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 Size1,916 SF
Price / SF$441.18
Days on Market93
Property Features for 28 N Lexington Avenue
General Information
Standard status
Active
Size
1,916 SF
Property subtype
Retail
Additional Details
Multifamily Units
1
Amenities
Public Sewer
Additional parcels description:, Parcel Number: 9649-40-0770-00000, Assessed Value: $621,000, Zoning: CBD
Gross Income: $60,000, Gross ScheduledIncome: $96,000, Net Operating Income: $80,233
Listing ID: CAR4408214, Standard Status: Active, MLS Status: Active, Property Subtype: Retail, Special Conditions: None
Built in 1916, Living area: 3400, 1 building
Operating: $15,767
County/Parish: Buncombe
2 total bathrooms
Water Source: City
Road Responsibility: Publicly Maintained Road, Road Surface: Paved
Building Details
Building Size
1,916 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: Oct 19
Last Checked: Oct 19 at 9:08AM
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 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 / Yr
$63,081
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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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?
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
