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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    981 Patton Ave Asheville, NC 28806

    • Commercial real estate
    • 1.37 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1575689
    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

    • Commercial real estate

    Property Details for 981 Patton Ave

    Year built
    1955
    Lot size
    1.37 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 1.37-acre commercial lot presents a compelling investment opportunity in Asheville, North Carolina. Strategically located just off Patton Avenue, this property enjoys convenient access to downtown Asheville, New Leicester Highway, and Smokey Park Highway, ensuring high visibility and accessibility. The site's potential is significantly enhanced by its proximity to a large, 17+ acre parcel slated for redevelopment as a potential grocery store and shopping center. This development promises to generate substantial increased traffic flow, further boosting the value and appeal of this property. The site is ideally suited for a variety of uses, including office or retail development, or owner-occupancy. Its location within an Opportunity Zone adds another layer of investment attractiveness. This prime location offers exceptional potential for significant return on investment, making it an ideal opportunity for developers and investors seeking a high-growth area with strong future prospects. The property's size and location make it a rare find in this thriving Asheville market. Serious inquiries are encouraged to explore the possibilities of this exceptional commercial land offering. The asking price is $735,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5899
    Latitude
    35.58773

    Comparable in this City

    • $1,450,000
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      West Asheville Commercial Gem

      Prime half-acre lot, versatile space.
      2 Westwood Pl, Asheville, NC 28806
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    • $1,295,000
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      Asheville Flex Industrial Space

      Prime location, versatile space, high traffic area.
      24 Old County Home Rd, Asheville, NC 28806
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    • $624,000
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      West Asheville Multifamily Investment Opportunity

      Three units in two homes near Haywood Road corridor.
      17 Hubbard Ave, Asheville, NC 28806
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    • $350,000
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      Asheville Commercial Land For Sale

      0.37-acre parcel with development potential in a vibrant Asheville district.
      865 Haywood Rd, Asheville, NC 28806
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    • $695,000
      28.74 Acres

      Asheville Land with Mountain Views

      28.74 acres near Asheville with development potential and mountain views.
      99999 New Leicester Hwy, Asheville, NC 28806
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    • Contact for pricing

      Development Opportunity on Hazel Mill

      0.95 acres suitable for office and multifamily development.
      220 Hazel Mill Rd, Asheville, NC 28806
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    Similar Nearby for Sale

    • $1,450,000
      0.51 Acres

      West Asheville Commercial Gem

      Prime half-acre lot, versatile space.
      2 Westwood Pl, Asheville, NC 28806
      View Details
    • $1,295,000
      0.27 Acres

      Asheville Flex Industrial Space

      Prime location, versatile space, high traffic area.
      24 Old County Home Rd, Asheville, NC 28806
      View Details
    • $624,000
      979 SF

      West Asheville Multifamily Investment Opportunity

      Three units in two homes near Haywood Road corridor.
      17 Hubbard Ave, Asheville, NC 28806
      View Details
    • $350,000
      0.37 Acres

      Asheville Commercial Land For Sale

      0.37-acre parcel with development potential in a vibrant Asheville district.
      865 Haywood Rd, Asheville, NC 28806
      View Details
    • $695,000
      28.74 Acres

      Asheville Land with Mountain Views

      28.74 acres near Asheville with development potential and mountain views.
      99999 New Leicester Hwy, Asheville, NC 28806
      View Details
    • Contact for pricing

      Development Opportunity on Hazel Mill

      0.95 acres suitable for office and multifamily development.
      220 Hazel Mill Rd, Asheville, NC 28806
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Asheville, NC

      Retail space available for rent in Asheville, North Carolina.
      1001 Patton Ave, Asheville, NC 28806
      View Details
    • $24 SF/Yr

      Retail Space in Regent Park

      Retail space available in Regent Park Center near Sam’s Club.
      5 Regent Park Blvd, Asheville, NC 28806
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    • $1,200 /Mo
      32,234 SF

      West Asheville Commercial Space Available

      Functional office/retail/medical/flex space in the heart of West Asheville.
      1056 Haywood Rd, Asheville, NC 28806
      View Details
    • Contact for pricing

      Commercial Pad Site For Lease

      Commercial land for lease near national chains, Asheville, NC.
      167 Smokey Park Hwy, Asheville, NC 28806
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    • Contact for pricing

      Retail Space in West Asheville

      Retail space with excellent highway frontage and parking.
      609 Haywood Rd, Asheville, NC 28806
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    • Contact for pricing

      Asheville Restaurant Space Available

      Former QSR available for lease in Asheville, North Carolina.
      307 Smokey Park Hwy, Asheville, NC 28806
      View Details
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    981 Patton Ave
    Asheville, NC 28806
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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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