Grace Building 853-857 Merrimon Ave 14,000 SF 67% Leased Retail Building Asheville, NC 28804 $3,851,736 CAD ($275.12 CAD/SF) 3.75% Cap Rate

A rare find, 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. Currently only 54% occupied, when fully occupied can bring 5.4%+ CAP rate, and with market rent rates, 6.5%+.
Merrimon Ave. is the major north/south commuting route, plus there are over 5500 residences within a ½ mile radius. Zoned CBII enabling a multitude of uses, including retail, food / beverage / brewing, professional office, medical office, fitness and art studios, among others.
With its early 1900s, two-story masonry and chestnut beam construction, there is the possibility of adaptive reuse. Originally the Grace Feed and Seed back in the 1920’s, it also served as the trolley transfer station from the Weaverville/North Buncombe line and the Asheville City trolley line up until the 1930’s.
During Tropical Storm Helene (9/2024), the building suffered no leaks or flooding. The location has had a restaurant in operation continuously since 1933. Parking lot has 57 spaces, plus there is additional parking or development area in the adjoining 0.3 acre lot.