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    Property profile & analytics
    OFF-MARKET Estimated value $6,300,000
    Commercial real estate

    640 Merrimon Ave, Asheville, NC 28804-3400

    26,075 SF 1.3 ac lot Built 1989
    Entity Owned 8-yr Hold ~ Est. High Equity
    Property ID
    US53-0142138
    Property summary
    AI-generated overview

    This exceptional commercial property, located at 640 Merrimon Ave, Asheville, NC 28804, offers 24,720 square feet of versatile space in a high-traffic location. The building, constructed in 1989, features a single two-story structure situated on 1.3 acres of land. Currently, 1,350 square feet of space is available, divisible into units as small as 1,350 square feet (or combined for 2,700 square feet). The property is zoned Commercial C and boasts ample free surface parking, a significant advantage in this bustling area. The second-story space offers excellent visibility from an exterior corridor. One portion of the available space includes existing kitchen equipment and floor drains, making it suitable for various food service or retail uses. This prime location on Merrimon Avenue, a major north-south artery in Asheville, sees over 21,000 vehicles daily. Its proximity to the UNC-Asheville campus entrance and surrounding dense residential areas ensures a consistent flow of potential customers. A large monument sign provides excellent branding opportunities. The property's address is 640 Merrimon Ave, with a cross street of Edgemont Rd., and its APN is 964939773600000. This property presents a unique opportunity for businesses seeking high visibility and convenient access in a thriving Asheville submarket.

    Property profile
    Verified
    Property type Commercial real estate
    Use group COMMERCIAL (GENERAL)
    Year built 1989
    Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Total area 26,075 SF
    Lot 1.3 ac (56,628 SF)
    Zoning code DEED DATE:04/09/2018 DEED
    APN 9649-39-7736-00000
    UPID US53-0142138
    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
    • Vapor World - North Asheville (Bike/Boat/Book/etc) Store Alternative Medicine Practice
    • Romeo's Vegan Burgers Restaurant
    • Merrimon Square Shopping Center & Mall
    • Octopus Garden Smoke Shop (Bike/Boat/Book/etc) Store
    • Asheville Raven and Crone Tea Store Metaphysical Supply Store
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    $6.30M
    Blend (final) Blend
    $6.30M
    Owner & transaction history
    Chen Cube Properties LLC · 8 yrs held
    Chen Cube Properties LLC
    since 2018
    3 recorded transactions
    2018
    $6.0M
    2005
    $3.5M
    1969
    Zoning & alternative use
    DEED DATE:04/09/2018 DEED · Asheville, NC
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
    Top alternative use upside
    Restaurant $9.8M +55.5%
    Auto repair, garage $6.7M +6.4%
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