Renovated 6-Unit Apartment
New
For Sale
$1,095,000
295 E Chestnut St, Asheville, NC 28801
The apartment mix includes four one-bedroom units and two studios, each with its own electric meter.
Property Size3,875 SF
Price / SF$282.58
Days on Market4
Property Features for 295 E Chestnut St
General Information
Standard status
Active
Size
3,875 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR, 2 x studio
Multifamily Units
6
Building Details
Year Built
1925
Listed By:
Lynn Alvarez
(704) 975-2429
Source:
Livingingreatercharlotte
Added: Sep 24
Last Checked: Sep 26 at 7:20AM
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 Lynn Alvarez
Investment Insights
Based on property information with market context.
This 3,875-square-foot apartment property, built in 1925, contains six units: four one-bedroom apartments and two studios. Renovations include substantial kitchen and bathroom work. The property is fully occupied and has on-site parking and separate electric meters for each unit.
At 295 E Chestnut Street in Asheville, the building is approximately one mile from downtown. Trader Joe’s, Harris Teeter, and Whole Foods are each within approximately one-half mile. Charlotte Street and I-240 provide nearby access.
At 295 E Chestnut Street in Asheville, the building is approximately one mile from downtown. Trader Joe’s, Harris Teeter, and Whole Foods are each within approximately one-half mile. Charlotte Street and I-240 provide nearby access.
Key Highlights
- Six apartments: four one‑bedroom units and two studios
- 3,875 square feet; built in 1925
- Fully occupied; substantial kitchen and bathroom renovations
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
$37,776
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
3.45%
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%
$755,520
$755.5K
Cap Rate 7%
$539,657
$539.7K
Cap Rate 9%
$419,733
$419.7K
Market Conditions
NOI Build-Up for 3,875 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
$78.6K $20.28/SF
− Vacancy
−$9.9K −$2.56/SF
EGI
$68.7K $17.72/SF
− OpEx
−$30.9K −$7.98/SF
NOI
$37.8K $9.75/SF
Area
Buncombe County, NC
Vacancy
12.60%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
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%
$755,520
Cap Rate 7%
$539,657
Cap Rate 9%
$419,733
Alternative Uses
Best Use
Apartment 5plus
$539.7K
$472.2K – $629.6K
NOI $37,776 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,773 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,249
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - The apartment mix includes four one-bedroom units and two studios, each with its own electric meter.
Where is this apartment building located?
The property is located at 295 E Chestnut St Asheville, NC.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Six apartments: four one‑bedroom units and two studios; 3,875 square feet; built in 1925; Fully occupied; substantial kitchen and bathroom renovations
