Riverfront Short-Term Rental
New
For Sale
$1,160,000
1061 and 1063 Riverside Drive, Asheville, NC 28804
Two homes offer water views, walk-out access, and convenient proximity to downtown Asheville.
Property Size3,432 SF
Price / SF$337
Days on Market7
Property Features for 1061 and 1063 Riverside Drive
General Information
Standard status
Active
Size
3,432 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
Daylight,Walk-Out Access
Carpet,Wood
2
No
Yes
6
Insulated Window(s)
Upper Level
2678
754
Rolling Slope
City
Insulated Door(s)
0.34
Each home has at least 2 parking spaces
Driveway,Parking Space(s)
Asphalt,Paved
Basement
3432
Publicly Maintained Road
Building Details
Building Size
3,432 SF
Year Built
2022
Buildings
2
Stories
3
Listing Agency:
Berkshire Hathaway Homeservices Landmark Prop
(864) 288-4048
Listed By:
Sebastian Kharp
(864) 436-4277
Source:
Cdanjoyner
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 8:01AM
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 Berkshire Hathaway Homeservices Landmark Prop
Investment Insights
Based on property information with market context.
This short-term rental offering includes two homes at 1061 and 1063 Riverside Drive with a combined property size of 3,432 square feet. Built in 2022, the residences feature water views, daylight and walk-out access, upper-level space, insulated windows, and a mix of carpet and wood flooring. Each home provides at least 2 parking spaces, with paved driveway and parking areas on the property.
The homes are positioned along the French Broad River in Asheville, with access from a publicly maintained road. Downtown Asheville, the University of North Carolina at Asheville, and the River Arts District are all minutes away. The setting combines river-oriented surroundings with convenient access to the city’s established cultural and dining areas.
The homes are positioned along the French Broad River in Asheville, with access from a publicly maintained road. Downtown Asheville, the University of North Carolina at Asheville, and the River Arts District are all minutes away. The setting combines river-oriented surroundings with convenient access to the city’s established cultural and dining areas.
Key Highlights
- Two‑home short‑term rental offering at 1061 and 1063 Riverside Drive
- 3,432 square feet of property size
- Built in 2022
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
$33,457
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
2.88%
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%
$669,140
$669.1K
Cap Rate 7%
$477,957
$478.0K
Cap Rate 9%
$371,744
$371.7K
Market Conditions
NOI Build-Up for 3,432 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
$69.6K $20.28/SF
− Vacancy
−$8.8K −$2.56/SF
EGI
$60.8K $17.72/SF
− OpEx
−$27.4K −$7.98/SF
NOI
$33.5K $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%
$669,140
Cap Rate 7%
$477,957
Cap Rate 9%
$371,744
Alternative Uses
Best Use
Apartment 5plus
$478.0K
$418.2K – $557.6K
NOI $33,457 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$949.6K – $1.27M
NOI $75,967 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Explore this area
Business Placement
Demographics for 28804, NC
23,964
Population
11,716
Households
2
Avg Household Size
44
Median Age
60%
College-Educated
93%
High-School Grad
28.7 sq mi
ZIP Area
835
Density / Sq Mi
$79,709
Median Household Income
$37,169
Median Earnings
$1,399
Median Rent
$528,500
Median Home Value
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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?
Short term rental property - Two homes offer water views, walk-out access, and convenient proximity to downtown Asheville.
Where is this short term rental property located?
The property is located at 1061 and 1063 Riverside Drive Asheville, NC.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: Two‑home short‑term rental offering at 1061 and 1063 Riverside Drive; 3,432 square feet of property size; Built in 2022
