240 Mitchelle DrHendersonville, NC 28792

Property Details for 240 Mitchelle Dr

Year built

2002

Lot size

1.54 AC

Property size (Sq ft)

22,392 SF

Zone code

9965940~C-3

Property type

Retail properties

Property subtype

Other individual retail properties

APN

9579454533

APU

9579454533

Description

This exceptional 7.09-acre commercial property presents a prime investment opportunity in Hendersonville, NC's thriving Opportunity Zone. The offering includes a successfully operating 48-room Red Roof Inn, which can be purchased as part of the deal or repurposed for residential conversion within a larger housing development on the remaining acreage. This strategically located property boasts optimal access to two major highways, placing it within easy reach of both Asheville and the Greenville/Spartanburg area. Surrounded by major national retailers, this site is ideally positioned to capitalize on Henderson County's robust growth trajectory. The property is fully serviced, with existing sewer, 3-phase power, gas, and water lines already in place, making it "shovel ready" for immediate development. Zoned C-3, the property offers a wide range of commercial development possibilities. Located just five minutes from Hendersonville's historic downtown, which draws approximately two million tourists annually, this property benefits from a community experiencing significant population growth—nearly 12% in the last five years. The four parcels comprising this offering represent a rare chance to acquire a substantial commercial holding in a rapidly expanding market. This is a unique opportunity to invest in a high-growth area with existing infrastructure and significant potential for future development and returns. The combination of the existing hotel and the substantial undeveloped land provides flexibility for a variety of investment strategies.

• CAP approach

  CAP return

  Valuation

  6%

  $6,351,896

  6.5%

  $5,863,289

  7%

  $5,444,482

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,645,704

  Geo Method

  $4,645,704

• Alternative Use

  Use

  Valuation

  Residential

  $4,945,904

  Hospitality

  $4,530,421

  Educational

  $3,769,257

  Medical

  $3,898,888

  Retail

  $5,863,289

Location Insight

City

Hendersonville

County

Henderson

State

North Carolina

Latitude

35.3377

Longitude

-82.4393

CBSA code

11700

CBSA name

ASHEVILLE, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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