Grace Building 853-857 Merrimon Ave 9,775 SF 100% Leased Retail Building Asheville, NC 28804 $2,800,000 ($286.45/SF)

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. 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.
The Grace Building is a solid, two-story, masonry and chestnut beam build. 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.