Entity Owned 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
Current use
Occupant on record · Public records
-
(Bike/Boat/Book/etc) Store Alternative Medicine Practice
-
Restaurant
-
Shopping Center & Mall
-
(Bike/Boat/Book/etc) Store
-
Metaphysical Supply Store Book Store
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.30M
Blend (final)
Blend
$5.95M
Owner & transaction history
since 2018
3 recorded transactions
Zoning & alternative use
DEED DATE:04/09/2018 DEED · Asheville, NC
Top alternative use upside
Restaurant
$9.8M
+55.5%
Auto repair, garage
$6.7M
+6.4%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
6 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$5.95M
Value range
$5.36M – $6.55M
±10% around blend
Estimated value / SF
$228 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
$5.36M
blend $5.95M
$6.55M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
26,075 SF
Lot area
1.3 ac
Year built
1989
Stories
2
APN
9649-39-7736-00000
Zoning
DEED DATE:04/09/2018 DEED
Assessed value
$4,212,200
Annual tax
$43,516
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$6.30M
Range $3.12M – $10.68M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$5.95M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 228 sales
$241
-5%
County 304 sales
$223
+2%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $228/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Restaurant
Gross theoretical uplift
+56%
vs current-use indication
Auto Repair, Garage
Commercial (general) · current use
Medical Building
Retail Stores
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$4.21M
Move the market yield to see immediate price impact.
Value / SF
$162
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$265k
$5.31M
$3.79M
$2.95M
$295k
$5.90M
$4.21M
$3.28M
$324k
$6.49M
$4.63M
$3.60M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$43,516
Tax year 2024
Assessed value
$4,212,200
Assessed 2024
Previous assessed
$4,212,200
+0.0% YoY
Effective rate
1.03%
On assessed value
Land market value
$1,557,300
Improvement market value
$2,654,900
Total market value
$4,212,200
Applied tax rate
9.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1989
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
YES
Stories
2
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
Jurisdiction
BUNCOMBE
Zoning & alternative use
DEED DATE:04/09/2018 DEED · Asheville, NCZoning DEED DATE:04/09/2018 DEED · permitted uses
DEED DATE:04/09/2018 DEED · Asheville, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1989
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
Yes
Stories
2
Lot
1.3 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
DEED DATE:04/09/2018 DEED
Jurisdiction
Asheville, NC
Recorded code
DEED DATE:04/09/2018 DEED
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for DEED DATE:04/09/2018 DEED in Asheville, NC.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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