A rare property, two parcels together offering .78 acres, 130' of frontage on Merrimon corridor in North Asheville. Can be a redevelopment or investment opportunity with high traffic (17,500 cars/day) in the heart of the desirable Grace Neighborhood. One mile from downtown Asheville, 1/2 mile from UNC-A. The area is just south of the very desirable Beaver Dam and Asheville Country Club area, and is known for walkability and proximity to downtown. The Grace Building is on the highly trafficked Merrimon Ave. (17,500 cars daily) with 130’ of frontage. Pro forma suggests a cap rate of 7.5% with spaces full at market rates. Plenty of surface parking especially with the included 0.31 acre lot behind the building. With some renovation and/or creative re-development, given its desirable location, this is a strong, long-hold investment. The property is zoned CBII and RM enabling a multitude of uses, including retail, food / beverage / brewing, professional office, medical office, fitness and art studios, among others. There are 5500 residences within 1/2 mile of this location.
| MLS # | 4329956 |
|---|---|
| Listing Type | For Sale |
| Style | Retail Center |
| Sub-Type | Resale |
| Status | Active |
| Year | 1957 |
| Days On Site | 256 |
| Listing Provided By | Tessier Associates | Bill Steigerwald |
| SQ Feet | 8,975 |
|---|---|
| Story(s) | 2 |
| Building(s) | 1 |
| Zoning | CB2 |
| Acreage | 0.78 |
| Cooling | Central Air |
|---|---|
| Heating | Forced Air |
| Roof | Composition |
|---|---|
| Construction Materials | Brick Partial |
| Lot Features | Level |
| List Aor | Land of The Sky Association of Realtors |
|---|
| Property | 1335400 |
|---|
| State | NC |
|---|---|
| County | Buncombe |
| City | Asheville |
| Zip Code | 28804 |
| Area | Buncombe |
| Listing VS Median (in 28804) | |
Price: $2,350,000 low | high Med: $749,000 sqft: 8,975 low | high Med: 2,817 $ / sqft: $262 low | high Med: $266 On site: 256 low | high Med: 102 | |
| State | NC |
|---|---|
| County | Buncombe |
| City | Asheville |
| Zip Code | 28804 |
| Area | Buncombe |
| Listing VS Median (in 28804) | |
Price: $2,350,000 low | high Med: $749,000 sqft: 8,975 low | high Med: 2,817 $ / sqft: $262 low | high Med: $266 On site: 256 low | high Med: 102 | |