Quadplex with Detached
For Sale
$645,000
111-113 Stewart Street, Hendersonville, NC 28792
Adaptable property combines separate living, gallery, studio, and short-term rental spaces within a walkable setting.
Property Size2,739 SF
Price / SF$235.49
Days on Market49
Property Features for 111-113 Stewart Street
General Information
Standard status
Active
Size
2,739 SF
Property subtype
Fourplex
Additional Details
Utilities to Site
Yes
Amenities
fireplaces
sleeping porch
washer-dryer
Features: Level, Size: 0.28, Size Units: Acres
Description: Architectural Shingle
Description: Fenced, Full
Flooring: Vinyl, Wood
Man Level Garage: 0
Details: Window Unit(s)
Heating: Baseboard, Electric, Natural Gas, Wall Furnace
Description: In Kitchen, Mud Room
Days on Market: 28, Listing Price: 645000, Status: Active
Elementary: Hillandale, Middle/Junior High: Hendersonville, High School: Hendersonville
Total Bathrooms: 6
Finished Area Above Grade: 2739, Area: 2739, Architecture: Arts and Crafts, Bungalow, Cottage, Post and Beam, Building Area: 2739, Construction Materials: Aluminum, Shingle/Shake, Wood, Year Built: 1926, Construction Type: Site Built
City: Hendersonville, State: NC, Zip: 28792, County: Henderson, Subdivision: Stepp Jones Property, Directions: From Asheville: Follow I-26 E to Upward Rd in Henderson County. Take exit 53 from I-26 E 27 min (27.1 mi) Merge onto I-240 W/US-70 W/US-74 ALT W Continue to follow I-240 W/US-74 ALT W 1.8 mi Keep right to continue on I-26 E 25.2 mi Take exit 53 toward Hendersonville 0.2 mi Follow Upward Rd, US-176 W/US-25 BUS and Shepherd St to Stewart St in Hendersonville 6 min (2.8 mi) 113 Stewart St Hendersonville, NC 28792
Zoning: GHMU
Full Bathrooms: 4, Half Bathrooms: 0
Sewer: Public Sewer, Septic Installed, Water Source: City, Utilities: Cable Available, Electricity Connected, Natural Gas, Wired Internet Available
Description: Yes
Auction Y/N: 0
Features: Fire Pit, Patio Features: Covered, Deck, Enclosed, Front Porch, Porch, Rear Porch, Screened
Description: Bar Fridge, Dryer, Electric Water Heater, Gas Range, Microwave, Refrigerator, Washer, Washer/Dryer
Building Details
Building Size
2,739 SF
Year Built
1926
Year Renovated
2020
Buildings
3
Abandoned
No
Listing Agency:
Howard Hanna Beverly-Hanks Asheville-Downtown
(828) 254-7221
Listed By:
Michelle Turner
(828) 365-6500
Source:
Blackstreaminternational
Added: Aug 1
Changed: Sep 17
Last Checked: Sep 18 at 6:33AM
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 Howard Hanna Beverly-Hanks Asheville-Downtown
Investment Insights
Based on property information with market context.
This 1926 property at 111-113 Stewart Street includes a main house, a garage studio, and a detached former writer’s cottage now used as a short-term rental. The studio has a full bath, kitchenette, work area, and loft. The main house provides separate access to a ground-floor gallery and an upper living area with two bedrooms, a full bath, kitchen, living room, and sleeping porch. Two lower-level fireplaces use gas logs, while the upstairs fireplace can operate with gas logs or wood. The cottage includes a full bath, kitchen, stacked washer-dryer, and its own septic system; a tie-in for city sewer is already installed.
The property is approximately four minutes on foot from A Southern Cup Fine Teas via Greenville Highway, with Flat Rock Wood Room even closer. Building improvements include updated wiring and plumbing in the main house and cottage, studio wiring and plumbing installed between 2011 and 2019, and new roofs on all three buildings in 2020. The cottage is set apart by mature mountain laurel, rhododendron, and hardwoods.
The property is approximately four minutes on foot from A Southern Cup Fine Teas via Greenville Highway, with Flat Rock Wood Room even closer. Building improvements include updated wiring and plumbing in the main house and cottage, studio wiring and plumbing installed between 2011 and 2019, and new roofs on all three buildings in 2020. The cottage is set apart by mature mountain laurel, rhododendron, and hardwoods.
Key Highlights
- Main house, garage studio, and detached cottage on one property
- 2,739 property size
- 1926 construction year
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
$47,922
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
7.43%
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%
$958,440
$958.4K
Cap Rate 7%
$684,600
$684.6K
Cap Rate 9%
$532,467
$532.5K
Market Conditions
NOI Build-Up for 2,739 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
$65.7K $24.00/SF
− Vacancy
−$1.8K −$0.67/SF
EGI
$63.9K $23.33/SF
− OpEx
−$16.0K −$5.83/SF
NOI
$47.9K $17.50/SF
Area
Henderson County, NC
Vacancy
2.80%
Lease Rate
$24.00 /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%
$958,440
Cap Rate 7%
$684,600
Cap Rate 9%
$532,467
Alternative Uses
Best Use
Office B
$684.6K
$599.0K – $798.7K
NOI $47,922 @ 7.0% cap · market cap 7.43%
Second Best
Multifamily LT 5
$351.5K
$307.6K – $410.1K
NOI $24,607 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$912.8K
$798.7K – $1.06M
NOI $63,895 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 28792, NC
35,962
Population
18,121
Households
2
Avg Household Size
44
Median Age
26%
College-Educated
87%
High-School Grad
102.9 sq mi
ZIP Area
349
Density / Sq Mi
$55,066
Median Household Income
$32,312
Median Earnings
$1,131
Median Rent
$249,300
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?
Quadplex - Adaptable property combines separate living, gallery, studio, and short-term rental spaces within a walkable setting.
Where is this quadplex located?
The property is located at 111-113 Stewart Street Hendersonville, NC.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Main house, garage studio, and detached cottage on one property; 2,739 property size; 1926 construction year
