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Historic Meadows Building in Downtown

114 N Lexington Ave, Asheville, NC 28801

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For Sale

$2,600,000

Historic building with redevelopment potential in vibrant downtown Asheville.

Property size:

7,042 SF

Price / SF:

$369/SF

HighLights

High‑visibility location at a signalized intersection off I‑240 with road frontage on two major city streets.
Historic building listed on the National Register of Historic Places.
7,042 SF with 3 floors of usable space suitable for redevelopment or alternate uses.
Commercial kitchen infrastructure and dumbwaiter accessing all floors.
Recent upgrades including a new roof (2021) and new windows (2023).
Mountain and cityscape views with ample natural light.

We can help!

Listing Contact

Abigail Farrow

Learn more

For Sale

$2,600,000

Historic building with redevelopment potential in vibrant downtown Asheville.

Property size:

7,042 SF

Price / SF:

$369/SF

Added:: Apr 24, 2025
Days on Market:: 416
Last Refresh:: Apr 5 at 8:28 pm

Property Features for 114 N Lexington Ave

General Information

Standard status: Active
Size: 7,042 SF

We can help!

Listing Contact

Abigail Farrow

Listing agent Abigail Farrow

Listing office Likewise Commercial Real Estate

Listing date Apr 24, 2025

Source Exprealty

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

HighLights

High‑visibility location at a signalized intersection off I‑240 with road frontage on two major city streets.
Historic building listed on the National Register of Historic Places.
7,042 SF with 3 floors of usable space suitable for redevelopment or alternate uses.
Commercial kitchen infrastructure and dumbwaiter accessing all floors.
Recent upgrades including a new roof (2021) and new windows (2023).
Mountain and cityscape views with ample natural light.

Overview

The historic Meadows Building, listed on the National Register of Historic Places, is located in Downtown Asheville. The 7,042 square foot building features three floors of usable space and is situated at a signalized intersection off I-240, offering interstate visibility and road frontage from two major city streets. The layout is conducive to redevelopment or alternate uses, providing value-add income potential. The lower level includes a retail area and commercial kitchen infrastructure with a dumbwaiter accessing all floors. A platform passenger lift services the upper two levels. Interior features include wood flooring, high ceilings, natural light, and east and west-facing views of the mountains and cityscape. The building underwent a full-scale renovation in 2008, with a new roof installed in 2021 and new windows in 2023. Paid parking with 82 spots is available directly across the street, with additional metered street parking.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$178.3k	$25.32
− Vacancy	−$4.1k	−$0.58
EGI	$174.2k	$24.74
− OpEx	−$43.6k	−$6.18
NOI	$130.7k	$18.55

7,042 SF · lease $25.32/SF/yr · vacancy 2.30% · expense 25.00%

Alternative Uses

Best Use

Office B

$1.87M

$1.63M – $2.18M (±1% cap)

NOI $130,652 @ 7.0% cap · market cap 5.03%

Second Best

Specialty Retail

$1.41M

$1.23M – $1.64M (±1% cap)

NOI $98,435 @ 7.0% cap · market cap 3.79%

Theoretical Best

Office A

$2.23M

$1.95M – $2.60M (±1% cap)

NOI $155,874 @ 7.0% cap · market cap 6.00%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Loretta's Café Event Planning

Suggested Use

Location Insight

Map
Local Demand

City: Asheville
County: Buncombe
State: North Carolina
Longitude: -82.5539
Latitude: 35.5987

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For sale
Office buildings
NC
Asheville
28801
114 N Lexington Ave

What type of property is this?

Office building - Historic building with redevelopment potential in vibrant downtown Asheville.

Where is this office building 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: High‑visibility location at a signalized intersection off I‑240 with road frontage on two major city streets.; Historic building listed on the National Register of Historic Places.; **7,042 SF with 3 floors of usable space suitable for redevelopment or alternate uses.**