Two-Unit Multifamily
For Sale
$584,900
127 Riverview Drive 8 & 8b, Asheville, NC 28806
Combined condo units offer flexible living, rental, studio, or home-office arrangements in West Asheville.
Property Size1,800 SF
Price / SF$324.94
Days on Market58
Property Features for 127 Riverview Drive 8 & 8b
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1983
Listing Agency:
Keller Williams Professionals
Listed By:
Jake Mossman · License #325658
(828) 367-9148
Source:
Lewisandkirk
Added: Jul 9
Changed: Sep 2
Last Checked: Sep 1 at 9:17PM
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 Keller Williams Professionals
Investment Insights
Based on property information with market context.
This 1,800-square-foot condominium offering combines two separately configured units. The upper residence includes two bedrooms, one and one-half bathrooms, vaulted ceilings, a stone fireplace, an open kitchen and great room, custom cabinetry, Silestone countertops, stainless steel appliances, and a balcony facing the backyard. The lower unit provides one bedroom, one bathroom, and an efficient layout that brings the kitchen, living, dining, and office areas together.
Distinctive interior improvements include custom maple counters and cabinetry, decorative tile, wood accents, unique light fixtures, and efficient floor plans. A new HVAC system was installed this spring. The property is positioned in West Asheville near the River Arts District, with shops, restaurants, entertainment, biking trails, and breweries described as reachable on foot. The two-unit configuration supports multigenerational occupancy, separate living and work space, or living in one unit while renting the other.
Distinctive interior improvements include custom maple counters and cabinetry, decorative tile, wood accents, unique light fixtures, and efficient floor plans. A new HVAC system was installed this spring. The property is positioned in West Asheville near the River Arts District, with shops, restaurants, entertainment, biking trails, and breweries described as reachable on foot. The two-unit configuration supports multigenerational occupancy, separate living and work space, or living in one unit while renting the other.
Key Highlights
- Two condominium units offered together with one association fee
- Upper unit has 2 bedrooms, 1.5 bathrooms, vaulted ceilings, stone fireplace, and backyard‑facing balcony
- Lower unit includes 1 bedroom, 1 bathroom, and combined kitchen, living, dining, and office areas
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
$17,547
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
3.00%
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%
$350,940
$350.9K
Cap Rate 7%
$250,671
$250.7K
Cap Rate 9%
$194,967
$195.0K
Market Conditions
NOI Build-Up for 1,800 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
$36.5K $20.28/SF
− Vacancy
−$4.6K −$2.56/SF
EGI
$31.9K $17.72/SF
− OpEx
−$14.4K −$7.98/SF
NOI
$17.5K $9.75/SF
Area
Buncombe County, NC
Vacancy
12.60%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
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%
$350,940
Cap Rate 7%
$250,671
Cap Rate 9%
$194,967
Alternative Uses
Best Use
Apartment 5plus
$250.7K
$219.3K – $292.5K
NOI $17,547 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$569.2K
$498.0K – $664.1K
NOI $39,843 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
906
Businesses Nearby
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Combined condo units offer flexible living, rental, studio, or home-office arrangements in West Asheville.
Where is this multifamily property located?
The property is located at 127 Riverview Drive 8 & 8b Asheville, NC.
What is the asking price?
The asking price for this property is $584,900.
What are key features of this property?
This property features: Two condominium units offered together with one association fee; Upper unit has 2 bedrooms, 1.5 bathrooms, vaulted ceilings, stone fireplace, and backyard‑facing balcony; Lower unit includes 1 bedroom, 1 bathroom, and combined kitchen, living, dining, and office areas
