Live-Work Mixed-Use
28 N Lexington Avenue Asheville, NC 28801
New
28 N Lexington Avenue, Asheville, NC, 28801
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For Sale
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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 Market7
Property Features for 28 N Lexington Avenue
General Information
- Standard status
- Active
- Size
- 3,400 SF
- Property subtype
- Retail, Mixed Use
Building Details
- Year Built
- 1916
Listing agency
The Real Estate Center
(828) 216-8462
Listed by
Jay Lurie · License #NC 192865
Source
Crexi
Added: Jul 15 Updated: Jul 20 at 3:50AM Checked: Jul 21 at 7:06AM
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 The Real Estate Center
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.1k | $25.32 |
| − Vacancy | −$2.0k | −$0.58 |
| EGI | $84.1k | $24.74 |
| − OpEx | −$21.0k | −$6.18 |
| NOI | $63.1k | $18.55 |
3,400 SF · lease $25.32/SF/yr · vacancy 2.30% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
April Cornell
Clothing & Fashion Store
Similar For Sale Nearby
FAQs
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
