Remodeled Duplex with Separate
New
For Sale
$500,000
33 Phipps Street, Weaverville, NC 28787
The offering combines a renovated two-bedroom residence, an independent one-bedroom apartment, and an additional lot.
Property Size1,946 SF
Price / SF$265.82
Days on Market4
Property Features for 33 Phipps Street
General Information
Standard status
Active
Size
1,946 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
Cleared
Metal
Septic Installed
Additional parcels description:, Parcel Number: 9742-24-8915-00000, Assessed Value: $200,900
Tile, Vinyl, Wood
Ductless
Laundry Closet, Laundry Room, Lower Level, Main Level
Listing ID: CAR4437251, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, 1 day on market, Special Conditions: None
Other Parking: 2 driveways - one for each unit, Driveway
Elementary School: Weaverville/N. Windy Ridge, Middle School: North Buncombe, High School: North Buncombe
Insulated Window(s)
Apartment, Daylight, Exterior Entry, Finished, Walk-Out Access
3 total bedrooms
Built in 1946, Living area: 1881, Construction Materials: Wood
County/Parish: Buncombe
2 full bathrooms
Electricity Connected, Propane, Water Source: Public
Basement
Allowed: Call
Road Responsibility: Publicly Maintained Road, Road Surface: Gravel, Paved
Patio/Porch Features: Patio, Rear Porch
Dishwasher, Exhaust Hood, Gas Range, Microwave, Refrigerator, Other equipment: Fuel Tank - Owned
Building Details
Building Size
1,946 SF
Year Built
1946
Listing Agency:
Keller Williams Professionals
(828) 254-7253
Listed By:
Michael Shoffner · License #197209
(828) 231-9448
Source:
Blackstreaminternational
Added: Oct 22
Changed: Oct 25
Last Checked: Oct 25 at 2:33AM
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 Keller Williams Professionals
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Investment Insights
Based on property information with market context.
Built in 1946, the property contains a two-bedroom, one-bath main home and a separate one-bedroom, one-bath apartment in the basement. The main residence has 1,881 square feet and has been renovated with a metal roof, insulation, HVAC, windows, and a new kitchen featuring quartz counters and tile flooring. Refinished hardwood floors remain in the living room and bedrooms. The apartment has its own entrance and driveway, a full kitchen, a walk-in shower, and washer and dryer connections. The sale also includes a neighboring lot.
The property is approximately half a mile from downtown Weaverville, with dining, bars, galleries, shops, and a bakery. Lake Louise, its park, and walking trails are also nearby.
The property is approximately half a mile from downtown Weaverville, with dining, bars, galleries, shops, and a bakery. Lake Louise, its park, and walking trails are also nearby.
Key Highlights
- Two‑bedroom, one‑bath main home plus a separate one‑bedroom, one‑bath basement apartment
- Main residence measures 1,881 square feet and was built in 1946
- Main home renovations include a metal roof, insulation, HVAC, windows, and kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,142
Cap Rate
4.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$422,840
$422.8K
Cap Rate 7%
$302,029
$302.0K
Cap Rate 9%
$234,911
$234.9K
Market Conditions
NOI Build-Up for 1,881 SF
Gross rent
$34.3K $18.24/SF
− Vacancy
−$4.1K −$2.18/SF
EGI
$30.2K $16.06/SF
− OpEx
−$9.1K −$4.82/SF
NOI
$21.1K $11.24/SF
Area
Buncombe County, NC
Vacancy
11.97%
Lease Rate
$18.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$422,840
Cap Rate 7%
$302,029
Cap Rate 9%
$234,911
Alternative Uses
Best Use
Multifamily LT 5
$302.0K
$264.3K – $352.4K
NOI $21,142 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$262.0K
$229.2K – $305.6K
NOI $18,337 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$594.8K
$520.5K – $693.9K
NOI $41,636 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
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Business Placement
Demographics for 28787, NC
21,948
Population
10,863
Households
2
Avg Household Size
47
Median Age
44%
College-Educated
93%
High-School Grad
79.5 sq mi
ZIP Area
276
Density / Sq Mi
$75,051
Median Household Income
$39,724
Median Earnings
$1,198
Median Rent
$379,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The offering combines a renovated two-bedroom residence, an independent one-bedroom apartment, and an additional lot.
Where is this duplex located?
The property is located at 33 Phipps Street Weaverville, NC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath main home plus a separate one‑bedroom, one‑bath basement apartment; Main residence measures 1,881 square feet and was built in 1946; Main home renovations include a metal roof, insulation, HVAC, windows, and kitchen
