Remodeled Quadplex with
For Sale
$570,000
37 Water Street, Asheville, NC 28801
Four one-bedroom apartments include a renovated vacancy alongside three occupied units and shared tenant laundry facilities.
Property Size2,244 SF
Price / SF$254.01
Days on Market8
Property Features for 37 Water Street
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Fourplex
Property Condition
Severity
Repairs Needed
Evidence
TLC
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Amenities
common basement/laundry area
Size: 0.103, Dimensions: 45 × 100 feet, Size Units: Acres
Flooring: Vinyl, Wood
Garage Spaces: 0, Man Level Garage: 0
Details: Window Unit(s)
Heating: Baseboard
Description: In Basement
Days on Market: 1, Listing Price: 570000, Status: Active
Elementary: Unspecified, Middle/Junior High: Unspecified, High School: Unspecified
Description: Dirt Floor
Total Bathrooms: 4
Finished Area Above Grade: 2244, Area: 2244, Building Area: 2244, Construction Materials: Wood, Stories: 2, Year Built: 1925, Construction Type: Site Built
City: Asheville, State: NC, Zip: 28801, County: Buncombe, Subdivision: none, Directions: Directions from Central/Downtown Asheville: From Patton Avenue, turn south onto South French Broad Avenue. Continue approximately 1.1 miles. Turn left onto Livingston Street, then right onto Hibernia Street. Take the second turn onto Water Street and turn left. Continue to 37 Water Street; property will be on the left.
Zoning: RS8
Full Bathrooms: 4, Half Bathrooms: 0
Sewer: Public Sewer, Water Source: City, Utilities: Cable Available, Natural Gas
Description: Yes
Auction Y/N: 0
Patio Features: Front Porch, Porch, Rear Porch
Heated Basement SqFt: 1122
Description: Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator
Building Details
Building Size
2,244 SF
Year Built
1925
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Professionals
(828) 777-1412
Listed By:
Peter Lorenz
(828) 777-1412
Source:
Blackstreaminternational
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 2:30PM
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
Investment Insights
Based on property information with market context.
Built in 1925, this quadplex contains four approximately 500-square-foot apartments, each configured with one bedroom and one bathroom. The property totals 2,244 square feet and includes shared interior stair access plus a common basement and laundry area for tenants. One apartment has been remodeled and is vacant, while the other three are rented.
The property is located at 37 Water Street in Asheville, close to downtown, the River Arts District, shopping, dining, and other Asheville amenities. Its established four-unit configuration combines an updated vacant apartment with three occupied units in an older residential building.
The property is located at 37 Water Street in Asheville, close to downtown, the River Arts District, shopping, dining, and other Asheville amenities. Its established four-unit configuration combines an updated vacant apartment with three occupied units in an older residential building.
Key Highlights
- Four‑unit property totaling 2,244 square feet
- Each apartment is approximately 500 square feet with one bedroom and one bathroom
- One remodeled unit is vacant; three units are rented
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
$25,222
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
4.42%
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%
$504,440
$504.4K
Cap Rate 7%
$360,314
$360.3K
Cap Rate 9%
$280,244
$280.2K
Market Conditions
NOI Build-Up for 2,244 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
$40.9K $18.24/SF
− Vacancy
−$4.9K −$2.18/SF
EGI
$36.0K $16.06/SF
− OpEx
−$10.8K −$4.82/SF
NOI
$25.2K $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 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%
$504,440
Cap Rate 7%
$360,314
Cap Rate 9%
$280,244
Alternative Uses
Best Use
Multifamily LT 5
$360.3K
$315.3K – $420.4K
NOI $25,222 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$312.5K
$273.5K – $364.6K
NOI $21,876 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$709.6K
$620.9K – $827.9K
NOI $49,671 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,007
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom apartments include a renovated vacancy alongside three occupied units and shared tenant laundry facilities.
Where is this quadplex located?
The property is located at 37 Water Street Asheville, NC.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: Four‑unit property totaling 2,244 square feet; Each apartment is approximately 500 square feet with one bedroom and one bathroom; One remodeled unit is vacant; three units are rented
