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    The Largest CRE Database in the US with Over 1 Million Listings

    173 E Chestnut St Asheville, NC 28801

    Sponsored
    For Sale
    $4,500,000

    SINGLE_FAMILY - Asheville, NC

    Type:Office
    Property size:
    4,500 SF
    Lot size:
    0.68 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 25 at 7:06 pm

    Property Features for 173 E Chestnut St

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    Rooms
    Basement, Bathroom 2, Bathroom 7, Bathroom 3, Bathroom 6, Bathroom 5, Bathroom 1, Bathroom 4
    Bathrooms
    7
    APN
    9649-43-9135-00000
    Basement
    Unfinished
    Size
    4,500 SF
    Lot size
    0.68 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1889
    Number of units
    14
    Flooring type
    Wood
    Building materials
    Wood
    Roof type
    Composition

    We can help!

    Listing Contact
    Jay Lurie
    Jay Lurie

    Scott Carter (828) 255-4663

    Listing agent Jay Lurie (828) 216-8462

    Listing date Feb 23, 2026

    MLS# 4303292

    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.

    Learn more

    Property Insight Report

    Overview

    Asheville Bed and Breakfast Opportunity

    Located just a few blocks from downtown Asheville on East Chestnut Street, this property offers immediate income potential and long-term versatility. Originally built in 1889, the 4,500+/- square foot building is currently operating as a bed and breakfast. The property is zoned Office, with the bed and breakfast use being grandfathered in. The flexible interior space is suitable for continued hospitality use, a boutique inn, professional office conversion, gallery, or creative workspace. The location provides walkability, visibility, and year-round demand, with proximity to restaurants, retail, hotels, and entertainment venues. Easy access to parking, public transit, and major thoroughfares enhances its value. Situated on a 0.68-acre lot, this property is suitable for an owner-operator, investor, or future repositioning. It combines historic character with income potential in a desirable downtown corridor.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Blind Tiger Asheville Hotel & Motel

    Suggested Use

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

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

    Similar Places Nearby

    Indigo hotel, The Asheville Club at 151, Downton Annie Apartments, The Vester at Asheville, Biltmore Loft & Studio

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.550076
    Latitude
    35.602702

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    FAQs

    What type of property is this?
    Bed & breakfast - Historic property near downtown Asheville with income potential.
    Where is this bed & breakfast located?
    The property is located at 173 E Chestnut St Asheville, NC.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: - Prime downtown Asheville location on East Chestnut Street, offering exceptional walkability and visibility.; - Substantial 4,500+\/- sq ft property with immediate income potential as an operating bed and breakfast.; - Flexible Office zoning (B&B grandfathered) allows for diverse uses: hospitality, office, gallery, or creative workspace.
    (828) 216-8462
    Request Owner's contact information
    173 E Chestnut St Asheville, NC 28801
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    Asheville, NC 28801
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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
    173 E Chestnut St Asheville, NC 28801
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    We can help!
    Listing Contact
    Jay Lurie
    Jay Lurie
    Real Estate License ID: 192865
    (828) 216-8462 (828) 255-4663
    Learn more
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