Live-Work Triplex with Three
For Sale
$950,000
297 Hillside Street, Asheville, NC 28801
Neighborhood Business zoning and distinct living areas provide a flexible configuration for residential and work uses.
Property Size2,016 SF
Price / SF$471.23
Days on Market328
Property Features for 297 Hillside Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Triplex
Building Details
Building Size
2,016 SF
Year Built
2003
Listing Agency:
Elevate Asheville Realty Group
Listed By:
Carter Sowers · License #313142
(828) 618-4700
Source:
Elevateasheville
Added: Dec 4, 2025
Changed: Oct 28
Last Checked: Oct 28 at 1:36AM
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 Elevate Asheville Realty Group
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Investment Insights
Based on property information with market context.
This 2,016-square-foot triplex, built in 2003, has three bedrooms, four bathrooms, three kitchens and a loft. Its layout includes a furnished studio apartment, a second-floor living area and first-floor live/work space. The property is zoned Neighborhood Business, and the first-floor area is being prepared for rental. The city has confirmed a potential homestay short-term rental arrangement for two units, subject to minor modifications and the owner living in the third.
The property sits between Charlotte Street and Merrimon Avenue, about one mile from downtown Asheville.
The property sits between Charlotte Street and Merrimon Avenue, about one mile from downtown Asheville.
Key Highlights
- Three kitchens, three bedrooms and four bathrooms across 2,016 square feet
- Neighborhood Business zoning
- Furnished studio apartment and separate second‑floor living area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,403
Cap Rate
3.94%
Suggested Prices Based on Cap Rates
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
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 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
Multifamily LT 5
$323.7K
$283.2K – $377.7K
NOI $22,659 @ 7.0% cap · market cap 2.39%
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.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,782
Businesses Nearby
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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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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Triplex - Neighborhood Business zoning and distinct living areas provide a flexible configuration for residential and work uses.
Where is this triplex 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: Three kitchens, three bedrooms and four bathrooms across 2,016 square feet; Neighborhood Business zoning; Furnished studio apartment and separate second‑floor living area
