Mixed-Use Property with Three
For Sale
$950,000
297 Hillside Street, Asheville, NC 28801
Located in NB zoning, the property offers a flexible live/work configuration with residential and commercial use potential.
Property Size2,016 SF
Price / SF$471.23
Days on Market254
Property Features for 297 Hillside Street
General Information
Standard status
Active
Size
2,016 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
NB
Building Details
Year Built
2002
Listing Agency:
DRG Homes & Land
(828) 210-3898
Listed By:
Buck Schall
Source:
Techrealtyllc
Added: Dec 4, 2025
Changed: Aug 15
Last Checked: Aug 15 at 2:01AM
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 DRG Homes & Land
Investment Insights
Based on property information with market context.
Built in 2002, this 2,016-square-foot mixed-use property combines a flexible interior arrangement with three kitchens, four bathrooms, and three bedrooms. The layout includes a first-floor live/work area, a second-floor living space, a furnished studio apartment, and a bonus loft. Its configuration can accommodate residential, rental, live/work, studio, retail, or other commercial applications, subject to applicable requirements.
The property is situated in Asheville between Charlotte St and Merrimon Ave, approximately one mile from downtown. The city has confirmed the possibility of short-term homestay rental use for two units if the owner lives in the third, with minor modifications. The existing floor separation may also be reconfigured into a more traditional two-story residence, according to the sellers and the city.
The property is situated in Asheville between Charlotte St and Merrimon Ave, approximately one mile from downtown. The city has confirmed the possibility of short-term homestay rental use for two units if the owner lives in the third, with minor modifications. The existing floor separation may also be reconfigured into a more traditional two-story residence, according to the sellers and the city.
Key Highlights
- 2,016‑square‑foot mixed‑use property built in 2002
- NB zoning with flexible live/work layout
- 3 bedrooms, 4 bathrooms, and 3 kitchens
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
$37,403
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
3.94%
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%
$748,060
$748.1K
Cap Rate 7%
$534,329
$534.3K
Cap Rate 9%
$415,589
$415.6K
Market Conditions
NOI Build-Up for 2,016 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
$51.0K $25.32/SF
− Vacancy
−$1.2K −$0.58/SF
EGI
$49.9K $24.74/SF
− OpEx
−$12.5K −$6.18/SF
NOI
$37.4K $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%
$748,060
Cap Rate 7%
$534,329
Cap Rate 9%
$415,589
Alternative Uses
Best Use
Office B
$534.3K
$467.5K – $623.4K
NOI $37,403 @ 7.0% cap · market cap 3.94%
Second Best
Mixed Use
$307.8K
$269.3K – $359.1K
NOI $21,546 @ 7.0% cap · market cap 2.27%
Theoretical Best
Office A
$637.5K
$557.8K – $743.7K
NOI $44,624 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,683
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?
Mixed-use property - Located in NB zoning, the property offers a flexible live/work configuration with residential and commercial use potential.
Where is this mixed-use property located?
The property is located at 297 Hillside Street Asheville, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,016‑square‑foot mixed‑use property built in 2002; NB zoning with flexible live/work layout; 3 bedrooms, 4 bathrooms, and 3 kitchens
