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 Market195
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: Oct 26
Last Checked: Nov 1 at 3:40AM
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
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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 / Yr
$630,810
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,310
Businesses Nearby
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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
