Historic Mixed-Use
For Sale
$980,000
204 Sutton Avenue, Black Mountain, NC 28711
Flexible downtown building with high ceilings, loft-style areas, and potential for street-level commercial and upper-level residential use.
Property Size3,772 SF
Price / SF$259.81
Days on Market241
Property Features for 204 Sutton Avenue
General Information
Standard status
Active
Size
3,772 SF
Property subtype
Commercial
Amenities
Baseboard Heating
Carpet Flooring
Concrete Flooring
Flat Roof
Laminate Flooring
Natural Gas Heating
Rubber Roof
Wood Flooring
Building Details
Year Built
1922
Buildings
1
Listing Agency:
IVESTER JACKSON BLACKSTREAM
(828) 367-9001
Listed By:
LAURA LIVAUDAIS · License #129821
Source:
Corcoran
Added: Jan 1
Changed: Aug 29
Last Checked: Aug 29 at 10:34PM
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 IVESTER JACKSON BLACKSTREAM
Investment Insights
Based on property information with market context.
Built in 1922, this 3,772-square-foot mixed-use building combines a street-facing commercial area with upper-level and rear spaces that may support residential living, subject to verification of zoning and permitted uses. High ceilings, loft-style areas, and architectural character provide a flexible framework for customization while retaining the building’s historic identity.
The property is positioned along Sutton Avenue in Downtown Black Mountain’s Historic District, near restaurants, breweries, galleries, boutiques, and community events. Its central setting supports a walkable environment and places the building within an active downtown corridor. Potential concepts identified for the space include a storefront with residence, gallery and studio, professional offices, or a live-work arrangement, subject to applicable approvals.
The property is positioned along Sutton Avenue in Downtown Black Mountain’s Historic District, near restaurants, breweries, galleries, boutiques, and community events. Its central setting supports a walkable environment and places the building within an active downtown corridor. Potential concepts identified for the space include a storefront with residence, gallery and studio, professional offices, or a live-work arrangement, subject to applicable approvals.
Key Highlights
- 3,772‑square‑foot mixed‑use building constructed in 1922
- Located in Downtown Black Mountain’s Historic District
- High ceilings and loft‑style 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
$69,983
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
7.14%
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%
$1,399,660
$1.4M
Cap Rate 7%
$999,757
$999.8K
Cap Rate 9%
$777,589
$777.6K
Market Conditions
NOI Build-Up for 3,772 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
$95.5K $25.32/SF
− Vacancy
−$2.2K −$0.58/SF
EGI
$93.3K $24.74/SF
− OpEx
−$23.3K −$6.18/SF
NOI
$70.0K $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%
$1,399,660
Cap Rate 7%
$999,757
Cap Rate 9%
$777,589
Alternative Uses
Best Use
Office B
$999.8K
$874.8K – $1.17M
NOI $69,983 @ 7.0% cap · market cap 7.14%
Second Best
Retail
$631.8K
$552.9K – $737.1K
NOI $44,228 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,493 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Explore this area
Business Placement
Demographics for 28711, NC
14,047
Population
7,563
Households
1.9
Avg Household Size
49
Median Age
54%
College-Educated
92%
High-School Grad
103.9 sq mi
ZIP Area
135
Density / Sq Mi
$69,177
Median Household Income
$38,677
Median Earnings
$1,319
Median Rent
$358,400
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?
Mixed-use property - Flexible downtown building with high ceilings, loft-style areas, and potential for street-level commercial and upper-level residential use.
Where is this mixed-use property located?
The property is located at 204 Sutton Avenue Black Mountain, NC.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: 3,772‑square‑foot mixed‑use building constructed in 1922; Located in Downtown Black Mountain’s Historic District; High ceilings and loft‑style areas
