INNOVATE
Real Estate
Exterior from NW
Restaurant interior
Restaurant interior
Coffee house interior
Exterior with side parking lot
Adjacent lot
Parking lot and side (south) wall
Stairs to second level
Upstairs space
Upstairs space/studio
Upstairs space/studio
Back staircase to second level
Building lot (5129) and lot (7104)
Second floor restroom
Second floor restroom
photo 16
Rear wall meters
17 photos

$2,350,000

Asheville, NC 28804
Listed by Bill Steigerwald · Tessier Associates
Bedrooms
N/A
Bathrooms
N/A
Living area
N/A
Year built
1957

About this home

A rare property, 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.

Property details

MLS #
CAR4329956
Property type
Retail Center
Subdivision
N/A
Status
Active
Days on market
188
On market date
December 16, 2025
Stories
2
Garage spaces
N/A
Lot size
N/A

Location

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Nearby schools

Within 10 miles · public school directory data (NCES)

Elementary
Ira B Jones Elementary
0.26 mi away · Grades -1-5
Nearest school -- attendance-zone data not available here
3.3
Local Score (state rating (2025) blended 70/30 with student-teacher ratio) -- not an official state rating
State rating: C (2025)
Enrollment
389
Student:teacher ratio
13.0:1
District
Asheville City Schools
Middle
Asheville Middle
2.84 mi away · Grades 6-8
Zoned school (attendance boundary, 2015-16 data)
3.6
Local Score (state rating (2025) blended 70/30 with student-teacher ratio) -- not an official state rating
State rating: C (2025)
Enrollment
623
Student:teacher ratio
11.5:1
District
Asheville City Schools
High
Asheville High
3.76 mi away · Grades 9-12
Zoned school (attendance boundary, 2015-16 data)
4.0
Local Score (state rating (2025) blended 70/30 with student-teacher ratio) -- not an official state rating
State rating: B (2025)
Enrollment
1,135
Student:teacher ratio
13.2:1
District
Asheville City Schools

Mortgage calculator

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Est. monthly payment
$14,302/mo
$470,000 down
$1,880,000 loan
Principal & interest$12,194
Property tax (est.)$1,958
Home insurance (est.)$150

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Data source: Listing information provided by Canopy MLS (carolina) via Trestle/CoreLogic. Last updated June 22, 2026.

Information herein deemed reliable but not guaranteed; all measurements, school assignments, HOA fees, taxes, and feature lists are approximate and should be independently verified. Equal Housing Opportunity.