Class A Office Condo
For Sale
$1,200,000
401 Main Street, Hendersonville, NC 28792
3rd-floor Class A office condo includes private offices, conference room, and adjacent kitchen with side-street elevator or stair access.
Property Size5,612 SF
Price / SF$213.83
Days on Market438
Property Features for 401 Main Street
General Information
Standard status
Active
Size
5,612 SF
Class
A
Total Parking Spaces
5
Property subtype
Office
Additional Details
Office Units
1
Amenities
Central Air
3
Parking. Corner Lot.
5 Parking Spaces. Assigned Parking Space.
City
Corner.
Building Details
Year Built
1923
Listing Agency:
Howard Hanna Beverly-Hanks
(828) 329-1529
Listed By:
Steve Dozier · License #197846
(828) 329-1529
Source:
Xome
Added: Jun 4, 2025
Changed: Aug 14
Last Checked: Aug 15 at 3:54AM
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 Howard Hanna Beverly-Hanks
Investment Insights
Based on property information with market context.
Available for sale is a Class A office condo suite located on the entire 3rd floor of a downtown building. The floor plan includes seven to eight private offices, a spacious conference room, and an adjacent kitchen. Well-designed storage areas provide flexibility and may be converted into additional office space if needed.
Access is available from a side street entrance, with service to the 3rd floor via elevator or stairway. The condo association manages five dedicated parking spaces across 4th Avenue West.
The suite is positioned at a corner location on 4th Avenue West and Main Street, and is offered as part of a condominium structure where each floor has been set up as its own condo.
Access is available from a side street entrance, with service to the 3rd floor via elevator or stairway. The condo association manages five dedicated parking spaces across 4th Avenue West.
The suite is positioned at a corner location on 4th Avenue West and Main Street, and is offered as part of a condominium structure where each floor has been set up as its own condo.
Key Highlights
- Entire 3rd floor Class A office condo in Historic Downtown Hendersonville at the corner of 4th Avenue West and Main Street
- Over 5,700 SF on the 3rd floor with condo setup; side‑street entrance provides access via elevator or stairway
- Layout includes seven to eight private offices plus a spacious conference room
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
$98,188
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
8.18%
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%
$1,963,760
$2.0M
Cap Rate 7%
$1,402,686
$1.4M
Cap Rate 9%
$1,090,978
$1.1M
Market Conditions
NOI Build-Up for 5,612 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
$134.7K $24.00/SF
− Vacancy
−$3.8K −$0.67/SF
EGI
$130.9K $23.33/SF
− OpEx
−$32.7K −$5.83/SF
NOI
$98.2K $17.50/SF
Area
Henderson County, NC
Vacancy
2.80%
Lease Rate
$24.00 /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%
$1,963,760
Cap Rate 7%
$1,402,686
Cap Rate 9%
$1,090,978
Alternative Uses
Best Use
Office B
$1.40M
$1.23M – $1.64M
NOI $98,188 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.18M
NOI $130,917 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 28792, NC
35,962
Population
18,121
Households
2
Avg Household Size
44
Median Age
26%
College-Educated
87%
High-School Grad
102.9 sq mi
ZIP Area
349
Density / Sq Mi
$55,066
Median Household Income
$32,312
Median Earnings
$1,131
Median Rent
$249,300
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?
Office units - 3rd-floor Class A office condo includes private offices, conference room, and adjacent kitchen with side-street elevator or stair access.
Where is this office units located?
The property is located at 401 Main Street Hendersonville, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Entire 3rd floor Class A office condo in Historic Downtown Hendersonville at the corner of 4th Avenue West and Main Street; Over 5,700 SF on the 3rd floor with condo setup; side‑street entrance provides access via elevator or stairway; Layout includes seven to eight private offices plus a spacious conference room
