Creative Office Space with
For Sale
$2,400,000
1b-19 Rankin Avenue, Asheville, NC 28801
Flexible interiors combine private offices and open workspace within a mixed-use building.
Property Size4,768 SF
Price / SF$503.36
Days on Market125
Property Features for 1b-19 Rankin Avenue
General Information
Standard status
Active
Size
4,768 SF
Listing Agency:
NAI Beverly-Hanks
(845) 699-3340
Listed By:
Chris Mansfield · License ##340236
(845) 699-3340
Source:
Exprealty
Added: Apr 10
Changed: Aug 11
Last Checked: Aug 11 at 10:53AM
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
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 = 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
$88,462
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
3.69%
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%
$1,769,240
$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
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
$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 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%
$1,769,240
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.
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
