Two-Suite Mixed-Use
New
For Sale
$1,200,000
218 W Allen St, Hendersonville, NC 28739
The two spaces can operate independently or function together as a larger commercial premises.
Property Size5,000 SF
Price / SF$240
Days on Market3
Property Features for 218 W Allen St
General Information
Standard status
Active
Size
5,000 SF
Total Parking Spaces
20
Property subtype
Office
Additional Details
Office Units
2
Building Details
Building Size
5,000 SF
Buildings
1
Tenancy
Multi
Listed By:
Wes Reinhardt · License #NC #223401
(828) 548-0090
Source:
Deweypa
Added: Sep 28
Last Checked: Sep 30 at 11:35AM
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 Wes Reinhardt
Investment Insights
Based on property information with market context.
This downtown mixed-use property contains approximately 5,000 SF, arranged as two retail/office spaces. They can remain separate or be used together as one larger space, offering flexibility in how the building is occupied.
Paved parking accommodates approximately 20 vehicles. Main Street retail, dining, and professional services are within walking distance.
Paved parking accommodates approximately 20 vehicles. Main Street retail, dining, and professional services are within walking distance.
Key Highlights
- Approximately 5,000 SF arranged as two retail/office spaces
- Spaces can operate separately or together as one larger premises
- Paved parking for approximately 20 vehicles
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
$87,480
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
7.29%
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%
$1,749,600
$1.7M
Cap Rate 7%
$1,249,714
$1.2M
Cap Rate 9%
$972,000
$972.0K
Market Conditions
NOI Build-Up for 5,000 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
$120.0K $24.00/SF
− Vacancy
−$3.4K −$0.67/SF
EGI
$116.6K $23.33/SF
− OpEx
−$29.2K −$5.83/SF
NOI
$87.5K $17.50/SF
Area
Henderson County, NC
Vacancy
2.80%
Lease Rate
$24.00 /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%
$1,749,600
Cap Rate 7%
$1,249,714
Cap Rate 9%
$972,000
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.46M
NOI $87,480 @ 7.0% cap · market cap 7.29%
Second Best
Retail
$882.9K
$772.5K – $1.03M
NOI $61,803 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,640 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,464
Businesses Nearby
Explore this area
Business Placement
Demographics for 28739, NC
21,251
Population
11,083
Households
1.9
Avg Household Size
54
Median Age
44%
College-Educated
94%
High-School Grad
61.0 sq mi
ZIP Area
348
Density / Sq Mi
$70,464
Median Household Income
$35,934
Median Earnings
$995
Median Rent
$358,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - The two spaces can operate independently or function together as a larger commercial premises.
Where is this mixed-use property located?
The property is located at 218 W Allen St Hendersonville, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 5,000 SF arranged as two retail/office spaces; Spaces can operate separately or together as one larger premises; Paved parking for approximately 20 vehicles
