Multi-Suite Office
New
For Sale
$1,700,000
140 S Church St, Hendersonville, NC 28792
A paved lot provides approximately 25 parking spaces, with entry from two streets.
Property Size5,500 SF
Days on Market2
Property Features for 140 S Church St
General Information
Standard status
Active
Size
5,500 SF
Total Parking Spaces
25
Property subtype
Office
Additional Details
Road Access
Yes
Building Details
Building Size
5,500 SF
Tenancy
Multi
Listed By:
Wes Reinhardt · License #NC #223401
(828) 548-0090
Source:
Deweypa
Added: Sep 26
Last Checked: Sep 26 at 3:19PM
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 Wes Reinhardt
Investment Insights
Based on property information with market context.
This office property is configured with multiple suites, allowing for a varied tenant mix. Approximately 25 paved parking spaces serve the building.
Access is available from both S Church Street and Allen Street. The property is in downtown Hendersonville, within walking distance of restaurants, retail businesses, and professional offices.
Access is available from both S Church Street and Allen Street. The property is in downtown Hendersonville, within walking distance of restaurants, retail businesses, and professional offices.
Key Highlights
- Multiple suites support a varied tenant mix
- Approximately 25 paved parking spaces
- Access from S Church Street and Allen Street
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
$96,228
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
5.66%
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%
$1,924,560
$1.9M
Cap Rate 7%
$1,374,686
$1.4M
Cap Rate 9%
$1,069,200
$1.1M
Market Conditions
NOI Build-Up for 5,500 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
$132.0K $24.00/SF
− Vacancy
−$3.7K −$0.67/SF
EGI
$128.3K $23.33/SF
− OpEx
−$32.1K −$5.83/SF
NOI
$96.2K $17.50/SF
Area
Henderson County, NC
Vacancy
2.80%
Lease Rate
$24.00 /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%
$1,924,560
Cap Rate 7%
$1,374,686
Cap Rate 9%
$1,069,200
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $96,228 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,304 @ 7.0% cap · market cap 7.55%
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
2,472
Businesses Nearby
Explore this area
Business Placement
Demographics for 28792, NC
35,962
Population
18,121
Households
2
Avg Household Size
44
Median Age
26%
College-Educated
87%
High-School Grad
102.9 sq mi
ZIP Area
349
Density / Sq Mi
$55,066
Median Household Income
$32,312
Median Earnings
$1,131
Median Rent
$249,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - A paved lot provides approximately 25 parking spaces, with entry from two streets.
Where is this office building located?
The property is located at 140 S Church St Hendersonville, NC.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Multiple suites support a varied tenant mix; Approximately 25 paved parking spaces; Access from S Church Street and Allen Street
