Building Details

Building Size 3,750 SF

Year Built 1970

Buildings 2

Stories 1

Listing Agency: Premier Sothebyâ€TMs International Realty

Listed By: Mitch Miller Premier Sothebyâ€TMs International Realty · License #216062 Show Phone

Source: Geoffcampbell

Added: Oct 19 Changed: Oct 23 Last Checked: Oct 23 at 2:15PM

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Investment Insights

Based on property information with market context.

The property comprises two duplex buildings with four residential units. Each residence has two bedrooms and one bathroom, plus its own carport area with laundry facilities. All four units have separate heat pump systems; three systems have been updated recently. The property was built in 1970, and the stated 8.7% cap rate is based on expected 2026 income.

Located in Flat Rock, the property is less than 10 minutes from downtown Hendersonville, with access to shopping, dining, employment, and everyday amenities in the surrounding area.

Key Highlights

• Two duplex buildings contain four occupied residential units
• Each unit has 2 bedrooms and 1 bathroom
• Dedicated carport area and laundry facilities for each unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$29,803

Cap Rate

3.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$596,060 $596.1K

Cap Rate 7%

$425,757 $425.8K

Cap Rate 9%

$331,144 $331.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,750 SF

Gross rent

$63.9K $17.04/SF

− Vacancy

−$9.7K −$2.59/SF

EGI

$54.2K $14.45/SF

− OpEx

−$24.4K −$6.50/SF

NOI

$29.8K $7.95/SF

Area

Henderson County, NC

Vacancy

15.20%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$596,060

Cap Rate 7%

$425,757

Cap Rate 9%

$331,144

Alternative Uses

Best Use

Apartment 5plus

$425.8K

$372.5K – $496.7K (±1% cap)

NOI $29,803 @ 7.0% cap · market cap 3.31%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.25M

$1.09M – $1.46M (±1% cap)

NOI $87,480 @ 7.0% cap · market cap 9.72%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Lease Details

4

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

92

Businesses Nearby

Explore this area Business Placement

Demographics for 28731, NC

8,806

Population

4,417

Households

2

Avg Household Size

53

Median Age

37%

College-Educated

91%

High-School Grad

33.1 sq mi

ZIP Area

266

Density / Sq Mi

$65,882

Median Household Income

$35,957

Median Earnings

$947

Median Rent

$361,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two separate buildings contain four occupied residences, each with a dedicated carport area and private laundry facilities.

Where is this multifamily property located?

The property is located at 17 Randolph Avenue Flat Rock, NC.

What is the asking price?

The asking price for this property is $899,900.

What are key features of this property?

This property features: Two duplex buildings contain four occupied residential units; Each unit has 2 bedrooms and 1 bathroom; Dedicated carport area and laundry facilities for each unit