Two-Suite Street-Level Retail
For Sale
Contact for pricing
186-188 Coxe Avenue, Asheville, NC 28801
Flexible interiors include polished concrete floors, high ceilings, and rear workroom space.
Property Size5,150 SF
Lot Size0.12 Acres
Price / SF$310.68
Days on Market157
Property Features for 186-188 Coxe Avenue
General Information
Standard status
Active
Size
5,150 SF
Lot size
0.12 Acres
Property subtype
Retail
Zoning
CBD
Additional Details
Road Access
Yes
Office Units
2
Amenities
Polished Concrete Floors
High Ceilings
Clear-span Layouts
Rear Workroom Space
Secondary Access
Building Details
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Dewey Property Advisors
(828) 424-1141
Listed By:
Tim Bramley · License #NC 271946
Source:
Crexi
Added: Mar 28
Changed: Aug 29
Last Checked: Aug 29 at 9:22PM
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 Dewey Property Advisors
Investment Insights
Based on property information with market context.
Located at 186-188 Coxe Avenue in Asheville’s South Slope district, this 5,150-square-foot retail property contains two street-level suites with open, clear-span interiors. Polished concrete flooring and high ceilings create a contemporary industrial character, while rear workroom space supports back-of-house functions.
The property occupies 0.12 acres and carries CBD zoning. Secondary access from Collier Avenue provides an additional point of entry for operations and deliveries. The building is positioned within an active pedestrian setting surrounded by breweries, restaurants, entertainment venues, professional offices, and residential development. The suite configuration accommodates retail, showroom, office, and experiential concepts.
The property occupies 0.12 acres and carries CBD zoning. Secondary access from Collier Avenue provides an additional point of entry for operations and deliveries. The building is positioned within an active pedestrian setting surrounded by breweries, restaurants, entertainment venues, professional offices, and residential development. The suite configuration accommodates retail, showroom, office, and experiential concepts.
Key Highlights
- Two‑suite street‑level retail building totaling 5,150 SF
- 0.12‑acre site with CBD zoning
- Open, clear‑span layouts with high ceilings
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
$95,549
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
5.97%
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%
$1,910,980
$1.9M
Cap Rate 7%
$1,364,986
$1.4M
Cap Rate 9%
$1,061,656
$1.1M
Market Conditions
NOI Build-Up for 5,150 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
$130.4K $25.32/SF
− Vacancy
−$3.0K −$0.58/SF
EGI
$127.4K $24.74/SF
− OpEx
−$31.8K −$6.18/SF
NOI
$95.5K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /SF/Yr
Expense Ratio
25.00%
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%
$1,910,980
Cap Rate 7%
$1,364,986
Cap Rate 9%
$1,061,656
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,549 @ 7.0% cap · market cap 5.97%
Second Best
Retail
$862.6K
$754.8K – $1.01M
NOI $60,385 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,995 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,399
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Flexible interiors include polished concrete floors, high ceilings, and rear workroom space.
Where is this retail space located?
The property is located at 186-188 Coxe Avenue Asheville, NC.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Two‑suite street‑level retail building totaling 5,150 SF; 0.12‑acre site with CBD zoning; Open, clear‑span layouts with high ceilings
