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    122 College St Asheville, NC 28801

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    For Sale
    $4,600,000

    Turnkey mixed-use property with commercial income in place.

    Property Features for 122 College St

    General Information

    Standard status
    Active

    Building Details

    Year built
    1917

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    Listing Contact
    James Harrison
    James Harrison
    Source: Exitrealty

    Listing Agency: Whitney Commercial Real Estate Listing Agent: James Harrison

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Asset on Pack Square

    Located directly on Pack Square, this mixed-use property presents a rare opportunity. The property includes high-quality luxury residences and commercial income. Major capital improvements are complete. The upper floors feature two 2BR/2BA units and a 3BR/3.5BA luxury penthouse, all accessed via a private entrance. The residences are offered fully furnished and ready for immediate use or income generation. Highlights include exposed brick, high ceilings, and large windows with city and mountain views. The penthouse features 25’ ceilings, a 380 SF loft, and a private rooftop terrace overlooking Pack Square Park. Below the residences are two fully leased commercial spaces: a 3,000 SF street-level restaurant with a full commercial kitchen and a 3,000 SF lower-level bar, providing income in Downtown Asheville’s location. Ownership options include holding as a mixed-use investment, occupying or leasing the residences, or pursuing a condominium conversion strategy with potential to resell individual units.
    Location Intelligence

    Current Use by Public Records

    Miyako House Restaurant Elevated Kava Lounge ... Cafe & Coffee Shop

    Suggested Use

    Restaurant Real Estate Agency Dental Office Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.549097
    Latitude
    35.596692

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    FAQs

    What type of property is this?
    Mixed-use property - Turnkey mixed-use property with commercial income in place.
    Where is this mixed-use property located?
    The property is located at 122 College St Asheville, NC.
    What is the asking price?
    The asking price for this property is $4,600,000.
    What are key features of this property?
    This property features: - Prime location directly on Pack Square with existing commercial income.; - Luxury penthouse with private rooftop terrace overlooking Pack Square Park.; - Turnkey mixed-use asset with high-quality residences and dependable commercial income.
    (828) 665-9085
    Request Owner's contact information
    122 College St Asheville, NC 28801
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    Asheville, NC 28801
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    122 College St Asheville, NC 28801
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    We can help!
    Listing Contact
    James Harrison
    James Harrison
    Real Estate License ID: 282322
    (828) 665-9085 (828) 279-0090 (828) 418-1284
    Learn more
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