Tenant-Occupied Multifamily
For Sale
$975,000
214 Short Michigan Ave, Asheville, NC 28806
Tenant-occupied residential income property near downtown Asheville, restaurants, breweries, shopping, and entertainment.
Property Size3,124 SF
Price / SF$312.10
Days on Market43
Property Features for 214 Short Michigan Ave
General Information
Standard status
Active
Size
3,124 SF
Property subtype
Multi-Family
Building Details
Year Built
2003
Buildings
2
Listing Agency:
Ivester Jackson Blackstream
Listed By:
Shane Surratt · License #CAR548509825
Source:
Highperformancerea
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 30 at 6:59PM
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.
This tenant-occupied multifamily property contains 3,124 square feet and is identified at 214 Short Michigan Avenue in Asheville. The offering is presented as part of a rental-property portfolio that also includes 40 Mulberry Street, with the properties available individually or together.
The homes are near downtown Asheville and area restaurants, breweries, shopping, entertainment, and major amenities. Their proximity to one another may support a coordinated ownership approach, while the existing tenant occupancy provides an established rental setting for the next owner. Additional property details are available through the individual MLS listings.
The homes are near downtown Asheville and area restaurants, breweries, shopping, entertainment, and major amenities. Their proximity to one another may support a coordinated ownership approach, while the existing tenant occupancy provides an established rental setting for the next owner. Additional property details are available through the individual MLS listings.
Key Highlights
- 3,124‑square‑foot tenant‑occupied multifamily property
- Located at 214 Short Michigan Avenue, Asheville, NC 28806
- Portfolio also includes 40 Mulberry Street
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
$30,455
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
3.12%
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%
$609,100
$609.1K
Cap Rate 7%
$435,071
$435.1K
Cap Rate 9%
$338,389
$338.4K
Market Conditions
NOI Build-Up for 3,124 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
$63.4K $20.28/SF
− Vacancy
−$8.0K −$2.56/SF
EGI
$55.4K $17.72/SF
− OpEx
−$24.9K −$7.98/SF
NOI
$30.5K $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 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%
$609,100
Cap Rate 7%
$435,071
Cap Rate 9%
$338,389
Alternative Uses
Best Use
Apartment 5plus
$435.1K
$380.7K – $507.6K
NOI $30,455 @ 7.0% cap · market cap 3.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$987.8K
$864.4K – $1.15M
NOI $69,149 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Tenant-occupied residential income property near downtown Asheville, restaurants, breweries, shopping, and entertainment.
Where is this multifamily property located?
The property is located at 214 Short Michigan Ave Asheville, NC.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 3,124‑square‑foot tenant‑occupied multifamily property; Located at 214 Short Michigan Avenue, Asheville, NC 28806; Portfolio also includes 40 Mulberry Street
