Brewery With Restaurant And
New
For Sale
$260,015
39 N Lexington Avenue N, Asheville, NC 28801
Historic brick building includes brewing, dining, bar, and commercial kitchen infrastructure.
Property Size1,916 SF
Days on Market6
Property Features for 39 N Lexington Avenue N
General Information
Standard status
Active
Size
1,916 SF
Property subtype
Retail
Amenities
Features: Other - See Remarks, Size: 0, Size Units: Acres
Description: Flat
Flooring: Concrete
Details: Heat Pump
Heating: Heat Pump
Days on Market: 0, Listing Price: 260015, Status: Active
Construction Materials: Brick Full, Year Built: 1916, Complex Name: 39 N. Lexington Ave Brewery Restaurant For Lease, Construction Type: Site Built
City: Asheville, State: NC, Zip: 28801, County: Buncombe
Description: Other - See Remarks, Zoning: CBD
Sewer: Public Sewer, Water Source: City, Utilities: Cable Available, Electricity Connected, Natural Gas, Other - See Remarks
Auction Y/N: 0
Patio Features: Covered, Patio, Porch
Building Details
Building Size
1,916 SF
Year Built
1916
Listing Agency:
Dewey Property Advisors
(828) 216-8462
Listed By:
Jay Lurie
(828) 216-8462
Source:
Blackstreaminternational
Added: Aug 12
Changed: Aug 17
Last Checked: Aug 17 at 5:44AM
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 Dewey Property Advisors
Investment Insights
Based on property information with market context.
This brewery occupies a historic brick building constructed in 1916 and includes an operating layout for brewing, food service, and beverage service. The property contains a 15 Barrel Brewhouse, a fully equipped commercial kitchen, restaurant space, and a bar area. The main retail component encompasses 7,000 square feet, with an additional 1,000 square feet of dry and cold storage on the second floor off Rankin Ave.
Located at 39 N. Lexington Avenue in Downtown Asheville, the property sits within a district recognized in the source information for tourism activity. The building has previously accommodated brewery, cider, taproom, restaurant, and bar uses, providing a documented hospitality-oriented configuration.
Located at 39 N. Lexington Avenue in Downtown Asheville, the property sits within a district recognized in the source information for tourism activity. The building has previously accommodated brewery, cider, taproom, restaurant, and bar uses, providing a documented hospitality-oriented configuration.
Key Highlights
- 15 Barrel Brewhouse
- 7,000 square feet of retail space
- 1,000 square feet of dry/cold storage on the second floor
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
$13,352
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
5.14%
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%
$267,040
$267.0K
Cap Rate 7%
$190,743
$190.7K
Cap Rate 9%
$148,356
$148.4K
Market Conditions
NOI Build-Up for 1,916 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
$19.5K $10.20/SF
− Vacancy
−$469 −$0.24/SF
EGI
$19.1K $9.96/SF
− OpEx
−$5.7K −$2.99/SF
NOI
$13.4K $6.97/SF
Area
Buncombe County, NC
Vacancy
2.40%
Lease Rate
$10.20 /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%
$267,040
Cap Rate 7%
$190,743
Cap Rate 9%
$148,356
Alternative Uses
Best Use
Specialty Retail
$382.6K
$334.8K – $446.4K
NOI $26,782 @ 7.0% cap · market cap 10.30%
Second Best
Industrial
$190.7K
$166.9K – $222.5K
NOI $13,352 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$605.9K
$530.1K – $706.8K
NOI $42,410 @ 7.0% cap · market cap 16.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,260
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - Historic brick building includes brewing, dining, bar, and commercial kitchen infrastructure.
Where is this brewery located?
The property is located at 39 N Lexington Avenue N Asheville, NC.
What is the asking price?
The asking price for this property is $260,015.
What are key features of this property?
This property features: 15 Barrel Brewhouse; 7,000 square feet of retail space; 1,000 square feet of dry/cold storage on the second floor
