Retail and Office
For Sale
$8,000,000
24 N Lexington Ave, Asheville, NC 28801
Two downtown entrances place this mixed retail and office building directly across from major hotels and a specialty retailer.
Property Size34,000 SF
Days on Market149
Property Features for 24 N Lexington Ave
General Information
Standard status
Active
Size
34,000 SF
Property subtype
Retail
Building Details
Building Size
34,000 SF
Year Built
1910
Listing Agency:
Dewey Property Advisors
Listed By:
Jay Lurie · License #NC #192865
(828) 216-8462
Source:
Deweypa
Added: Apr 22
Changed: Sep 16
Last Checked: Sep 16 at 12:55PM
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 Dewey Property Advisors
Investment Insights
Based on property information with market context.
This for-sale property includes office and retail space within a downtown mixed-use configuration, with building access at two locations. The 15 Broadway St. entrance is located in the center of downtown Asheville and faces the AC Marriott and the Kimpton Arras Hotel across the street.
A second entrance is available at 24 N Lexington Ave, with that entry positioned directly across from Topps For Shoes. The asset is situated in Buncombe County.
A second entrance is available at 24 N Lexington Ave, with that entry positioned directly across from Topps For Shoes. The asset is situated in Buncombe County.
Key Highlights
- Mixed retail and office building with entrances on 15 Broadway St and 24 N Lexington Ave in downtown Asheville
- 15 Broadway St entrance is directly across from the AC Marriott and the Kimpton Arras Hotel
- 24 N Lexington Ave entrance is directly across from Topps For Shoes
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
$630,810
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
7.89%
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%
$12,616,200
$12.6M
Cap Rate 7%
$9,011,571
$9.0M
Cap Rate 9%
$7,009,000
$7.0M
Market Conditions
NOI Build-Up for 34,000 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
$860.9K $25.32/SF
− Vacancy
−$19.8K −$0.58/SF
EGI
$841.1K $24.74/SF
− OpEx
−$210.3K −$6.18/SF
NOI
$630.8K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /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%
$12,616,200
Cap Rate 7%
$9,011,571
Cap Rate 9%
$7,009,000
Alternative Uses
Best Use
Office B
$9.01M
$7.89M – $10.51M
NOI $630,810 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.75M
$9.41M – $12.54M
NOI $752,587 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,310
Businesses Nearby
Explore this area
Business Placement
Demographics for 28801, NC
15,148
Population
8,490
Households
1.8
Avg Household Size
39
Median Age
53%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
2,970
Density / Sq Mi
$51,125
Median Household Income
$38,829
Median Earnings
$1,130
Median Rent
$481,400
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Two downtown entrances place this mixed retail and office building directly across from major hotels and a specialty retailer.
Where is this office building located?
The property is located at 24 N Lexington Ave Asheville, NC.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Mixed retail and office building with entrances on 15 Broadway St and 24 N Lexington Ave in downtown Asheville; 15 Broadway St entrance is directly across from the AC Marriott and the Kimpton Arras Hotel; 24 N Lexington Ave entrance is directly across from Topps For Shoes
