Three-Unit Multifamily
For Sale
$624,000
17 & 19 Hubbard Ave, Asheville, NC 28806
Three rental units occupy two standalone homes with individual porches and access to a shared sunny yard.
Property Size1,811 SF
Lot Size0.29 Acres
Price / SF$344.56
Days on Market54
Property Features for 17 & 19 Hubbard Ave
General Information
Standard status
Active
Size
1,811 SF
Lot size
0.29 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Amenities
porch
yard
Building Details
Year Built
1924
Buildings
2
Listing Agency:
Mosaic Community Lifestyle Realty
Listed By:
Chris Findley
(828) 242-9775
Source:
Lewisandkirk
Added: Jul 13
Changed: Aug 29
Last Checked: Sep 1 at 9:23PM
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 Mosaic Community Lifestyle Realty
Investment Insights
Based on property information with market context.
This multifamily property includes two standalone homes containing three rental units on a 0.29-acre lot. The duplex at 17 Hubbard includes a 979 SF, 2BD/1BA upper apartment and a 420 SF, 1BD/1BA lower apartment. The separate cottage at 19 Hubbard provides 412 SF with one bedroom and one bathroom. Each unit has its own porch, while the homes share a large yard.
Built in 1924, the property has received updates that include water heaters, mini-splits, roofs, and gutters. The homes are located in West Asheville at 17 & 19 Hubbard Ave, near Sunny Point Café and the Haywood Road corridor. The three-unit configuration supports a range of ownership and occupancy arrangements, including residing in one unit while leasing the others or leasing all three.
Built in 1924, the property has received updates that include water heaters, mini-splits, roofs, and gutters. The homes are located in West Asheville at 17 & 19 Hubbard Ave, near Sunny Point Café and the Haywood Road corridor. The three-unit configuration supports a range of ownership and occupancy arrangements, including residing in one unit while leasing the others or leasing all three.
Key Highlights
- Three units across two standalone homes on a 0.29‑acre lot
- 17 Hubbard duplex includes 979 SF 2BD/1BA and 420 SF 1BD/1BA apartments
- 19 Hubbard standalone cottage measures 412 SF with 1BD/1BA
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
$17,655
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
2.83%
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%
$353,100
$353.1K
Cap Rate 7%
$252,214
$252.2K
Cap Rate 9%
$196,167
$196.2K
Market Conditions
NOI Build-Up for 1,811 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
$36.7K $20.28/SF
− Vacancy
−$4.6K −$2.56/SF
EGI
$32.1K $17.72/SF
− OpEx
−$14.4K −$7.98/SF
NOI
$17.7K $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%
$353,100
Cap Rate 7%
$252,214
Cap Rate 9%
$196,167
Alternative Uses
Best Use
Apartment 5plus
$252.2K
$220.7K – $294.3K
NOI $17,655 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$572.7K
$501.1K – $668.1K
NOI $40,086 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
707
Businesses Nearby
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Three rental units occupy two standalone homes with individual porches and access to a shared sunny yard.
Where is this multifamily property located?
The property is located at 17 & 19 Hubbard Ave Asheville, NC.
What is the asking price?
The asking price for this property is $624,000.
What are key features of this property?
This property features: Three units across two standalone homes on a 0.29‑acre lot; 17 Hubbard duplex includes 979 SF 2BD/1BA and 420 SF 1BD/1BA apartments; 19 Hubbard standalone cottage measures 412 SF with 1BD/1BA
