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    124 College Street Asheville, NC 28801

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    For Sale
    $4,900,000

    SINGLE_FAMILY - Asheville, NC

    Type:Office
    Property size:
    24,000 SF
    Lot size:
    0.14 Acres
    Added:
    Dec 4, 2025
    Days on Market:
    117
    Last Refresh:
    Mar 31 at 4:06 pm

    Property Features for 124 College Street

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    CBD
    Accessibility
    Accessible Elevator Installed
    Standard status
    Active
    APN
    9649-40-7763-00000
    Size
    24,000 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    TaxDescription
    DEED DATE:01/03/2018 DEED:5626-0021 SUBDIV:SMITH ESTATE PROP LOT:3-4 BLOCK:1 PLAT:0154-0159

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer

    Building Details

    Year built
    1912
    Flooring type
    Wood
    Building materials
    Brick Full
    Roof type
    Built-Up

    We can help!

    Listing Contact
    Jay Lurie
    Jay Lurie

    Listing agent Jay Lurie License #192865

    Listing office The Real Estate Center 159 South Lexington Avenue, Asheville, NC

    Listing date Dec 4, 2025

    MLS# 4319033

    Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Asheville Mixed-Use Opportunity

    This mixed-use property, formerly the Old Blanton School, is located at 124 College St in downtown Asheville, North Carolina. The brick building offers approximately 24,000 square feet of space under roof, with each of its four levels measuring approximately 6,000 square feet. All levels are heated and cooled and equipped with a sprinkler system. Situated on a 0.14-acre lot, the property is zoned CBD. The main and lower levels, previously Room 9 Nightclub, are currently vacant and offer a blank canvas for development. The second floor is leased to Sola Salon, providing a stable income stream. The top (third) floor is also vacant and presents opportunities for creative or business ventures, with potential for residential development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Room Nine Nightclub The Color Lab Hair Salon Cutting Edge Hair ... Hair Salon Holiday Grooms Hair Salon Erin Johnston - Cutting ... Hair Salon

    Suggested Use

    Restaurant Real Estate Agency Dental Office Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5504
    Latitude
    35.596076

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    FAQs

    What type of property is this?
    Mixed-use property - 24,000 SF mixed-use building in downtown Asheville for sale.
    Where is this mixed-use property located?
    The property is located at 124 College Street Asheville, NC.
    What is the asking price?
    The asking price for this property is $4,900,000.
    What are key features of this property?
    This property features: 24,000 sq ft brick building in downtown Asheville; Four levels, each approximately 6000 sq ft, all heated and cooled; **Main and top (third) floors are vacant, offering flexible development opportunities**
    (828) 216-8462
    We can help!
    Listing Contact
    Jay Lurie
    Jay Lurie
    Real Estate License ID: 192865
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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