Historic Four-Story Office
New
For Sale
$4,900,000
124 College Street, Asheville, NC 28801
Brick construction, elevator access, and updated building systems support flexible multi-tenant occupancy.
Property Size24,000 SF
Lot Size0.14 Acres
Price / SF$204.17
Days on Market3
Property Features for 124 College Street
General Information
Standard status
Active
Size
24,000 SF
Elevators
Yes
Lot size
0.14 Acres
Property subtype
Office
Additional Details
Sprinkler System
Yes
Amenities
elevator
Building Details
Year Built
1912
Buildings
1
Stories
4
Building Size
24,000 SF
Construction
brick
Tenancy
Multi
Listing Agency:
Dewey Property Advisors
Listed By:
Jay Lurie · License ##192865
(828) 216-8462
Source:
Carolinamtnrealty
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 9 at 3:15PM
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 brick office building contains approximately 24,000 SF, with each floor measuring about 6,000 SF. Built in 1912, the property combines historic construction with updated infrastructure, including heating and cooling throughout, a complete sprinkler system, and a centrally positioned elevator serving every level. Large window lines, generous ceiling heights, and adaptable floor plans support office, retail, hospitality, wellness, and other stated uses.
The main and lower levels are vacant, while the second floor is leased to Sola Salon. The third floor is also vacant. A recently renovated basement features stained concrete floors and can accommodate retail, studio, entertainment, or creative uses. The building occupies a 50-foot-wide by 120-foot-deep lot at 124 College Street in Downtown Asheville, on the edge of Pack Square.
The main and lower levels are vacant, while the second floor is leased to Sola Salon. The third floor is also vacant. A recently renovated basement features stained concrete floors and can accommodate retail, studio, entertainment, or creative uses. The building occupies a 50-foot-wide by 120-foot-deep lot at 124 College Street in Downtown Asheville, on the edge of Pack Square.
Key Highlights
- Approximately 24,000 SF across four floors, with each floor measuring about 6,000 SF
- 50‑foot‑wide by 120‑foot‑deep downtown lot at 124 College Street
- Centrally located elevator serves all four floors
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
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
5,196
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 Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Brick construction, elevator access, and updated building systems support flexible multi-tenant occupancy.
Where is this office building 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 SF across four floors, with each floor measuring about 6,000 SF; 50‑foot‑wide by 120‑foot‑deep downtown lot at 124 College Street; Centrally located elevator serves all four floors
