Updated Two-Home Duplex
For Sale
$849,000
1110 3rd Avenue W, Hendersonville, NC 28739
Residential Income, Hendersonville, NC
Property Size3,140 SF
Lot Size0.59 Acres
Price / SF$270.38
Days on Market140
Property Features for 1110 3rd Avenue W
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-15
Bedrooms
3
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 4, Bedroom 1, Bedroom 2
Parking features
Open, Garage - Attached, Driveway
Pets allowed
Yes
Fireplace
1
Basement
Interior Entry, Daylight, Exterior Entry, Storage Space, Partially Finished, Walk-Out Access
Appliances
Dishwasher, Electric Oven, Refrigerator with Ice Maker, Self Cleaning Oven
Lot features
End Unit, Level, Private, Creek/ Stream
Elementary school
Unspecified
Middle school
Unspecified
High school
Unspecified
Directions
3 AVE W AND PALATKA street , turn off lights. Thanks!
Standard status
Active
APN
9969712
Lot size
0.59 Acres
Taxes and HOA fees
Tax Description
13 THUR 18 G A TURNER
Legal Description
13 THUR 18 G A TURNER
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central
Cooling system
Central Air
Amenities
tree house
screened in porch
wood fireplace
Building Details
Year built
1959
Number of units
2
Flooring type
Tile, Wood
Building materials
Brick Full, Cedar Shake
Roof type
Shingle
Listing Agency:
RE/MAX Results
(828) 489-3131
Listed By:
Bethany Stolevski · License #315215
(828) 290-9626
Added: Apr 25
Changed: Sep 7
Last Checked: Sep 11 at 2:06PM
MLS# 4325099
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.
Investment Insights
Based on property information with market context.
This duplex property comprises a larger residence and a separate cottage on a 0.59-acre lot in Hendersonville. The primary home provides 2,600 square feet across the main level and walkout basement, with a renovated kitchen, new appliances, updated bathrooms, fresh paint, new lighting, new HVAC, wood flooring, and a wood-burning fireplace. The basement has direct exterior access and additional design flexibility.
The second residence measures 540 square feet and includes one bedroom, one bathroom, a screened porch, fenced outdoor area, wood-burning fireplace, new roof, gutters, paint, and appliances. Both homes are served by public sewer and have driveway parking, while the larger residence also includes an attached garage. The property is situated between the Ecusta Trail and downtown Hendersonville, with Palatka Street maintained as a public city road.
The second residence measures 540 square feet and includes one bedroom, one bathroom, a screened porch, fenced outdoor area, wood-burning fireplace, new roof, gutters, paint, and appliances. Both homes are served by public sewer and have driveway parking, while the larger residence also includes an attached garage. The property is situated between the Ecusta Trail and downtown Hendersonville, with Palatka Street maintained as a public city road.
Key Highlights
- Two residences on 0.59 acres, including a 2,600‑square‑foot primary home and 540‑square‑foot cottage
- Primary home includes a walkout basement with direct exterior entry
- 540‑square‑foot cottage with 1 bedroom, 1 bathroom, and screened porch
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
$28,209
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
3.32%
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%
$564,180
$564.2K
Cap Rate 7%
$402,986
$403.0K
Cap Rate 9%
$313,433
$313.4K
Market Conditions
NOI Build-Up for 3,140 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
$47.1K $15.00/SF
− Vacancy
−$6.8K −$2.17/SF
EGI
$40.3K $12.83/SF
− OpEx
−$12.1K −$3.85/SF
NOI
$28.2K $8.98/SF
Area
Henderson County, NC
Vacancy
14.44%
Lease Rate
$15.00 /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%
$564,180
Cap Rate 7%
$402,986
Cap Rate 9%
$313,433
Alternative Uses
Best Use
Multifamily LT 5
$403.0K
$352.6K – $470.2K
NOI $28,209 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$356.5K
$311.9K – $415.9K
NOI $24,955 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$1.05M
$915.6K – $1.22M
NOI $73,250 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,337
Businesses Nearby
Explore this area
Business Placement
Demographics for 28739, NC
21,251
Population
11,083
Households
1.9
Avg Household Size
54
Median Age
44%
College-Educated
94%
High-School Grad
61.0 sq mi
ZIP Area
348
Density / Sq Mi
$70,464
Median Household Income
$35,934
Median Earnings
$995
Median Rent
$358,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 residences offer flexible long-term, short-term, guest, or owner-occupant use near downtown Hendersonville.
Where is this duplex located?
The property is located at 1110 3rd Avenue W Hendersonville, NC.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Two residences on 0.59 acres, including a 2,600‑square‑foot primary home and 540‑square‑foot cottage; Primary home includes a walkout basement with direct exterior entry; 540‑square‑foot cottage with 1 bedroom, 1 bathroom, and screened porch
