Description
Great location very near Asheville Mall. A business/community center, Haw Creek' little town with rich long history and culture as fondly storied in Asheville Citizen-Time (4/14/2002), this big property with 2.22 acres is home to a well established and liked restaurant, coffee shop, childcare center, and beer and wine shop. Very few businesses in Asheville have so much community feel, parking AND play spaces etc. Right across its big parking lot is a city park - Haw Creek Park. Very reliable cash cow and equity buildup year after year. Total net rent income is $129,348/yr, which translates to a ~$2.15 million property price based on the commonly used 6% CAP rate. It would be about $2.6 million based on building square footage (10,851 SF x $240/SF = $2.6 m) or comparable sales. In addition, one may wish to build some offices, apartments on the back portion of the big parking lot in the future and add more value.
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0BEDS
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2.22ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Offered by Buncombe Realty: 828-301-2021. Copyright 2023 Canopy MLS. All rights reserved.Description
Great location very near Asheville Mall. A business/community center, Haw Creek' little town with rich long history and culture as fondly storied in Asheville Citizen-Time (4/14/2002), this big property with 2.22 acres is home to a well established and liked restaurant, coffee shop, childcare center, and beer and wine shop. Very few businesses in Asheville have so much community feel, parking AND play spaces etc. Right across its big parking lot is a city park - Haw Creek Park. Very reliable cash cow and equity buildup year after year. Total net rent income is $129,348/yr, which translates to a ~$2.15 million property price based on the commonly used 6% CAP rate. It would be about $2.6 million based on building square footage (10,851 SF x $240/SF = $2.6 m) or comparable sales. In addition, one may wish to build some offices, apartments on the back portion of the big parking lot in the future and add more value.
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