Creative Office Space with
1b-19 Rankin Avenue, Asheville, NC 28801
For Sale
$2,400,000
Flexible interiors combine private offices and open workspace within a mixed-use building.
Property Size4,768 SF
Price / SF$503.36
Days on Market216
Property Features for 1b-19 Rankin Avenue
General Information
Standard status
Size
Listing Agency:
NAI Beverly-Hanks
(828) 210-3940
Listed By:
Chris Mansfield · License NC #340236
(845) 699-3340
Source:
Exprealty
Added: Apr 9
Changed: Nov 8
Last Checked: Nov 8 at 8:28AM
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 NAI Beverly-Hanks
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Investment Insights
Based on property information with market context.
Unit 1B is being created through the subdivision of an existing unit within Rankin Press Lofts, a mixed-use building in downtown Asheville. The approximately 4,768 SF creative space features high ceilings, skylights, private offices, open work areas, and a flexible interior configuration suited to office, studio, or adaptive reuse concepts.
An adjacent covered outdoor area is currently used for vehicle access and parking. Subject to applicable approvals, the area may support an alternative function such as outdoor seating, loading, a patio, or event-related use, extending the property's functional area beyond the interior.
An adjacent covered outdoor area is currently used for vehicle access and parking. Subject to applicable approvals, the area may support an alternative function such as outdoor seating, loading, a patio, or event-related use, extending the property's functional area beyond the interior.
Key Highlights
- Approximately 4,768 SF creative office space
- High ceilings and skylights provide distinctive interior character
- Flexible layout with private offices and open areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$88,462
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,769,240
$1.8M
Cap Rate 7%
$1,263,743
$1.3M
Cap Rate 9%
$982,911
$982.9K
Market Conditions
NOI Build-Up for 4,768 SF
Gross rent
$120.7K $25.32/SF
− Vacancy
−$2.8K −$0.58/SF
EGI
$117.9K $24.74/SF
− OpEx
−$29.5K −$6.18/SF
NOI
$88.5K $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 Rate 5%
$1,769,240
Cap Rate 7%
$1,263,743
Cap Rate 9%
$982,911
Alternative Uses
Best Use
Office B
$1.26M
$1.11M – $1.47M
NOI $88,462 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,539 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,310
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
Frequently Asked Questions
What type of property is this?
Creative space - Flexible interiors combine private offices and open workspace within a mixed-use building.
Where is this creative space located?
The property is located at 1b-19 Rankin Avenue Asheville, NC.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Approximately 4,768 SF creative office space; High ceilings and skylights provide distinctive interior character; Flexible layout with private offices and open areas
