Updated Four-Unit
For Sale
$850,000
117 & 119 Spears Ave, Asheville, NC 28801
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 Market14
Property Features for 117 & 119 Spears Ave
General Information
Standard status
Active
Size
3,307 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
4
Building Details
Year Built
1915
Buildings
2
Listing Agency:
Nest Realty Asheville
Listed By:
Angie Cullen angie@nestrealty.com
Source:
Judy.lakenormanhomeguide
Added: Sep 14
Changed: Sep 18
Last Checked: Sep 26 at 7:26AM
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 Nest Realty Asheville
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 = 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
$37,170
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
4.37%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,230
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
