Triplex With Covered
174 Pearson Drive, Asheville, NC 28801
For Sale
$899,000
Three separate units occupy a historic home with high ceilings, wood floors, and off-street parking.
Property Size1,927 SF
Price / SF$216.52
Days on Market105
Property Features for 174 Pearson Drive
General Information
Standard status
Size
Property subtype
Amenities
Wooded
Architectural Shingle
French Doors
Public Sewer
Additional parcels description:, Parcel Number: 9639-93-6724-00000, Assessed Value: $1.1558e+06, Zoning: RS8
Tile, Vinyl, Wood
Window Unit(s), None
Baseboard, Floor Furnace, Natural Gas
In Kitchen, Laundry Closet
Listing ID: CAR4408400, Standard Status: Active, MLS Status: Active, Property Subtype: Triplex, 64 days on market, Special Conditions: None
Other Parking: Driveway on both sides of home-- one on right is portion of a shared driveway but very usable for one vehicle., Driveway
Elementary School: Asheville City, Middle School: Asheville, High School: Asheville
Apartment, Partially Finished
7 total bedrooms
Built in 1927, Living area: 4152, Construction Materials: Cedar Shake
Subdivision: Montford, County/Parish: Buncombe
Elevation: 2000
Cable Available, Natural Gas, Water Source: City
Wood Burning, Other - See Remarks
Basement
Allowed: Conditional
Road Responsibility: Publicly Maintained Road, Road Surface: Paved
Patio/Porch Features: Covered, Deck, Porch, Terrace
Pantry
Smoke Detector(s)
Dishwasher, Electric Cooktop, Microwave, Refrigerator, Wall Oven, Washer/Dryer
Building Details
Building Size
Year Built
Buildings
Stories
Tenancy
Listing Agency:
Howard Hanna Beverly-Hanks Asheville-Downtown
(828) 254-7221
Listed By:
Marie Morris · License #219604
(828) 768-0108
Source:
Blackstreaminternational
Added: Jul 28
Changed: Nov 8
Last Checked: Nov 8 at 7:01AM
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 Howard Hanna Beverly-Hanks Asheville-Downtown
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Investment Insights
Based on property information with market context.
Built in 1927, this 4,152-square-foot property is configured as three separate residential units within a substantial home. Interior features include high ceilings on the main level, wood flooring across most of the residence, and a broad covered side porch. The roof was replaced in 2025.
The property sits in Asheville’s Montford neighborhood, described as a walkable in-town area near restaurants and downtown Asheville. A large lot and ample off-street parking add practical site functionality. The existing layout provides a triplex configuration, while the property information also identifies potential for conversion to a single-family residence or a larger three-story arrangement with a lower-level in-law suite.
The property sits in Asheville’s Montford neighborhood, described as a walkable in-town area near restaurants and downtown Asheville. A large lot and ample off-street parking add practical site functionality. The existing layout provides a triplex configuration, while the property information also identifies potential for conversion to a single-family residence or a larger three-story arrangement with a lower-level in-law suite.
Key Highlights
- Three separate residential units
- 4,152 square feet on a large lot
- New roof installed in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,667
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$933,340
$933.3K
Cap Rate 7%
$666,671
$666.7K
Cap Rate 9%
$518,522
$518.5K
Market Conditions
NOI Build-Up for 4,152 SF
Gross rent
$75.7K $18.24/SF
− Vacancy
−$9.1K −$2.18/SF
EGI
$66.7K $16.06/SF
− OpEx
−$20.0K −$4.82/SF
NOI
$46.7K $11.24/SF
Area
Buncombe County, NC
Vacancy
11.97%
Lease Rate
$18.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$933,340
Cap Rate 7%
$666,671
Cap Rate 9%
$518,522
Alternative Uses
Best Use
Multifamily LT 5
$666.7K
$583.3K – $777.8K
NOI $46,667 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$578.2K
$506.0K – $674.6K
NOI $40,476 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,904 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate units occupy a historic home with high ceilings, wood floors, and off-street parking.
Where is this triplex located?
The property is located at 174 Pearson Drive Asheville, NC.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three separate residential units; 4,152 square feet on a large lot; New roof installed in 2025
