Updated Four-Unit
117 & 119 Spears Ave, Asheville, NC 28801
For Sale
$850,000
Two buildings provide four residences with recent updates and off-street parking in an established residential setting.
Property Size3,307 SF
Price / SF$257.03
Days on Market84
Property Features for 117 & 119 Spears Ave
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Nest Realty Asheville
Listed By:
Angie Cullen · License NC #252465
(828) 275-9757
Source:
Judy.lakenormanhomeguide
Added: Aug 22
Changed: Nov 7
Last Checked: Nov 12 at 9:51AM
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 Nest Realty Asheville
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Investment Insights
Based on property information with market context.
Located at 117 & 119 Spears Ave in Asheville, this 3,307-square-foot quadplex comprises two separate buildings with four individual residences. The first building includes a 2-bedroom, 2-bath main-level unit with an office, living room, dining room, kitchen, mudroom, front porch, and ensuite bath, plus an upstairs 1-bedroom, 1-bath residence with its own kitchen and living room. The second building contains a 1-bedroom, 1-bath unit with additional storage and a 2-bedroom, 1-bath unit. The property was built in 1915 and has received recent updates.
The four residences collectively offer 6 bedrooms and 5 baths. Off-street parking is available for residents of all four units. The property is situated on an established residential street with access to downtown Asheville, restaurants, shopping, local businesses, and everyday amenities.
The four residences collectively offer 6 bedrooms and 5 baths. Off-street parking is available for residents of all four units. The property is situated on an established residential street with access to downtown Asheville, restaurants, shopping, local businesses, and everyday amenities.
Key Highlights
- Four‑unit property across two separate buildings
- 3,307 square feet with 6 bedrooms and 5 baths
- Unit mix includes two 2‑bedroom residences and two 1‑bedroom residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,170
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$743,400
$743.4K
Cap Rate 7%
$531,000
$531.0K
Cap Rate 9%
$413,000
$413.0K
Market Conditions
NOI Build-Up for 3,307 SF
Gross rent
$60.3K $18.24/SF
− Vacancy
−$7.2K −$2.18/SF
EGI
$53.1K $16.06/SF
− OpEx
−$15.9K −$4.82/SF
NOI
$37.2K $11.24/SF
Area
Buncombe County, NC
Vacancy
11.97%
Lease Rate
$18.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$743,400
Cap Rate 7%
$531,000
Cap Rate 9%
$413,000
Alternative Uses
Best Use
Multifamily LT 5
$531.0K
$464.6K – $619.5K
NOI $37,170 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$460.6K
$403.0K – $537.3K
NOI $32,239 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$1.05M
$915.0K – $1.22M
NOI $73,200 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,230
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Two buildings provide four residences with recent updates and off-street parking in an established residential setting.
Where is this quadplex located?
The property is located at 117 & 119 Spears Ave Asheville, NC.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four‑unit property across two separate buildings; 3,307 square feet with 6 bedrooms and 5 baths; Unit mix includes two 2‑bedroom residences and two 1‑bedroom residences
