The Vitamin Shoppe | America's Best 148 Tunnel Rd 6,700 SF 100% Leased Retail Building Asheville, NC 28805 $2,972,875 ($443.71/SF) 8% Cap Rate

The Boulder Group is pleased to exclusively market for sale a multi-tenant net leased property located within the Greenville MSA in Asheville, North Carolina. The property is 100% leased to The Vitamin Shoppe and America’s Best Contacts & Eyeglasses. Additionally, there is a fully leased billboard on the premises providing additional income to the landlord. The Vitamin Shoppe has been operating at this location since it’s construction in 2011 while America’s Best opened in 2015. All tenants have scheduled rental increases throughout the leases. The subject asset is positioned in a market where vacancy is less than 2% according to CoStar.
The 6,700 square-foot building benefits from its position along Tunnel Road which experiences 17,000 vehicles per day and connects the property to downtown Asheville. The property also located just off Interstate 240 (76,000 VPD). There are 93,409 people living within a five-mile radius of the subject. The average household income within the same bounds is $104,199. The subject asset is surrounded by three nationally tenants shopping centers: Asheville Mall, Inssbruck Mall, and Asheville Market. These centers draw continual traffic through the corridor which the subject benefits from. Notable tenants occupying the corridor include Whole Foods, Big Lots, HomeGoods, TJ Maxx, Chick-Fil-A, Red Lobster, McDonald’s, Verizon, Cracker Barrel, and many others.
Since 1977, The Vitamin Shoppe® has been dedicated to helping customers become their best selves. Across 780 stores nationwide, The Vitamin Shoppe segment operates as an omnichannel specialty retailer of vitamins, minerals, herbs, specialty supplements, sports nutrition, and other health and wellness products under the BodyTech, True Athlete, plnt, The Vitamin Shoppe, ProBioCare, Fitfactor Weight Management System, and Vthrive The Vitamin Shoppe brands.
National Vision is the second largest and one of the fastest growing optical retail companies in the U.S. with over 1,300 stores in 44 states and Puerto Rico. America's Best Contacts & Eyeglasses is a discount provider of eye examinations, eyeglasses and contact lenses, with over 700 retail locations in the United States as of 2019. From 2005 to 2014, America's Best was a division of National Vision, a privately held portfolio company owned by Berkshire Partners. In 2014, National Vision, Inc, was sold to KKR, one of the most prominent private equity investors in the world.