Three-Story Mixed-Use
For Sale
$5,200,000
14 Haywood Street, Asheville, NC 28801
Ground-floor retail and upper-level offices occupy a preserved Art Deco property at a signalized downtown intersection.
Property Size22,615 SF
Days on Market601
Property Features for 14 Haywood Street
General Information
Standard status
Active
Size
22,615 SF
Property subtype
Retail
Zoning
CBD
Site & Location
Frontage
260 ft
Corner Location
Yes
Road Access
Yes
Building Details
Building Size
22,615 SF
Year Built
1903
Buildings
1
Stories
3
Construction
Art Deco
Tenancy
Multi
Listing Agency:
Whitney Commercial Real Estate
Listed By:
Jason Burk
(828) 674-2120
Source:
Carolinamtnrealty
Added: Jan 21, 2025
Changed: Sep 13
Last Checked: Sep 14 at 5:13AM
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 Real Estate
Investment Insights
Based on property information with market context.
Built in 1903, this three-story mixed-use property combines ground-floor retail with office suites on the second and third levels. Preserved Art Deco detailing contributes distinctive architectural character throughout the building, while the layout supports multiple commercial functions within one asset.
The property is positioned at the signalized intersection of Haywood and College Streets in downtown Asheville, with frontage along four major downtown streets and 260 feet of ground-floor street frontage. It carries CBD zoning and is included in the Small Hotel Overlay, providing a defined regulatory context for the existing commercial configuration and potential redevelopment planning.
The property is positioned at the signalized intersection of Haywood and College Streets in downtown Asheville, with frontage along four major downtown streets and 260 feet of ground-floor street frontage. It carries CBD zoning and is included in the Small Hotel Overlay, providing a defined regulatory context for the existing commercial configuration and potential redevelopment planning.
Key Highlights
- Three‑story building constructed in 1903
- 260 feet of ground‑floor street frontage
- Frontage along four major downtown streets
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
$419,581
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
8.07%
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%
$8,391,620
$8.4M
Cap Rate 7%
$5,994,014
$6.0M
Cap Rate 9%
$4,662,011
$4.7M
Market Conditions
NOI Build-Up for 22,615 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
$572.6K $25.32/SF
− Vacancy
−$13.2K −$0.58/SF
EGI
$559.4K $24.74/SF
− OpEx
−$139.9K −$6.18/SF
NOI
$419.6K $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%
$8,391,620
Cap Rate 7%
$5,994,014
Cap Rate 9%
$4,662,011
Alternative Uses
Best Use
Office B
$5.99M
$5.24M – $6.99M
NOI $419,581 @ 7.0% cap · market cap 8.07%
Second Best
Retail
$3.79M
$3.31M – $4.42M
NOI $265,166 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$7.15M
$6.26M – $8.34M
NOI $500,581 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,310
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor retail and upper-level offices occupy a preserved Art Deco property at a signalized downtown intersection.
Where is this mixed-use property located?
The property is located at 14 Haywood Street Asheville, NC.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: Three‑story building constructed in 1903; 260 feet of ground‑floor street frontage; Frontage along four major downtown streets
