Triplex With Covered
For Sale
$950,000
174 Pearson Drive, Asheville, NC 28801
Three separate units occupy a historic home with high ceilings, wood floors, and off-street parking.
Property Size3,388 SF
Price / SF$228.81
Days on Market59
Property Features for 174 Pearson Drive
General Information
Standard status
Active
Size
3,388 SF
Property subtype
Triplex
Amenities
Features: Wooded, Size: 0.43, Size Units: Acres
Description: Architectural Shingle
Flooring: Tile, Vinyl, Wood
Man Level Garage: 0
Details: Window Unit(s), None
Heating: Baseboard, Floor Furnace, Natural Gas
Description: In Kitchen, Laundry Closet
Days on Market: 47, Listing Price: 950000, Status: Active
Elementary: Asheville City, Middle/Junior High: Asheville, High School: Asheville
Description: Apartment, Partially Finished
Total Bathrooms: 7
Finished Area Above Grade: 3388, Area: 4152, Architecture: Traditional, Building Area: 4152, Construction Materials: Cedar Shake, Year Built: 1927, Construction Type: Site Built
Zip: 28801, City: Asheville, State: NC, County: Buncombe, Subdivision: Montford, Directions: Take Montford Avenue exit. Turn onto Montford Avenue, then LEFT on Chestnut at Tall John's and right on Pearson-- follow to 174 on the left. Lockbox on front door. Lower level unit has own lockbox.
Zoning: RS8
Sewer: Public Sewer, Water Source: City, Utilities: Cable Available, Natural Gas
Description: Conditional
Auction Y/N: 0
Patio Features: Covered, Deck, Porch, Terrace
Description: Dishwasher, Electric Cooktop, Microwave, Refrigerator, Wall Oven, Washer/Dryer
Building Details
Building Size
3,388 SF
Year Built
1927
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Howard Hanna Beverly-Hanks Asheville-Downtown
(828) 254-7221
Listed By:
Marie Morris
(828) 768-0108
Source:
Blackstreaminternational
Added: Jul 28
Changed: Sep 23
Last Checked: Sep 22 at 4:27PM
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
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 = 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
$46,667
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
4.91%
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%
$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
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
$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 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%
$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 4.91%
Second Best
Apartment 5plus
$578.2K
$506.0K – $674.6K
NOI $40,476 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,904 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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 $950,000.
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
