853 Merrimon Ave, Asheville, NC 28804

This property is well-located with great size AND extra parking (or development area). Plus, the Grace Building is also an historic building that defined the Grace neighborhood along with Grace Presbyterian Church. Starting out as a feed store, it gradually evolved to the combination of office and restaurant spaces it is today. Built in 1923, it was entirely renovated in 1957, with partial renovations in 1967, 1990, and again in 2021. 1800s. 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 RM8.