4-Unit Townhouse-Style Multifamily
212 & 214 Portmanvilla Road, Black Mountain, NC 28711
For Sale
$1,100,000
Four residences across two buildings have individual utility meters, laundry facilities, and private outdoor areas.
Property Size4,422 SF
Price / SF$248.76
Days on Market491
Property Features for 212 & 214 Portmanvilla Road
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Tenant in Place
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Heartwood Realty LLC
Listed By:
Alan Wray · License NC #282251
(423) 718-0076
Source:
Elevateasheville
Added: Jul 7, 2025
Changed: Nov 9
Last Checked: Nov 8 at 5:43PM
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 Heartwood Realty LLC
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Investment Insights
Based on property information with market context.
The 4,422-square-foot property, built in 2011, comprises two side-by-side duplex buildings with townhouse-style units and separate entrances. Each residence has its own utility meters, laundry, and private outdoor space. Units at 214 Portmanvilla Road have 2 bedrooms and 2.5 baths; those at 212 have 2 bedrooms and 1.5 baths.
Three units have 12-month leases, while the fourth is leased month to month. The property is in Black Mountain, with downtown, Lake Tomahawk Park, and Black Mountain Golf Club among the nearby destinations. Asheville is a 20-minute drive away.
Three units have 12-month leases, while the fourth is leased month to month. The property is in Black Mountain, with downtown, Lake Tomahawk Park, and Black Mountain Golf Club among the nearby destinations. Asheville is a 20-minute drive away.
Key Highlights
- Four units in two duplex buildings at 212 & 214 Portmanvilla Road
- 4,422 square feet; built in 2011
- Each unit has individual utility meters, laundry, and private outdoor space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,108
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$862,160
$862.2K
Cap Rate 7%
$615,829
$615.8K
Cap Rate 9%
$478,978
$479.0K
Market Conditions
NOI Build-Up for 4,422 SF
Gross rent
$89.7K $20.28/SF
− Vacancy
−$11.3K −$2.56/SF
EGI
$78.4K $17.72/SF
− OpEx
−$35.3K −$7.98/SF
NOI
$43.1K $9.75/SF
Area
Buncombe County, NC
Vacancy
12.60%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$862,160
Cap Rate 7%
$615,829
Cap Rate 9%
$478,978
Alternative Uses
Best Use
Apartment 5plus
$615.8K
$538.9K – $718.5K
NOI $43,108 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,881 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
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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
$358,400
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Buncombe County, NC
Properties on Market for Multifamily properties in Buncombe County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Four residences across two buildings have individual utility meters, laundry facilities, and private outdoor areas.
Where is this multifamily property located?
The property is located at 212 & 214 Portmanvilla Road Black Mountain, NC.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four units in two duplex buildings at 212 & 214 Portmanvilla Road; 4,422 square feet; built in 2011; Each unit has individual utility meters, laundry, and private outdoor space
