Turnkey Mixed-Use Property with
For Sale
Contact for pricing
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 Market634
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: Sep 12
Last Checked: Sep 13 at 11:48AM
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
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 = 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
$166,132
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
3.78%
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%
$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
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
$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 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%
$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.
Property Analytics
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
