Historic Character
For Sale
$799,000
41 Panola Street, Asheville, NC 28801
Four leased apartments offer an established residential income profile in a historic Asheville setting.
Property Size3,066 SF
Price / SF$260.60
Days on Market29
Property Features for 41 Panola Street
General Information
Standard status
Active
Size
3,066 SF
Property subtype
Multi-family
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
a little tired
Units
Unit Mix
1 x 2BR/1BA, 3 x 1BR/1BA
Multifamily Units
4
Amenities
hardwood floors
tall ceilings
garden areas
private backyard
covered porches
Building Details
Year Built
1903
Buildings
1
Construction
Dutch Colonial Revival
Tenancy
Multi
Listing Agency:
Town and Mountain Realty (lsilverman@townandmountain.com)
Listed By:
Lorraine Silverman
(828) 230-5328
Source:
Townandmountain
Added: Aug 30
Changed: Sep 26
Last Checked: Sep 26 at 9:06AM
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 Town and Mountain Realty (lsilverman@townandmountain.com)
Investment Insights
Based on property information with market context.
Built in 1903, this 3,066-square-foot quadplex occupies more than 1/4 acre and includes four currently leased apartments. The unit mix consists of one 2 BR/1 BA residence and three 1 BR/1 BA residences. Dutch Colonial Revival influences, original details, mostly hardwood flooring, and tall main-level ceilings define the property’s character. Covered front and rear porches, garden areas, and an open private backyard provide shared outdoor space.
The property is located at 41 Panola Street in Asheville’s Montford Area Historic District, where it is identified by the National Register of Historic Places as an early 20th-century vernacular shingle dwelling. Montford Park, UNCA, the Botanical Gardens, Reed Creek Greenway, restaurants, entertainment venues, Trader Joe’s, and Whole Foods are all identified nearby in the property information, with the latter two approximately 1 mile away.
The property is located at 41 Panola Street in Asheville’s Montford Area Historic District, where it is identified by the National Register of Historic Places as an early 20th-century vernacular shingle dwelling. Montford Park, UNCA, the Botanical Gardens, Reed Creek Greenway, restaurants, entertainment venues, Trader Joe’s, and Whole Foods are all identified nearby in the property information, with the latter two approximately 1 mile away.
Key Highlights
- Four‑unit property with all four apartments currently leased
- Unit mix includes one 2 BR/1 BA and three 1 BR/1 BA residences
- 3,066 square feet on more than 1/4 acre
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
$34,461
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
4.31%
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%
$689,220
$689.2K
Cap Rate 7%
$492,300
$492.3K
Cap Rate 9%
$382,900
$382.9K
Market Conditions
NOI Build-Up for 3,066 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
$55.9K $18.24/SF
− Vacancy
−$6.7K −$2.18/SF
EGI
$49.2K $16.06/SF
− OpEx
−$14.8K −$4.82/SF
NOI
$34.5K $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%
$689,220
Cap Rate 7%
$492,300
Cap Rate 9%
$382,900
Alternative Uses
Best Use
Multifamily LT 5
$492.3K
$430.8K – $574.4K
NOI $34,461 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$427.0K
$373.6K – $498.2K
NOI $29,889 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$969.5K
$848.3K – $1.13M
NOI $67,866 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
666
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four leased apartments offer an established residential income profile in a historic Asheville setting.
Where is this quadplex located?
The property is located at 41 Panola Street Asheville, NC.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four‑unit property with all four apartments currently leased; Unit mix includes one 2 BR/1 BA and three 1 BR/1 BA residences; 3,066 square feet on more than 1/4 acre
