Three-Story Storefront
New
For Sale
$2,600,000
114 N Lexington Ave, Asheville, NC 28801
A renovated historic property with retail and commercial kitchen infrastructure on its lower level.
Property Size7,042 SF
Price / SF$369.21
Days on Market2
Property Features for 114 N Lexington Ave
General Information
Standard status
Active
Size
7,042 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
commercial kitchen infrastructure
dumbwaiter
platform passenger lift
wood flooring
high ceilings
natural light
east and west facing views
Building Details
Year Built
1926
Year Renovated
2008
Buildings
1
Stories
3
Listing Agency:
Likewise Commercial Real Estate
Listed By:
Abigail Farrow · License #302812
(828) 222-3685
Source:
Dreamteamunited
Added: Oct 4
Last Checked: Oct 4 at 2:09PM
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 Likewise Commercial Real Estate
Investment Insights
Based on property information with market context.
This three-level storefront building contains 7,042 SF and is listed on the National Register of Historic Places. A full renovation was completed in 2008, followed by roof replacement in 2021 and new windows in 2023. Interior features include wood floors, tall ceilings and natural light. The lower floor has retail space and commercial kitchen infrastructure, with a dumbwaiter serving all floors; a passenger platform lift reaches the upper two levels.
The property sits near I-240 and has frontage on two city streets. Views face east and west toward the mountains and city. Paid parking with 82 spaces is located across the street, with metered parking also available on the street.
The property sits near I-240 and has frontage on two city streets. Views face east and west toward the mountains and city. Paid parking with 82 spaces is located across the street, with metered parking also available on the street.
Key Highlights
- 7,042 SF across three floors
- Listed on the National Register of Historic Places
- Lower‑level retail area and commercial kitchen infrastructure; dumbwaiter reaches all 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
$82,569
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
3.18%
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%
$1,651,380
$1.7M
Cap Rate 7%
$1,179,557
$1.2M
Cap Rate 9%
$917,433
$917.4K
Market Conditions
NOI Build-Up for 7,042 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
$120.0K $17.04/SF
− Vacancy
−$2.0K −$0.29/SF
EGI
$118.0K $16.75/SF
− OpEx
−$35.4K −$5.03/SF
NOI
$82.6K $11.73/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$17.04 /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%
$1,651,380
Cap Rate 7%
$1,179,557
Cap Rate 9%
$917,433
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,569 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $155,874 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,260
Businesses Nearby
287k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 39%
Dining 21%
Hotels & Casinos 18%
Shops & Services 16%
Trader Joe's
Groceries
46,740 visits/mo
0.3 miles
Harris Teeter
Groceries
45,099 visits/mo
0.4 miles
Chick-fil-A
Dining
41,844 visits/mo
0.5 miles
Whole Foods Market
Groceries
20,347 visits/mo
0.3 miles
Shell
Shops & Services
20,324 visits/mo
0.2 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Studio Flora Diva Inc — 1 Page Ave #112-H, Asheville, NC 28801
- Bloomin' Art — 60 Haywood St, Asheville, NC 28801
- Shady Grove Flowers — 65 N Lexington Ave, Asheville, NC 28801
- Ditsy Flowers — 65 Merrimon Ave #1232, Asheville, NC 28801
- Thoughtfully Curated — 1 Cherokee Rd, Asheville, NC 28801
Frequently Asked Questions
What type of property is this?
Storefront property - A renovated historic property with retail and commercial kitchen infrastructure on its lower level.
Where is this storefront property located?
The property is located at 114 N Lexington Ave Asheville, NC.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 7,042 SF across three floors; Listed on the National Register of Historic Places; Lower‑level retail area and commercial kitchen infrastructure; dumbwaiter reaches all floors
