Historic Office Building with Private
For Sale
$1,075,000
264 Haywood Road, Asheville, NC 28806
Converted historic property provides a professional office setting with dedicated off-street parking.
Property Size2,643 SF
Price / SF$406.73
Days on Market77
Property Features for 264 Haywood Road
General Information
Standard status
Active
Size
2,643 SF
Total Parking Spaces
12
Property subtype
Commercial
Zoning
HR-2
Additional Details
Office Units
11
Building Details
Year Built
1915
Buildings
1
Stories
2
Units
11
Construction
historic home
Tenancy
Multi
Listing Agency:
Patton Allen Real Estate LLC
(828) 348-1154
Listed By:
Trevor Baker
Source:
Techrealtyllc
Added: May 26
Changed: Aug 9
Last Checked: Aug 9 at 1:19PM
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 Patton Allen Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1915, this converted historic home contains 11 private offices in varied sizes and provides 12 off-street parking spaces. The 2643-square-foot office building is zoned HR-2 and is currently occupied by a real estate office that plans to relocate across the street.
The property sits along Haywood Road in Asheville’s West Asheville corridor, with nearby restaurants, breweries, boutiques, neighborhood retail, and residential density. Reported daily traffic ranges from 7,400 to 13,200 vehicles, supporting exposure along an established commercial and lifestyle district. Showings require 24-hour notice and listing-agent accompaniment.
The property sits along Haywood Road in Asheville’s West Asheville corridor, with nearby restaurants, breweries, boutiques, neighborhood retail, and residential density. Reported daily traffic ranges from 7,400 to 13,200 vehicles, supporting exposure along an established commercial and lifestyle district. Showings require 24-hour notice and listing-agent accompaniment.
Key Highlights
- 11 private offices in a converted historic home
- 12 off‑street parking spaces
- 2643 square feet of office space
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
$49,036
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
4.56%
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%
$980,720
$980.7K
Cap Rate 7%
$700,514
$700.5K
Cap Rate 9%
$544,844
$544.8K
Market Conditions
NOI Build-Up for 2,643 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
$66.9K $25.32/SF
− Vacancy
−$1.5K −$0.58/SF
EGI
$65.4K $24.74/SF
− OpEx
−$16.3K −$6.18/SF
NOI
$49.0K $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%
$980,720
Cap Rate 7%
$700,514
Cap Rate 9%
$544,844
Alternative Uses
Best Use
Office B
$700.5K
$613.0K – $817.3K
NOI $49,036 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$835.8K
$731.3K – $975.1K
NOI $58,503 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
834
Businesses Nearby
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Converted historic property provides a professional office setting with dedicated off-street parking.
Where is this office building located?
The property is located at 264 Haywood Road Asheville, NC.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: 11 private offices in a converted historic home; 12 off‑street parking spaces; 2643 square feet of office space
