Live-Work Mixed-Use
For Sale
$1,500,000
28 N Lexington Avenue, Asheville, NC 28801
Mixed-use building with fully leased street-level retail and an upper-floor residential unit above.
Property Size3,400 SF
Price / SF$441.18
Days on Market48
Property Features for 28 N Lexington Avenue
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Retail
Additional Details
Multifamily Units
1
Amenities
Size: 0.05, Size Units: Acres
Days on Market: 0, Listing Price: 1500000, Status: Active
Building Area: 3400, Stories: 2, Year Built: 1916, Construction Type: Site Built
City: Asheville, State: NC, Zip: 28801, County: Buncombe, Directions: 28 N Lexington Ave is located downtown Asheville between College St and Walnut St. directly across from Tops for Shoes and Anthropologie.
Zoning: CBD
Sewer: Public Sewer, Water Source: City
Auction Y/N: 0
Building Details
Building Size
3,400 SF
Year Built
1916
Listing Agency:
Dewey Property Advisors
(828) 548-0090
Listed By:
Jay Lurie · License ##192865
(828) 216-8462
Source:
Blackstreaminternational
Added: Jul 19
Changed: Sep 3
Last Checked: Sep 4 at 6:15AM
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 live-work mixed-use property combines street-level retail with an upper-floor residential unit, configured for either owner occupancy or income generation from both levels. The street-level retail space is fully leased, providing immediate occupancy within the property’s retail component, while the character-rich residential unit above offers an additional source of rental income or a built-in place to live.
Located in downtown Asheville on Lexington Avenue with access from Tingle Alley, the building is situated in the Lexington Avenue district.
The total property size is approximately 3,400 square feet, offering a compact downtown format with two distinct components in a single ownership.
Located in downtown Asheville on Lexington Avenue with access from Tingle Alley, the building is situated in the Lexington Avenue district.
The total property size is approximately 3,400 square feet, offering a compact downtown format with two distinct components in a single ownership.
Key Highlights
- Mixed‑use building built in 1916 with street‑level retail and an upper‑floor residential unit
- Street‑level retail is fully leased, providing immediate rental income
- Live/work setup on Lexington Avenue with the residence above the retail 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
$63,081
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
4.21%
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%
$1,261,620
$1.3M
Cap Rate 7%
$901,157
$901.2K
Cap Rate 9%
$700,900
$700.9K
Market Conditions
NOI Build-Up for 3,400 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
$86.1K $25.32/SF
− Vacancy
−$2.0K −$0.58/SF
EGI
$84.1K $24.74/SF
− OpEx
−$21.0K −$6.18/SF
NOI
$63.1K $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%
$1,261,620
Cap Rate 7%
$901,157
Cap Rate 9%
$700,900
Alternative Uses
Best Use
Office B
$901.2K
$788.5K – $1.05M
NOI $63,081 @ 7.0% cap · market cap 4.21%
Second Best
Retail
$569.5K
$498.3K – $664.4K
NOI $39,866 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$1.08M
$940.7K – $1.25M
NOI $75,259 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Mixed-use building with fully leased street-level retail and an upper-floor residential unit above.
Where is this live-work space located?
The property is located at 28 N Lexington Avenue Asheville, NC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Mixed‑use building built in 1916 with street‑level retail and an upper‑floor residential unit; Street‑level retail is fully leased, providing immediate rental income; Live/work setup on Lexington Avenue with the residence above the retail space
