Multifamily Asset in South
For Sale
Contact for pricing
Pending
2147 Brevard Rd, Arden, NC 28704
10-unit multifamily asset with value-add potential in high-growth area.
Property Size12,372 SF
Days on Market193
Property Features for 2147 Brevard Rd
General Information
Standard status
Pending
Size
12,372 SF
Class
B
Property subtype
Multifamily
Zoning
R-1
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1998
Buildings
5
Stories
2
Units
10
Listing Agency:
G/M PROPERTY GROUP LLC
(828) 281-4024
Listed By:
John Menkes · License #NC 194446
Source:
Crexi
Added: Feb 8
Changed: Aug 8
Last Checked: Jul 24 at 2:09PM
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 G/M PROPERTY GROUP LLC
Investment Insights
Based on property information with market context.
This 10-unit multifamily asset is located in South Asheville and consists of five townhome-style duplexes. Each duplex is situated on a separate tax parcel, offering flexibility for condo conversion, individual resale, or short-term rentals. The property is currently 100% occupied, featuring a unit mix of two 3-bedroom, 2-bathroom units and eight 2-bedroom, 1.5-bathroom units. Current rents are reported to be 20–25% below market rates. The property has low operating expenses and strong in-place cash flow. Future sewer connectivity offers development potential, positioning this as a value-add investment in a high-growth submarket. The total property size is 12372 square feet.
Key Highlights
- Rare flexibility for condo conversion, individual resale, or short‑term rentals due to separate tax parcels for each duplex.
- Value‑add opportunity with rents 20‑25% below market, indicating significant income upside.
- Strong in‑place cash flow from 100% occupancy.
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
$120,610
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
4.55%
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%
$2,412,200
$2.4M
Cap Rate 7%
$1,723,000
$1.7M
Cap Rate 9%
$1,340,111
$1.3M
Market Conditions
NOI Build-Up for 12,372 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
$250.9K $20.28/SF
− Vacancy
−$31.6K −$2.56/SF
EGI
$219.3K $17.72/SF
− OpEx
−$98.7K −$7.98/SF
NOI
$120.6K $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%
$2,412,200
Cap Rate 7%
$1,723,000
Cap Rate 9%
$1,340,111
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.51M – $2.01M
NOI $120,610 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.91M
$3.42M – $4.56M
NOI $273,853 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 28704, NC
23,734
Population
11,514
Households
2.1
Avg Household Size
39
Median Age
41%
College-Educated
92%
High-School Grad
30.1 sq mi
ZIP Area
789
Density / Sq Mi
$79,088
Median Household Income
$39,072
Median Earnings
$1,369
Median Rent
$343,600
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?
Apartment building - 10-unit multifamily asset with value-add potential in high-growth area.
Where is this apartment building located?
The property is located at 2147 Brevard Rd Arden, NC.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Rare flexibility for condo conversion, individual resale, or short‑term rentals due to separate tax parcels for each duplex.; Value‑add opportunity with rents 20‑25% below market, indicating significant income upside.; Strong in‑place cash flow from 100% occupancy.
