Four-Unit Multifamily
For Sale
$899,000
181 Merrimon Ave, Asheville, NC 28801
Historic multifamily building with varied unit layouts, private outdoor areas, and commercial CB1 zoning.
Property Size3,212 SF
Lot Size0.41 Acres
Price / SF$279.89
Days on Market42
Property Features for 181 Merrimon Ave
General Information
Standard status
Active
Size
3,212 SF
Lot size
0.41 Acres
Zoning
CB1
Units
Unit Mix
2 x studio, 1 x 1BR, 1 x 2BR/2BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1907
Listing Agency:
Appalachian Realty Associates
(828) 230-1672
Listed By:
Gray Tolson · License #258341
Source:
Lewisandkirk
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 11:55AM
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 Appalachian Realty Associates
Investment Insights
Based on property information with market context.
Built in 1907, this 3,212-square-foot quadplex contains four residential units on a 0.41-acre site. The layout includes two studio apartments, a one-bedroom apartment with a private balcony, and a two-bedroom, two-bath apartment with a private patio and bonus room. Each unit has a separate electric meter, while the property shares a natural gas boiler. Off-street parking and street exposure are also included.
The property is within walking distance of downtown Asheville and carries CB1 commercial zoning. That designation supports the existing multifamily configuration and provides a basis for evaluating conversion to commercial use, as stated in the property information.
The property is within walking distance of downtown Asheville and carries CB1 commercial zoning. That designation supports the existing multifamily configuration and provides a basis for evaluating conversion to commercial use, as stated in the property information.
Key Highlights
- Four units totaling 3,212 SF on a 0.41‑acre lot
- Unit mix includes two studios, one 1‑bedroom, and one 2‑bedroom/2‑bath apartment
- 2‑bedroom unit includes a private patio and bonus room
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
$36,102
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
4.02%
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%
$722,040
$722.0K
Cap Rate 7%
$515,743
$515.7K
Cap Rate 9%
$401,133
$401.1K
Market Conditions
NOI Build-Up for 3,212 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
$58.6K $18.24/SF
− Vacancy
−$7.0K −$2.18/SF
EGI
$51.6K $16.06/SF
− OpEx
−$15.5K −$4.82/SF
NOI
$36.1K $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%
$722,040
Cap Rate 7%
$515,743
Cap Rate 9%
$401,133
Alternative Uses
Best Use
Multifamily LT 5
$515.7K
$451.3K – $601.7K
NOI $36,102 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$447.3K
$391.4K – $521.9K
NOI $31,312 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$1.02M
$888.7K – $1.18M
NOI $71,097 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,513
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?
Quadplex - Historic multifamily building with varied unit layouts, private outdoor areas, and commercial CB1 zoning.
Where is this quadplex located?
The property is located at 181 Merrimon Ave 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: Four units totaling 3,212 SF on a 0.41‑acre lot; Unit mix includes two studios, one 1‑bedroom, and one 2‑bedroom/2‑bath apartment; 2‑bedroom unit includes a private patio and bonus room
