Downtown Bank Building with
For Sale
$11,450,000
11 Church Street, Asheville, NC 28801
Multi-level bank building plus included downtown parcels, including a drive-thru at the main location.
Property Size25,215 SF
Lot Size0.78 Acres
Price / SF$454.09
Days on Market53
Property Features for 11 Church Street
General Information
Standard status
Active
Size
25,215 SF
Total Parking Spaces
76
Lot size
0.78 Acres
Property subtype
Commercial
Zoning
CBD
Building Details
Year Built
1922
Stories
3
Listing Agency:
(864) 297-3111
Listed By:
JOY Real Estate
(864) 297-3111
Source:
Joyrealestate.idxbroker
Added: Jun 30
Changed: Aug 14
Last Checked: Aug 20 at 4:05AM
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 JOY Real Estate
Investment Insights
Based on property information with market context.
This downtown Asheville offering includes 6 parcels and the former bank building at 11 Church St. The building is arranged over three levels, with 1st floor space of 8,725 sf, a 2nd floor space of 8,725 sf, and basement space of 7,765 sf, for a total building size of 25,215 sf.
The sale also includes additional parcels beyond the main structure, including some parcels that are strictly parking lots and one walkway. Together, the included properties total 0.78 acres in downtown Asheville. A drive-thru is present at the main location.
For tenants or owners looking for a centralized footprint, the configuration supports a variety of uses that can take advantage of separated floors and on-site drive-thru access. The included parcel mix also provides flexibility where parking and site circulation matter, with parcel-specific options available for consideration by contacting the broker.
The sale also includes additional parcels beyond the main structure, including some parcels that are strictly parking lots and one walkway. Together, the included properties total 0.78 acres in downtown Asheville. A drive-thru is present at the main location.
For tenants or owners looking for a centralized footprint, the configuration supports a variety of uses that can take advantage of separated floors and on-site drive-thru access. The included parcel mix also provides flexibility where parking and site circulation matter, with parcel-specific options available for consideration by contacting the broker.
Key Highlights
- Former bank building totals 25,215 SF across 3 levels: 8,725 SF 1st floor, 8,725 SF 2nd floor, and 7,765 SF basement
- Includes 6 parcels in downtown Asheville, totaling 0.78 acres
- Some parcels are strictly parking lots, and one includes a walkway, all included in the sale
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
$352,462
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
3.08%
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%
$7,049,240
$7.0M
Cap Rate 7%
$5,035,171
$5.0M
Cap Rate 9%
$3,916,244
$3.9M
Market Conditions
NOI Build-Up for 25,215 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
$478.1K $18.96/SF
− Vacancy
−$8.1K −$0.32/SF
EGI
$469.9K $18.64/SF
− OpEx
−$117.5K −$4.66/SF
NOI
$352.5K $13.98/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$18.96 /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%
$7,049,240
Cap Rate 7%
$5,035,171
Cap Rate 9%
$3,916,244
Alternative Uses
Best Use
Specialty Retail
$5.04M
$4.41M – $5.87M
NOI $352,462 @ 7.0% cap · market cap 3.08%
Second Best
Retail
$4.22M
$3.70M – $4.93M
NOI $295,652 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$7.97M
$6.98M – $9.30M
NOI $558,132 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,194
Businesses Nearby
99k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 51%
Shops & Services 27%
Dining 10%
Apparel 7%
Citgo
Shops & Services
11,201 visits/mo
0.4 miles
State Employees Credit Union
Shops & Services
9,288 visits/mo
0.5 miles
Cambria Hotel Downtown Asheville
Hotels & Casinos
8,998 visits/mo
0.2 miles
Kimpton Hotel Arras
Hotels & Casinos
8,356 visits/mo
0.2 miles
Embassy Suites By Hilton Asheville Downtown
Hotels & Casinos
7,794 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Multi-level bank building plus included downtown parcels, including a drive-thru at the main location.
Where is this bank located?
The property is located at 11 Church Street Asheville, NC.
What is the asking price?
The asking price for this property is $11,450,000.
What are key features of this property?
This property features: Former bank building totals 25,215 SF across 3 levels: 8,725 SF 1st floor, 8,725 SF 2nd floor, and 7,765 SF basement; Includes 6 parcels in downtown Asheville, totaling 0.78 acres; Some parcels are strictly parking lots, and one includes a walkway, all included in the sale
