New NCDOT I-40 interchange
A major demand catalyst: improved regional truck and employee access, higher visibility, and potential to capture highway-oriented retail and services at the node.
Investment offering
865 Blue Ridge RdBlack Mountain, NC 28711
Large-tract Light Industrial zoning, value created by the new interchange, and scarce industrial supply give this site real upside as a medium to long-term investment and development opportunity.
Acreage
±48.94 ac
Four (4) parcels
List price
$6,000,000
$122,599 per acre
Zoning
Light Industrial (LI)
Town of Black Mountain
Highway frontage
±2,500 ft on I-40 and Hwy 70
1.25 mi to downtown Black Mountain
Offering summary
Four parcels, one contiguous site
Situated in the picturesque Swannanoa River Valley, the property boasts exceptional views while having the strategic convenience of approximately 2,500 ft of high-visibility frontage on I-40 and Hwy 70.
| Parcel PIN | Acres | Zoning |
|---|---|---|
| 60962256000000 | 20.40 | Light Industrial (Blk Mtn) |
| 60952567400000 | 17.56 | Light Industrial (Blk Mtn) |
| 60963702700000 | 10.55 | Light Industrial (Blk Mtn) |
| 60941152300000 | 0.43 | Light Industrial (Blk Mtn) |
| Total | 48.94 |
- Water
- Black Mountain
- Sewer
- MSD
- Gas
- Dominion Energy
- Power
- Duke Energy
Location
Fifteen minutes east of Asheville, on the interstate
The Swannanoa River Valley corridor between Asheville and Black Mountain carries the region's industrial base: Kearfott, Hedrick Industries and Ingles, alongside Warren Wilson College, Montreat College's expansion, and the greenway into town.
1.25Miles · Downtown Black Mountain
13.5Miles · Downtown Asheville
115Miles · Charlotte
1.5Miles · Greenway to downtown
Property highlights
What makes the site rare
Light Industrial (LI) zoning
One of the largest sites zoned Light Industrial. The set of ordinances lends itself to an array of uses.
Greenway connectivity
Direct connectivity to established greenway, 1.5 miles to Downtown Black Mountain.
Utilities on site
Water, sewer, gas and power are all available at the property.
Positioned for
- Industrial and logistics uses
- Scalable manufacturing
- Medical
- Flex development
- Environmentally integrated design leveraging flood-area conservation
Best uses under current zoning
Land & resilience
Constraint turned into amenity
Conservation & resilience
Areas influenced by floodplain can be used strategically to enhance the development program:
- Riparian conservation
- Natural stream buffering
- Constructed wetlands
- Enhanced stormwater management facilities
- Stream restoration partnerships
- Water-quality enhancement zones
- Multi-use trail segments
- Park (private or public)
- Nature corridor tie-ins to nearby public assets
The catalyst: NCDOT Project I-4409
A new I-40 interchange at the property's doorstep
The new interchange materially enhances access, freight mobility, and development visibility, strengthening the site's suitability for a wide range of potential uses.
Federal project
Administered by NCDOT and identified as Project # I-4409 in the State Transportation Improvement Plan (STIP).
On track after Helene
Hurricane Helene devastated the Swannanoa River Valley, but the project is on track, split into (A) finishing the new Blue Ridge Rd bridge in Fall '26 and (B) contract bids awarded Fall '27 for the interchange construction.
Fully funded
Funded with National Highway Performance Program (NHP) funds, which are federal funds.
The interchange will reduce congestion and create a new thoroughfare into the central business district of Black Mountain. The scope includes bike and pedestrian facilities: sidewalk and multi-use shared paths within the project footprint.
Improvements & rents
An income-producing covered land play
Existing structures and a 4.5-acre truck yard generate rent today while entitlement and the interchange timeline mature. All active leases are month to month. Additional financial information available upon request.
- 2 Story Conventional3,860 sf
- Class C #112,000 sf
- Class C #23,375 sf
- Truck Yard4.5 acres
$98,000Annual gross
M-T-MAll active leases
Existing due diligence
Work already on the shelf
Prior reports commissioned on the property are available to qualified parties upon request.
| Document | Past provider | Year |
|---|---|---|
| Survey | High Country Surveyors | 2008 |
| Land Planning | McGill Associates | 2017 |
| Geotech (23 acres) | S&ME (Matthew McCurdy) | 2006 |
| Environmental (Phase I and II) | Envirosouth | 2007, 2012, updated 2016 |
| Archaeological / Wetlands | Cushman Consulting Group (Larry Cushman) | 2017 |
Market analysis
Three markets, one corridor
A balance of urban sophistication with rural charm & tradition
- Market snapshot
- As the broader regional market surrounding Asheville, Buncombe County benefits from significant population growth (11% in 10 years) and employment growth (15% over 5). The county continues to attract industrial, logistics, and workforce-oriented multifamily development, supported by availability of larger sites compared to the city core.
- Demand drivers
- A diverse employment base, regional healthcare institutions, tourism, outdoor recreation, and continued in-migration drive demand for multifamily, mixed-use nodes, and industrial facilities. National and regional users continue to explore the market for distribution and light manufacturing operations.
- Supply & development constraints
- County-level land availability provides opportunities for larger development footprints; however, select corridors face infrastructure or environmental constraints. Industrial supply remains limited relative to demand, which continues to place upward pressure on rents and land values.
- Pricing & cap-rate context
- Industrial and workforce multifamily assets across the county generally trade at competitive cap rates, with pricing influenced by access to major corridors, utility availability, and scale. Mixed-use assets near growth nodes achieve stronger pricing due to rising residential and commercial demand.
- Outlook
- Hurricane Helene recovery grants and initiatives have provided an economic stimulus to maintain regional growth trends. Buncombe County remains positioned for continued expansion in industrial, multifamily, and mixed-use development. Investors should expect sustained demand for well-located land and income-producing assets benefiting from regional population and employment trends.
Mountain beauty, community-driven, and easy Asheville access
- Market snapshot
- Black Mountain offers a small but steadily growing commercial landscape with demand concentrated in land, boutique mixed-use, and growing industrial opportunities. The town benefits from proximity to Asheville (15 minutes) while maintaining its own strong identity and local economic base. It draws visitors from all over the region due to its close proximity to classic trail networks in both Pisgah National Forest and Montreat College's wilderness area.
- Demand drivers
- Population growth, strong local services, and a growing base of small businesses support demand for multifamily and neighborhood-scale commercial uses. Outdoor-oriented industries and local manufacturers contribute to light-industrial stability. Montreat College and Warren Wilson College pad the scenic mountain town.
- Supply & development constraints
- Commercial land inventory is limited, and opportunities for larger-scale multifamily or industrial development are constrained by topography and zoning. Mostly smaller parcels and adaptive-reuse sites dominate available supply.
- Pricing & cap-rate context
- Cap rates tend to be slightly higher than Asheville due to market scale and liquidity, though well-located mixed-use or multifamily assets could achieve favorable pricing based on strong tenant retention and local demand.
- Outlook
- Well-positioned land, multifamily, and small industrial projects should see healthy long-term demand, with limited new supply providing stability for existing and planned developments.
The economic & cultural center of Western North Carolina
- Market snapshot
- Asheville functions as the region's primary commercial and employment center, with continued demand across multifamily, light industrial, and mixed-use development. Land availability within city limits remains constrained, supporting long-term value for infill and redevelopment sites.
- Demand drivers
- Consistent in-migration, a strong healthcare and professional services base, and a large tourism sector sustain multifamily absorption and support mixed-use and retail components. Employers continue to expand in the medical, logistics, and advanced manufacturing sectors.
- Supply & development constraints
- Limited infill parcels, increasing construction costs, and regulatory review timelines create natural barriers to new supply. Industrial inventory is especially constrained, with select submarkets reporting structurally low availability.
- Pricing & cap-rate context
- Core multifamily and stabilized mixed-use assets generally trade at compressed cap rates relative to the broader region. Industrial assets remain highly sought after, with premiums placed on modern clear-height facilities and functional layouts.
- Outlook
- Expect stable performance across industrial and multifamily sectors, with measured growth in mixed-use and redevelopment projects as demand continues to outpace new supply opportunities.
Comparable sales
Recent land trades in the region
| Address | Submarket | Acres | Price | Sale date | Per acre | Zoning |
|---|---|---|---|---|---|---|
| 24 Queen Rd | Candler | 25.18 | $3,500,000 | 12/5/2024 | $138,999 | OU |
| 202 Whitson Ave | Swannanoa | 42.28 | $4,700,000 | 5/20/2019 | $111,153 | EMP |
| 74 Blue Heron Dr | Fletcher | 25.00 | $3,500,000 | 2/13/2023 | $140,000 | OU |
| 184 Mills Gap Rd | Fletcher | 57.70 | $8,550,000 | 11/1/2022 | $148,180 | M-1 |
Additional offering
Available together as one assembly
Both tracts are offered together as a single contiguous land assembly on either side of the new interchange, the largest offering of its kind along an interstate corridor in Western North Carolina.
±198.75Combined acres
$19,500,000Combined list price
2Sites, opposite sides of the interchange
±149.85 ac · Employment (EMP) · $13,500,000
Contact
Exclusively offered by LGR Commercial
Offering memoranda, due diligence documents and additional financial information are available to qualified parties on request.
