At Green Mountain Realty, our brokers are sometimes asked about Asheville commercial real estate and cap rates. Over one half of the listed Asheville commercial real estate properties have some empty space and are being marketed without cap rate information. The remaining properties have various cap rates. The Cranbrook Apartments on Long Shoals Rd. recently sold for a cap rate slightly less than 6% and had over 10 interested buyers. A company out of Greensboro was the purchaser. Fairly new retail space in Weaverville is being marketed at an 8% cap rate. A 15 year old post office in Ridgecrest is available at a 7.5% cap rate.
Understanding Asheville Commercial Real Estate Cap Rates
The Lone Star Steakhouse in Arden is available at a 7.6% cap rate. There are some small business parks with local Asheville commercial real estate tenants available at cap rates in the 8% range. There are several mobile home parks available with cap rates from 9-14%. However, our brokers usually advise investors to avoid parks that include mobile homes. It is much easier to handle the leasing of pads than get involved with mobile home rentals and the associated maintenance.
We find Asheville Commercial Real Estate Investors the best properties
The brokers at Green Mountain Realty don’t believe the best commercial real estate investments in Asheville are fully leased properties like one building on Tunnel Road with an 8.5% cap rate with only 4 years remaining on the lease. If an investor wants a solid investment and cap rate, we would probably advise them to work with our brokers on out of town quality commercial real estate NNN properties. The tenants are usually national with longer leases and better guarantees. In Asheville, we tell our Asheville NC commercial real estate investors that the best deals on commercial real estate are the buildings with empty space. There are bargains galore. Call the commercial real estate brokers at Green Mountain Realty today for a free consultation.