Mixed-Use Asset on Pack
For Sale
$4,400,000
122 College Street, Asheville, NC 28801
Turnkey mixed-use property with commercial income in place.
Property Size11,885 SF
Price / SF$370.21
Days on Market626
Property Features for 122 College Street
General Information
Standard status
Active
Size
11,885 SF
Property subtype
General Commercial
Amenities
3
Mountain, City
Building Details
Year Built
1917
Listing Agency:
Whitney Commercial Real Estate
(828) 279-0090
Listed By:
Whitney Commercial Real Estate · License #282322
(828) 279-0090
Source:
Xome
Added: Dec 3, 2024
Changed: Aug 8
Last Checked: Aug 8 at 12:02PM
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 Whitney Commercial Real Estate
Investment Insights
Based on property information with market context.
Located on College Street, this mixed-use property offers a street-level restaurant with 3,000 SF and a full commercial kitchen, along with a 3,000 SF lower-level bar. The upper floors, accessed via a private entrance, feature two 2BR/2BA units and a 3BR/3.5BA luxury penthouse. The penthouse includes 25’ ceilings and a 380 SF loft, as well as a private rooftop terrace overlooking Pack Square Park. The residences feature exposed brick, high ceilings, and large windows with city and mountain views. The property is offered fully furnished and ready for immediate use or income generation. The property is located in Downtown Asheville. The total property size is 11,885 SF. Ownership options include holding as a turnkey mixed-use investment, occupying or leasing the residences, or pursuing a condominium conversion strategy with potential to resell individual units.
Key Highlights
- Turnkey mixed‑use property directly on Pack Square with existing commercial income.
- Luxury residences (two 2BR/2BA units and a 3BR/3.5BA penthouse) with private entrance, offered fully furnished.
- Penthouse features 25’ ceilings, a 380 SF loft, and a private rooftop terrace overlooking Pack Square Park.**
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
$166,132
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
3.78%
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%
$3,322,640
$3.3M
Cap Rate 7%
$2,373,314
$2.4M
Cap Rate 9%
$1,845,911
$1.8M
Market Conditions
NOI Build-Up for 11,885 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
$225.3K $18.96/SF
− Vacancy
−$3.8K −$0.32/SF
EGI
$221.5K $18.64/SF
− OpEx
−$55.4K −$4.66/SF
NOI
$166.1K $13.98/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$3,322,640
Cap Rate 7%
$2,373,314
Cap Rate 9%
$1,845,911
Alternative Uses
Best Use
Specialty Retail
$2.37M
$2.08M – $2.77M
NOI $166,132 @ 7.0% cap · market cap 3.78%
Second Best
Mixed Use
$1.81M
$1.59M – $2.12M
NOI $127,021 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$3.76M
$3.29M – $4.38M
NOI $263,073 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,196
Businesses Nearby
132k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 32%
Hotels & Casinos 30%
Groceries 15%
Office Supplies 8%
Whole Foods Market
Groceries
20,347 visits/mo
0.5 miles
Shell
Shops & Services
20,324 visits/mo
0.4 miles
Staples
Office Supplies
11,125 visits/mo
0.4 miles
State Employees Credit Union
Shops & Services
9,288 visits/mo
0.2 miles
Cambria Hotel Downtown Asheville
Hotels & Casinos
8,998 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Turnkey mixed-use property with commercial income in place.
Where is this mixed-use property located?
The property is located at 122 College Street Asheville, NC.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: Turnkey mixed‑use property directly on Pack Square with existing commercial income.; Luxury residences (two 2BR/2BA units and a 3BR/3.5BA penthouse) with private entrance, offered fully furnished.; Penthouse features 25’ ceilings, a 380 SF loft, and a private rooftop terrace overlooking Pack Square Park.**
