Historic Creative Workspace
For Sale
$4,800,000
109 Roberts St, Asheville, NC 28801
Five-floor building in Asheville’s River Arts District, currently operating as a multi-artist creative workspace.
Property Size20,800 SF
Price / SF$230.77
Days on Market76
Property Features for 109 Roberts St
General Information
Standard status
Active
Size
20,800 SF
Property subtype
Retail
Building Details
Building Size
20,800 SF
Year Built
1928
Stories
5
Listing Agency:
Dewey Property Advisors
Listed By:
Jay Lurie · License #NC #192865
(828) 216-8462
Source:
Deweypa
Added: Jun 25
Changed: Sep 7
Last Checked: Sep 7 at 8:26AM
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 Dewey Property Advisors
Investment Insights
Based on property information with market context.
Phil Mechanic Studios is a historic creative workspace building totaling more than 20,800 square feet across five floors. The property has been used as an arts-focused workspace for more than 35 artists and creative businesses, supporting a multi-tenant studio environment within the same structure.
The building is located at 109 Roberts Street in Asheville’s River Arts District. It is described as adjacent to The Radical Hotel and positioned between The Radical Hotel and The Wedge Studio’s. The sale also includes a parking lot across the street on the corner.
This offering is best suited for buyers seeking an established creative workspace footprint with multiple artist tenants in place and the added convenience of included off-site parking. The building’s five-floor configuration supports a range of studio uses for creative and office users that fit within a dedicated, arts-oriented environment.
The building is located at 109 Roberts Street in Asheville’s River Arts District. It is described as adjacent to The Radical Hotel and positioned between The Radical Hotel and The Wedge Studio’s. The sale also includes a parking lot across the street on the corner.
This offering is best suited for buyers seeking an established creative workspace footprint with multiple artist tenants in place and the added convenience of included off-site parking. The building’s five-floor configuration supports a range of studio uses for creative and office users that fit within a dedicated, arts-oriented environment.
Key Highlights
- 5‑floor creative workspace building in Asheville’s River Arts District
- Built in 1928
- More than 20,800 SF across five floors
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
$385,907
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
8.04%
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%
$7,718,140
$7.7M
Cap Rate 7%
$5,512,957
$5.5M
Cap Rate 9%
$4,287,856
$4.3M
Market Conditions
NOI Build-Up for 20,800 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
$526.7K $25.32/SF
− Vacancy
−$12.1K −$0.58/SF
EGI
$514.5K $24.74/SF
− OpEx
−$128.6K −$6.18/SF
NOI
$385.9K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /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%
$7,718,140
Cap Rate 7%
$5,512,957
Cap Rate 9%
$4,287,856
Alternative Uses
Best Use
Office B
$5.51M
$4.82M – $6.43M
NOI $385,907 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.58M
$5.76M – $7.67M
NOI $460,406 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,938
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Five-floor building in Asheville’s River Arts District, currently operating as a multi-artist creative workspace.
Where is this creative space located?
The property is located at 109 Roberts St Asheville, NC.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 5‑floor creative workspace building in Asheville’s River Arts District; Built in 1928; More than 20,800 SF across five floors
