Four-Unit Apartment
For Sale
$899,000
181 Merrimon Avenue, Asheville, NC 28801
CBI zoning and individually metered apartments offer a distinct commercial and residential configuration.
Property Size3,212 SF
Lot Size0.41 Acres
Price / SF$279.89
Days on Market9
Property Features for 181 Merrimon Avenue
General Information
Standard status
Active
Size
3,212 SF
Lot size
0.41 Acres
Property subtype
Commercial
Zoning
CBI
Units
Unit Mix
2 x studio, 1 x 1BR, 1 x 2BR/2BA
Multifamily Units
4
Individually Metered Utilities
electricity
Additional Details
Utilities to Site
Yes
Building Details
Building Size
3,212 SF
Year Built
1907
Stories
2
Units
4
Listing Agency:
Appalachian Realty Associates
Listed By:
Gray Tolson · License #258341
(828) 230-1672
Source:
Geoffcampbell
Added: Oct 21
Changed: Oct 25
Last Checked: Oct 26 at 4:07AM
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
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Investment Insights
Based on property information with market context.
Built in 1907, this 3,212-square-foot property contains four apartments on a 0.41-acre parcel. The unit mix includes two studios, a one-bedroom apartment with a private balcony, and a two-bedroom, two-bath apartment with a private patio and bonus room. Each apartment has a separate electric meter; all units share a natural gas boiler. Off-street parking is available, and the property has street exposure along Merrimon Avenue. The zoning designation is CBI.
The property is within walking distance of downtown Asheville, Trader Joe’s, Harris Teeter and several restaurants.
The property is within walking distance of downtown Asheville, Trader Joe’s, Harris Teeter and several restaurants.
Key Highlights
- Four apartments: two studios, one one‑bedroom, and one two‑bedroom, two‑bath unit
- 3,212 square feet on a 0.41‑acre lot
- One‑bedroom apartment has a private balcony; two‑bedroom unit includes a private patio and bonus room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,102
Cap Rate
4.02%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,513
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?
Quadplex - CBI zoning and individually metered apartments offer a distinct commercial and residential configuration.
Where is this quadplex located?
The property is located at 181 Merrimon Avenue 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 apartments: two studios, one one‑bedroom, and one two‑bedroom, two‑bath unit; 3,212 square feet on a 0.41‑acre lot; One‑bedroom apartment has a private balcony; two‑bedroom unit includes a private patio and bonus room
