Grace Building 853-857 Merrimon Ave

A rare find, 2 parcels together offering .78 acres, with 2 parcels on the Merrimon corridor in North Asheville, can be a redevelopment and investment opportunity sited on high traffic Merimon Avenue in the heart of the desirable Grace Neighborhood. Currently only 50% occupied, when fully occupied can bring 4.5% CAP rate.
This property is perfectly situated halfway between Downtown Asheville and Downtown Weaverville. It is just a 3-minute drive or a short 10-minute bus ride to UNC Asheville. It has connections to UNCA and downtown Asheville via 2 bus routes and is surrounded by 4 separate Asheville transit bus stops. Vehicles per Day counts at the intersection of Ottari and Merrimon are at 16,500 as sited by the NC DOT.
It is in the most walkable community in North Asheville. It is a short ½ mile walk to Beaver Lake and is surrounded by the most desirable north Asheville residential areas of Lakeshore, Beaver Lake, Sunset Mountain-Grove Park, and Horizon Hill. It is a walkable location to over 5500 residences with in a ½ mile radius from its location. It sits at the end of the Merrimon commercial Corridor and zoned CBI in Asheville Zoning. CB1 zoning is a liberal City of Asheville ordinance enabling a multitude of uses, including retail, food / beverage / brewing, professional office, medical office, fitness, studios, gas sales / c-store, mobile food vending, among others.
These 2 parcels have up over 125ft of high visibility Merimon Avenue street frontage and provides an ideal opportunity for a mixed-use redevelopment project or an investment opportunity with little capital investment. The second lot is .47 acres with .31 acres usable for offering the rare parking opportunities that so many Merrimon businesses lack.
Existing early 1900s two story masonry and chestnut beam building may have potential for adaptive reuse and incorporation into new master plan, buyer to verify. The original building has plenty of history as the Grace Feed and Seed back in the 1920’s and served as the trolley transfer station from the Weaverville/North Buncombe line and the Asheville City trolley line up until the 1930’s, with rails still located under the parking pavement. The location has had a restaurant in operation continuously since 1933, and always drives good solid restaurant tenants. It creates $90,000 of revenue generating income per year as it is with only 50% of the building occupied, but with limited capital investment, it has the potential to drive over $15,000 monthly income with the high rent by square foot prices in the area. The lot is also large enough to redevelop the property all together. The options are limitless, don't miss this chance to participate in the rapidly expanding north side of town!