9649-38-6076-00000
UPID
US53-1419062
Jurisdiction
BUNCOMBE
Zoning & alternative use
DEED DATE: 04/17/2008 DEE · Asheville, NC
Zoning DEED DATE: 04/17/2008 DEE · permitted uses
DEED DATE: 04/17/2008 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
$985,000
COMMERCIAL (GENERAL)
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.1M
OFFICE BUILDING
Est. value
$945,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$845,000
RETAIL STORES Current
COMMERCIAL (GENERAL)
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
1923
Construction
BRICK
Heating
NONE
Stories
2
Lot
0.06 ac
Current owner
From public records · entity-resolved
Robert G Johnson JR.
Individual
Free & Clear · 18 yrs held
Mailing address
16 TREY BOURNE DR, ASHEVILLE, NC 28804-8819
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 17, 2008
—
Robert G Johnson JR.
Mull,margaret
Grant Deed
—
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.
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