Duplex with Independent
For Sale
$749,900
25 Houston St, Asheville, NC 28801
Lower-level apartment includes its own entrance, electric meter, and private deck.
Property Size2,400 SF
Price / SF$312.46
Days on Market30
Property Features for 25 Houston St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Amenities
covered front porch
private deck
back deck
basement storage
laundry
granite countertops
breakfast bar
Building Details
Year Built
2005
Buildings
1
Listing Agency:
DRG Homes & Land
(828) 210-3898
Listed By:
Sandra Messer
Source:
Lewisandkirk
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 29 at 12:24PM
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 DRG Homes & Land
Investment Insights
Based on property information with market context.
This 2,400 SF duplex was built in 2005 and can operate as two residences or a single-family home. The upper portion offers three bedrooms and two full baths, with an open kitchen, dining, and living arrangement on the main level. Granite countertops and a breakfast bar anchor the kitchen. The lower 1/1 apartment has a separate entrance, its own electric meter, and a private deck. HVAC serves the upper levels, while the apartment uses a mini split.
Outdoor features include a covered front porch and a smaller rear deck. The basement provides substantial laundry and storage space. A newer roof is 5 yrs old. The property is at 25 Houston St in Asheville’s historic Montford area, close to downtown Asheville and around the corner from All Day Darling.
Outdoor features include a covered front porch and a smaller rear deck. The basement provides substantial laundry and storage space. A newer roof is 5 yrs old. The property is at 25 Houston St in Asheville’s historic Montford area, close to downtown Asheville and around the corner from All Day Darling.
Key Highlights
- 2,400 SF duplex built in 2005
- Upper unit includes 3 bedrooms and 2 full baths
- Lower‑level 1/1 apartment has independent entrance and electric meter
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
$26,975
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
3.60%
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%
$539,500
$539.5K
Cap Rate 7%
$385,357
$385.4K
Cap Rate 9%
$299,722
$299.7K
Market Conditions
NOI Build-Up for 2,400 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
$43.8K $18.24/SF
− Vacancy
−$5.2K −$2.18/SF
EGI
$38.5K $16.06/SF
− OpEx
−$11.6K −$4.82/SF
NOI
$27.0K $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%
$539,500
Cap Rate 7%
$385,357
Cap Rate 9%
$299,722
Alternative Uses
Best Use
Multifamily LT 5
$385.4K
$337.2K – $449.6K
NOI $26,975 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$334.2K
$292.5K – $390.0K
NOI $23,397 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$758.9K
$664.1K – $885.4K
NOI $53,124 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,258
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Lower-level apartment includes its own entrance, electric meter, and private deck.
Where is this duplex located?
The property is located at 25 Houston St Asheville, NC.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 2,400 SF duplex built in 2005; Upper unit includes 3 bedrooms and 2 full baths; Lower‑level 1/1 apartment has independent entrance and electric meter
