Four-Story Mixed-Use
New
For Sale
Contact for pricing
124 College Street, Asheville, NC 28801
Downtown property with adaptable floor plans, updated building systems, elevator service, and a combination of leased and vacant space.
Property Size24,000 SF
Lot Size0.14 Acres
Price / SF$204.17
Days on Market6
Property Features for 124 College Street
General Information
Standard status
Active
Size
24,000 SF
Elevators
Yes
Lot size
0.14 Acres
Property subtype
Retail
Zoning
CBD
Additional Details
Sprinkler System
Yes
Amenities
elevator
large window lines
generous ceiling heights
Building Details
Year Built
1912
Buildings
1
Stories
4
Tenancy
Multi
Building Size
24,000 SF
Construction
brick
Listing Agency:
Dewey Property Advisors
(828) 216-8462
Listed By:
Jay Lurie · License #NC 192865
Source:
Crexi
Added: Aug 7
Changed: Aug 12
Last Checked: Aug 12 at 2:37AM
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 Dewey Property Advisors
Investment Insights
Based on property information with market context.
This four-story mixed-use building contains approximately 24,000 square feet on a 50-foot-wide by 120-foot-deep lot. The property includes large window lines, generous ceiling heights, durable brick construction, and floor plans suited to office, retail, hospitality, wellness, or redevelopment uses. All four floors are heated and cooled, with complete sprinkler coverage and elevator access throughout the building.
The main and lower levels are vacant, while the second floor is leased to Sola Salon. The third floor is also vacant. A recent basement renovation added freshly stained concrete floors, creating flexible space for retail, studio, entertainment, or creative uses. The property is located at 124 College Street in Downtown Asheville’s CBD, adjacent to Pack Square Park and along College Street.
The main and lower levels are vacant, while the second floor is leased to Sola Salon. The third floor is also vacant. A recent basement renovation added freshly stained concrete floors, creating flexible space for retail, studio, entertainment, or creative uses. The property is located at 124 College Street in Downtown Asheville’s CBD, adjacent to Pack Square Park and along College Street.
Key Highlights
- Approximately 24,000 square feet across four floors
- 50‑foot‑wide by 120‑foot‑deep downtown lot
- CBD zoning at 124 College Street in Asheville
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
$445,278
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
9.09%
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%
$8,905,560
$8.9M
Cap Rate 7%
$6,361,114
$6.4M
Cap Rate 9%
$4,947,533
$4.9M
Market Conditions
NOI Build-Up for 24,000 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
$607.7K $25.32/SF
− Vacancy
−$14.0K −$0.58/SF
EGI
$593.7K $24.74/SF
− OpEx
−$148.4K −$6.18/SF
NOI
$445.3K $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%
$8,905,560
Cap Rate 7%
$6,361,114
Cap Rate 9%
$4,947,533
Alternative Uses
Best Use
Office B
$6.36M
$5.57M – $7.42M
NOI $445,278 @ 7.0% cap · market cap 9.09%
Second Best
Retail
$4.02M
$3.52M – $4.69M
NOI $281,405 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$7.59M
$6.64M – $8.85M
NOI $531,238 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
5,310
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown property with adaptable floor plans, updated building systems, elevator service, and a combination of leased and vacant space.
Where is this mixed-use property located?
The property is located at 124 College Street Asheville, NC.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Approximately 24,000 square feet across four floors; 50‑foot‑wide by 120‑foot‑deep downtown lot; CBD zoning at 124 College Street in Asheville
