Arts and Crafts
For Sale
$649,000
Pending
102 Courtland Avenue, Asheville, NC 28801
Two separately metered residences with private entrances, off-street parking, and a fenced yard near downtown Asheville.
Property Size2,165 SF
Days on Market38
Property Features for 102 Courtland Avenue
General Information
Standard status
Pending
Size
2,165 SF
Property subtype
Residential Income
Zoning
RS8
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
off-street parking
fenced yard
laundry
wood stove
Building Details
Building Size
2,165 SF
Year Built
1913
Buildings
1
Stories
2
Units
2
Construction
Arts and Crafts
Listing Agency:
Town and Mountain Realty
(828) 575-4428
Listed By:
Luiz Leonetti · License #277781
Source:
Roskindhomes
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 28 at 12:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Town and Mountain Realty
Investment Insights
Based on property information with market context.
This 1913 Arts and Crafts duplex includes two distinct residences, each with a private entrance, hardwood flooring, kitchen, bedrooms, full bath, and laundry. The main-level unit includes a renovated kitchen with gas range, island, and breakfast bar, plus a dining room, living room with wood stove, two bedrooms, two full baths, and a full basement. The upper unit offers a bright living room, kitchen with large pantry and breakfast bar, two bedrooms, a walk-in closet, full bath, and separate laundry.
The property fronts two streets and provides off-street parking, a fenced yard, and a rear everyday entrance. Gas, electric, cable, and internet are separately metered for each unit; water, sewer, and trash are shared. Improvements include two natural gas furnaces installed in 2023 and a metal roof. Located on Courtland Avenue in Asheville’s Montford neighborhood, the duplex is within walking distance of downtown Asheville and All Day Darling. Zoning is RS8, and there is no HOA.
The property fronts two streets and provides off-street parking, a fenced yard, and a rear everyday entrance. Gas, electric, cable, and internet are separately metered for each unit; water, sewer, and trash are shared. Improvements include two natural gas furnaces installed in 2023 and a metal roof. Located on Courtland Avenue in Asheville’s Montford neighborhood, the duplex is within walking distance of downtown Asheville and All Day Darling. Zoning is RS8, and there is no HOA.
Key Highlights
- 1913 Arts and Crafts duplex with two residential units
- Main‑level unit includes 2 bedrooms, 2 full baths, renovated kitchen, laundry, and full basement
- Upper unit features 2 bedrooms, walk‑in closet, full bath, pantry, and private laundry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,334
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$486,680
$486.7K
Cap Rate 7%
$347,629
$347.6K
Cap Rate 9%
$270,378
$270.4K
Market Conditions
NOI Build-Up for 2,165 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$39.5K $18.24/SF
− Vacancy
−$4.7K −$2.18/SF
EGI
$34.8K $16.06/SF
− OpEx
−$10.4K −$4.82/SF
NOI
$24.3K $11.24/SF
Area
Buncombe County, NC
Vacancy
11.97%
Lease Rate
$18.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$486,680
Cap Rate 7%
$347,629
Cap Rate 9%
$270,378
Alternative Uses
Best Use
Multifamily LT 5
$347.6K
$304.2K – $405.6K
NOI $24,334 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$301.5K
$263.8K – $351.8K
NOI $21,106 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$684.6K
$599.0K – $798.7K
NOI $47,922 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,790
Businesses Nearby
Explore this area
Business Placement
Demographics for 28801, NC
15,148
Population
8,490
Households
1.8
Avg Household Size
39
Median Age
53%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
2,970
Density / Sq Mi
$51,125
Median Household Income
$38,829
Median Earnings
$1,130
Median Rent
$481,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences with private entrances, off-street parking, and a fenced yard near downtown Asheville.
Where is this duplex located?
The property is located at 102 Courtland Avenue Asheville, NC.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 1913 Arts and Crafts duplex with two residential units; Main‑level unit includes 2 bedrooms, 2 full baths, renovated kitchen, laundry, and full basement; Upper unit features 2 bedrooms, walk‑in closet, full bath, pantry, and private laundry
