Building Details

Year Built 2002

Buildings 1

Listing Agency: Preferred Properties (anna@preferredprop.com)

Listed By: Anna Peddy Show Phone

Source: Preferredprop

Added: Sep 16 Changed: Sep 19 Last Checked: Sep 20 at 9:09AM

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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 Preferred Properties (anna@preferredprop.com)

Investment Insights

Based on property information with market context.

This 2002 duplex contains two separate residential units with shared laundry access. The upper unit is configured as a one-bedroom, one-bath studio with a living area, kitchen, and private balcony. The lower unit is larger and includes a bedroom, sitting area, kitchen with eat-in dining, office nook, and renovated bathroom. Furniture in the upper unit may remain.

Three additional storage areas support the property, including a two-story shed, a smaller backyard shed, and attached lower-level storage. The home is located near Warren Wilson College, scenic trails, and community parks, with downtown Black Mountain and Asheville each approximately 12 minutes away.

Key Highlights

• Two‑unit duplex built in 2002
• Upper unit includes 1 bedroom, 1 bath, kitchen, living area, and private balcony
• Lower unit features a bedroom, sitting area, eat‑in kitchen, office nook, and updated bathroom

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

$15,162

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

4.34%

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%

$303,240 $303.2K

Cap Rate 7%

$216,600 $216.6K

Cap Rate 9%

$168,467 $168.5K

Market Conditions

NOI Build-Up for 1,349 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

$24.6K $18.24/SF

− Vacancy

−$2.9K −$2.18/SF

EGI

$21.7K $16.06/SF

− OpEx

−$6.5K −$4.82/SF

NOI

$15.2K $11.24/SF

Area

Buncombe County, NC

Vacancy

11.97%

Lease Rate

$18.24 /SF/Yr

Expense Ratio

30.00%

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%

$303,240

Cap Rate 7%

$216,600

Cap Rate 9%

$168,467

Alternative Uses

Best Use

Multifamily LT 5

$216.6K

$189.5K – $252.7K (±1% cap)

NOI $15,162 @ 7.0% cap · market cap 4.34%

Second Best

Apartment 5plus

$187.9K

$164.4K – $219.2K (±1% cap)

NOI $13,151 @ 7.0% cap · market cap 3.77%

Theoretical Best

Office A

$426.6K

$373.3K – $497.7K (±1% cap)

NOI $29,860 @ 7.0% cap · market cap 8.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Hair Salon Spa & Massage Center Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

67

Businesses Nearby

Explore this area Business Placement

Demographics for 28778, NC

10,328

Population

4,865

Households

2.1

Avg Household Size

42

Median Age

32%

College-Educated

86%

High-School Grad

32.5 sq mi

ZIP Area

318

Density / Sq Mi

$72,717

Median Household Income

$36,218

Median Earnings

$1,004

Median Rent

$273,800

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two-level duplex with updated interiors, shared laundry, private balcony, and multiple storage areas.

Where is this duplex located?

The property is located at 223 Davidson Road Swannanoa, NC.

What is the asking price?

The asking price for this property is $349,000.

What are key features of this property?

This property features: Two‑unit duplex built in 2002; Upper unit includes 1 bedroom, 1 bath, kitchen, living area, and private balcony; Lower unit features a bedroom, sitting area, eat‑in kitchen, office nook, and updated bathroom