Historic Bungalow Office
For Sale
$550,000
137 Broad Street, Asheville, NC 28801
Five office areas, two bathrooms, central air, and rear parking support a compact professional workspace.
Property Size1,048 SF
Price / SF$524.81
Days on Market540
Property Features for 137 Broad Street
General Information
Standard status
Active
Size
1,048 SF
Property subtype
Office
Amenities
break area
storage basement/crawlspace
Central Air
3
5 Parking Spaces. Driveway.
Building Details
Year Built
1915
Buildings
1
Construction
bungalow
Listing Agency:
(828) 216-4037
Listed By:
Dewey Property Advisors
(828) 216-4037
Source:
Xome
Added: Mar 9, 2025
Changed: Aug 29
Last Checked: Aug 30 at 3:42PM
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 Dewey Property Advisors
Investment Insights
Based on property information with market context.
This 1,048-square-foot office property occupies a bungalow originally built in 1915 and adapted for professional use. The interior includes five office areas, a break area, two bathrooms, central air, heart of pine flooring, and craftsman-style trim. A sealed basement/crawlspace provides additional storage or utility access.
The property sits at the corner of Charlotte and Broad Streets and includes rear on-site parking with a driveway and five parking spaces. The adjacent property at 135 Broad Street is also offered for sale, creating an option to pursue additional office space or a combined acquisition.
The property sits at the corner of Charlotte and Broad Streets and includes rear on-site parking with a driveway and five parking spaces. The adjacent property at 135 Broad Street is also offered for sale, creating an option to pursue additional office space or a combined acquisition.
Key Highlights
- 1,048‑square‑foot office property in a bungalow built in 1915
- Five office areas with a break area and two bathrooms
- Heart of pine floors and craftsman‑style trim
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
$19,444
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
3.54%
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%
$388,880
$388.9K
Cap Rate 7%
$277,771
$277.8K
Cap Rate 9%
$216,044
$216.0K
Market Conditions
NOI Build-Up for 1,048 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
$26.5K $25.32/SF
− Vacancy
−$610 −$0.58/SF
EGI
$25.9K $24.74/SF
− OpEx
−$6.5K −$6.18/SF
NOI
$19.4K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /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%
$388,880
Cap Rate 7%
$277,771
Cap Rate 9%
$216,044
Alternative Uses
Best Use
Office B
$277.8K
$243.1K – $324.1K
NOI $19,444 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$331.4K
$290.0K – $386.6K
NOI $23,197 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,684
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Five office areas, two bathrooms, central air, and rear parking support a compact professional workspace.
Where is this office building located?
The property is located at 137 Broad Street Asheville, NC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1,048‑square‑foot office property in a bungalow built in 1915; Five office areas with a break area and two bathrooms; Heart of pine floors and craftsman‑style trim
