Historic Meadows Building in
For Sale
$2,600,000
114 N Lexington Ave, Asheville, NC 28801
Historic building with redevelopment potential in vibrant downtown Asheville.
Property Size7,042 SF
Price / SF$369.21
Days on Market473
Property Features for 114 N Lexington Ave
General Information
Standard status
Active
Size
7,042 SF
Listing Agency:
Likewise Commercial Real Estate
(828) 222-3685
Listed By:
Abigail Farrow · License #302812
(828) 333-2380
Source:
Exprealty
Added: Apr 24, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:00AM
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.
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.
Key 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.**
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
$130,652
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
5.03%
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%
$2,613,040
$2.6M
Cap Rate 7%
$1,866,457
$1.9M
Cap Rate 9%
$1,451,689
$1.5M
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
$178.3K $25.32/SF
− Vacancy
−$4.1K −$0.58/SF
EGI
$174.2K $24.74/SF
− OpEx
−$43.6K −$6.18/SF
NOI
$130.7K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /SF/Yr
Expense Ratio
25.00%
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%
$2,613,040
Cap Rate 7%
$1,866,457
Cap Rate 9%
$1,451,689
Alternative Uses
Best Use
Office B
$1.87M
$1.63M – $2.18M
NOI $130,652 @ 7.0% cap · market cap 5.03%
Second Best
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,435 @ 7.0% cap · market cap 3.79%
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,260
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
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.**
