Turnkey Mixed-Use Property with
For Sale
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122 College St, Asheville, NC 28801
Turnkey mixed-use building with furnished residences above two fully leased restaurant and bar spaces.
Property Size11,885 SF
Price / SF$370.21
Days on Market680
Property Features for 122 College St
General Information
Standard status
Active
Size
11,885 SF
Property subtype
RETAIL
Additional Details
Furnished
Yes
Multifamily Units
3
Amenities
private rooftop terrace
Listing Agency:
Whitney Commercial
(828) 665-9085
Listed By:
James Harrison, CCIM · License #282322
(828) 279-0090
Source:
Moodyscre
Added: Dec 19, 2024
Changed: Oct 26
Last Checked: Oct 28 at 8:12AM
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 Whitney Commercial
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Investment Insights
Based on property information with market context.
This turnkey mixed-use property is offered fully furnished and ready for immediate use or income generation. The upper floors include two 2BR/2BA units and a 3BR/3.5BA luxury penthouse, all accessed through a private entrance. Interior highlights include exposed brick, high ceilings, and large windows. 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. The street-level space is a 3,000 SF restaurant with a full commercial kitchen, and the lower-level space is a 3,000 SF bar. Together, the commercial units provide in-place income on College Street in Downtown Asheville.
The property totals 11,885 SF and is presented as a complete, income-producing mixed-use asset with major capital improvements already complete.
Below the residences are two fully leased commercial spaces. The street-level space is a 3,000 SF restaurant with a full commercial kitchen, and the lower-level space is a 3,000 SF bar. Together, the commercial units provide in-place income on College Street in Downtown Asheville.
The property totals 11,885 SF and is presented as a complete, income-producing mixed-use asset with major capital improvements already complete.
Key Highlights
- Turnkey mixed‑use building with furnished residences above two fully leased commercial spaces
- 2 fully leased restaurant/bar spaces: 3,000 SF street‑level restaurant and 3,000 SF lower‑level bar
- Upper floors include two 2BR/2BA units plus a 3BR/3.5BA luxury penthouse with private entrance access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$166,132
Cap Rate
3.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,322,640
$3.3M
Cap Rate 7%
$2,373,314
$2.4M
Cap Rate 9%
$1,845,911
$1.8M
Market Conditions
NOI Build-Up for 11,885 SF
Gross rent
$225.3K $18.96/SF
− Vacancy
−$3.8K −$0.32/SF
EGI
$221.5K $18.64/SF
− OpEx
−$55.4K −$4.66/SF
NOI
$166.1K $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 Rate 5%
$3,322,640
Cap Rate 7%
$2,373,314
Cap Rate 9%
$1,845,911
Alternative Uses
Best Use
Specialty Retail
$2.37M
$2.08M – $2.77M
NOI $166,132 @ 7.0% cap · market cap 3.78%
Second Best
Multifamily LT 5
$1.91M
$1.67M – $2.23M
NOI $133,583 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$3.76M
$3.29M – $4.38M
NOI $263,073 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,196
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Turnkey mixed-use building with furnished residences above two fully leased restaurant and bar spaces.
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 $4,400,000.
What are key features of this property?
This property features: Turnkey mixed‑use building with furnished residences above two fully leased commercial spaces; 2 fully leased restaurant/bar spaces: 3,000 SF street‑level restaurant and 3,000 SF lower‑level bar; Upper floors include two 2BR/2BA units plus a 3BR/3.5BA luxury penthouse with private entrance access
