Triplex With Covered
New
For Sale
$985,000
174 Pearson Drive, Asheville, NC 28801
Three separate units occupy a historic home with high ceilings, wood floors, and off-street parking.
Property Size4,152 SF
Price / SF$237.24
Days on Market6
Property Features for 174 Pearson Drive
General Information
Standard status
Active
Size
4,152 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: 1, Listing Price: 985000, 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
City: Asheville, State: NC, Zip: 28801, 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) 768-0108
Listed By:
Marie Morris
(828) 768-0108
Source:
Blackstreaminternational
Added: Jul 28
Changed: Aug 1
Last Checked: Aug 2 at 6:20AM
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.7k | $18.24 |
| − Vacancy | −$9.1k | −$2.18 |
| EGI | $66.7k | $16.06 |
| − OpEx | −$20.0k | −$4.82 |
| NOI | $46.7k | $11.24 |
4,152 SF · lease $18.24/SF/yr · vacancy 11.97% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$666.7K
$583.3K – $777.8K
NOI $46,667 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$578.2K
$506.0K – $674.6K
NOI $40,476 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,904 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
405
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 $985,000.
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
