Historic Downtown Storefront
For Sale
$1,690,000
43 Broadway Street, Asheville, NC 28801
Street-level retail space with CBD zoning, upper-floor expansion potential, and a full unfinished basement.
Property Size5,968 SF
Price / SF$283.18
Days on Market502
Property Features for 43 Broadway Street
General Information
Standard status
Active
Size
5,968 SF
Property subtype
Commercial
Zoning
CBD
Additional Details
Traffic Count
9,000 vehicles/day
Amenities
Exterior Entry,Full,Interior Entry,Storage Space,Walk-Out Access,Walk-Up Access
1
Yes
Display Window(s)
Building,Land
City
0.05
20
Paved
Basement
City Street,Interstate 1 mile or Less
5968
Publicly Maintained Road
Building Details
Year Built
1915
Buildings
1
Stories
2
Listing Agency:
Keller Williams Connected
(864) 887-0177
Listed By:
Gina Fox
(864) 887-0177
Source:
Cdanjoyner
Added: Apr 1, 2025
Changed: Aug 15
Last Checked: Aug 15 at 4:08AM
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 Connected
Investment Insights
Based on property information with market context.
This 5,968-square-foot storefront property, built in 1915, provides street-level retail space along with additional upper-level and basement areas. The first floor has ceilings of nearly 9 feet, while the upper level features an open layout, high ceilings, newer floor-to-ceiling windows, exposed brick, pressed tin ceilings, and original wood floors. The unfinished basement adds storage or renovation space, with both interior and exterior access points.
The building extends between Broadway Street and Carolina Lane in downtown Asheville, with 20 feet of frontage on Broadway Street. It is located on a publicly maintained city street, less than 1 mile from an interstate, and benefits from city utilities and paved access. Flexible CBD zoning supports a range of commercial configurations, while the property’s listing on the National Register of Historic Places adds documented historic character.
The building extends between Broadway Street and Carolina Lane in downtown Asheville, with 20 feet of frontage on Broadway Street. It is located on a publicly maintained city street, less than 1 mile from an interstate, and benefits from city utilities and paved access. Flexible CBD zoning supports a range of commercial configurations, while the property’s listing on the National Register of Historic Places adds documented historic character.
Key Highlights
- 5,968 SF storefront property built in 1915
- 20 feet of Broadway Street frontage with 9,000 VPD
- Flexible CBD zoning in downtown Asheville
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
$69,976
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
4.14%
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%
$1,399,520
$1.4M
Cap Rate 7%
$999,657
$999.7K
Cap Rate 9%
$777,511
$777.5K
Market Conditions
NOI Build-Up for 5,968 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
$101.7K $17.04/SF
− Vacancy
−$1.7K −$0.29/SF
EGI
$100.0K $16.75/SF
− OpEx
−$30.0K −$5.03/SF
NOI
$70.0K $11.73/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,399,520
Cap Rate 7%
$999,657
Cap Rate 9%
$777,511
Alternative Uses
Best Use
Retail
$999.7K
$874.7K – $1.17M
NOI $69,976 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,101 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
5,310
Businesses Nearby
138k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 37%
Shops & Services 26%
Groceries 15%
Office Supplies 8%
Whole Foods Market
Groceries
20,347 visits/mo
0.4 miles
Shell
Shops & Services
20,324 visits/mo
0.3 miles
Staples
Office Supplies
11,125 visits/mo
0.4 miles
State Employees Credit Union
Shops & Services
9,288 visits/mo
0.4 miles
Cambria Hotel Downtown Asheville
Hotels & Casinos
8,998 visits/mo
0.1 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Street-level retail space with CBD zoning, upper-floor expansion potential, and a full unfinished basement.
Where is this storefront property located?
The property is located at 43 Broadway Street Asheville, NC.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: 5,968 SF storefront property built in 1915; 20 feet of Broadway Street frontage with 9,000 VPD; Flexible CBD zoning in downtown Asheville
