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    39 N Lexington Avenue Asheville, NC 28801

    View on Map
    For Sale
    $5,675,000

    SINGLE_FAMILY - Asheville, NC

    Type:Retail
    Property size:
    8,000 SF
    Added:
    Aug 24, 2025
    Days on Market:
    220
    Last Refresh:
    Mar 31 at 5:06 pm

    Property Features for 39 N Lexington Avenue

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Zoning
    CBD
    Security features
    Security System
    Patio and Porch features
    Patio, Porch
    Standard status
    Active
    APN
    9649-30-8769-C0001
    Size
    8,000 SF

    Taxes and HOA fees

    TaxDescription
    DEED DATE: 2022-12-29 DEED: 6286-1660 SUBDIV: MORRISON CONDOMINIUMS BLOCK: LOT: SECTION: PLAT: 0000-0000

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump

    Building Details

    Year built
    1916
    Flooring type
    Concrete
    Building materials
    Brick Full
    Roof type
    Flat

    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 Aug 24, 2025

    MLS# 4294933

    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

    Brewery/Restaurant Space in Downtown Asheville

    Located at 39 N. Lexington Avenue in Asheville, NC, this retail condo offers a versatile commercial property in downtown. Constructed in 1916, the historic building features a brick facade and has previously housed the Oscar Blues Brewery and Bold Rock Hard Cider/Taproom. The space is configured as a full brewery with a 15-barrel brewhouse and a fully equipped restaurant, bar, and commercial kitchen. It includes 7,000 square feet of retail space and 1,000 square feet of dry/cold storage on the second floor off Rankin Ave. Situated in the heart of Downtown Asheville, the property benefits from the city's reputation as a tourism hotspot. This location presents an excellent opportunity for businesses seeking a prominent downtown presence.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bold Rock Asheville Restaurant Collaboratory Production Facility

    Suggested Use

    Restaurant Dental Office Hair Salon Real Estate Agency Spa & Massage Center Nail Salon Law Firm Building Supply Daycare Center Kitchen & Bath Showroom

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

    Similar Places Nearby

    • Eulogy — 10 Buxton Ave, Asheville, NC 28801
    • Anoche Asheville — 176 Clingman Ave, Asheville, NC 28801
    • Asheville Sports Club — 137 Coxe Ave, Asheville, NC 28801
    • Antidote at Chemist Spirits — 151 Coxe Ave, Asheville, NC 28801
    • Chemist Spirits — 151 Coxe Ave, Asheville, NC 28801

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.553428
    Latitude
    35.596143

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    FAQs

    What type of property is this?
    Bar & Pub - Fully equipped brewery and restaurant in the heart of Asheville.
    Where is this bar & pub located?
    The property is located at 39 N Lexington Avenue Asheville, NC.
    What is the asking price?
    The asking price for this property is $5,675,000.
    What are key features of this property?
    This property features: Fully equipped brewery and restaurant featuring a **15‑barrel brewhouse and commercial kitchen.**; **Prime downtown Asheville location** on N. Lexington Avenue, capitalizing on high tourism.; Versatile 7,000 sq ft retail space with an additional 1,000 sq ft of dry/cold storage.
    (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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