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 Market92
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: Oct 11
Last Checked: Oct 7 at 4:44PM
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
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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 / Yr
$30,455
Cap Rate
3.12%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
