Triplex With Covered
For Sale
$899,000
174 Pearson Drive, Asheville, NC 28801
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 Market67
Property Features for 174 Pearson Drive
General Information
Standard status
Active
Size
1,927 SF
Property subtype
Triplex
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
1,927 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: Oct 1
Last Checked: Oct 1 at 11:32AM
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
5.19%
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 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.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Explore this area
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 $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
