Triplex Property with Two
For Sale
$798,000
198 & 200 Courtland Place, Asheville, NC 28801
Two residences offer independent living, with a basement apartment providing additional rental flexibility.
Property Size2,571 SF
Price / SF$310.39
Days on Market41
Property Features for 198 & 200 Courtland Place
General Information
Standard status
Active
Size
2,571 SF
Property subtype
Triplex
Additional Details
Gross Income
$57,600
Tenant in Place
Yes
Amenities
stone patio
kitchenette
decorative fireplace mantels
newer windows
finished attic
unfinished storage space
dirt-floor garage
Building Details
Year Built
1942
Buildings
2
Tenancy
Multi
Listing Agency:
Howard Hanna Beverly-Hanks Freestone Properties
(828) 419-0444
Listed By:
Mike Blumenfeld
(513) 262-2922
Source:
Charlottelifeteam
Added: Sep 21
Changed: Oct 31
Last Checked: Oct 31 at 3:17AM
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 Freestone Properties
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,571-square-foot property comprises two homes with potential for up to three units. The 1942 residence at 200 Courtland Place has two bedrooms and a finished basement apartment with a kitchenette, interior connection to the main home, and a separate entrance from the stone patio. A finished attic, accessed from a main-level bedroom, adds space beyond the listed square footage, along with unfinished storage.
At 198 Courtland Place, the separate two-bedroom Four Square-style home has newer windows, decorative fireplace mantels, electric baseboard heat, and oil heat. A full-footprint garage with a dirt floor provides additional storage and utility space. Current long-term tenants occupy the home on a month-to-month lease.
The property is near historic Montford, downtown Asheville, and neighborhood dining. Its two-house layout supports a range of living arrangements, including separate occupancy or use of one residence for rental income.
At 198 Courtland Place, the separate two-bedroom Four Square-style home has newer windows, decorative fireplace mantels, electric baseboard heat, and oil heat. A full-footprint garage with a dirt floor provides additional storage and utility space. Current long-term tenants occupy the home on a month-to-month lease.
The property is near historic Montford, downtown Asheville, and neighborhood dining. Its two-house layout supports a range of living arrangements, including separate occupancy or use of one residence for rental income.
Key Highlights
- Two residences configured for up to 3 units
- 2,571 square feet across the property
- 200 Courtland Place includes a two‑bedroom home and finished basement apartment with kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,897
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$577,940
$577.9K
Cap Rate 7%
$412,814
$412.8K
Cap Rate 9%
$321,078
$321.1K
Market Conditions
NOI Build-Up for 2,571 SF
Gross rent
$46.9K $18.24/SF
− Vacancy
−$5.6K −$2.18/SF
EGI
$41.3K $16.06/SF
− OpEx
−$12.4K −$4.82/SF
NOI
$28.9K $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%
$577,940
Cap Rate 7%
$412,814
Cap Rate 9%
$321,078
Alternative Uses
Best Use
Multifamily LT 5
$412.8K
$361.2K – $481.6K
NOI $28,897 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$358.1K
$313.3K – $417.7K
NOI $25,064 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$813.0K
$711.4K – $948.5K
NOI $56,909 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
721
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
Frequently Asked Questions
What type of property is this?
Triplex - Two residences offer independent living, with a basement apartment providing additional rental flexibility.
Where is this triplex located?
The property is located at 198 & 200 Courtland Place Asheville, NC.
What is the asking price?
The asking price for this property is $798,000.
What are key features of this property?
This property features: Two residences configured for up to 3 units; 2,571 square feet across the property; 200 Courtland Place includes a two‑bedroom home and finished basement apartment with kitchenette
