Renovated 6-Unit Apartment
295 E Chestnut St, Asheville, NC 28801
For Sale
$995,000
The apartment mix includes four one-bedroom units and two studios, each with its own electric meter.
Property Size3,875 SF
Price / SF$256.77
Days on Market51
Property Features for 295 E Chestnut St
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Highway Access
Road Access
Utilities to Site
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Listed By:
Lynn Alvarez
(704) 975-2429
Source:
Livingingreatercharlotte
Added: Sep 24
Changed: Nov 4
Last Checked: Nov 12 at 6:55AM
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
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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 / Yr
$37,776
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
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
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 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 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,773 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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 $995,000.
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
