Freestanding Two-Story Office
For Sale
$2,195,000
421 S Church St, Hendersonville, NC 28792
Class A office property with an elevator, ADA-compliant ramp, parking, and professionally maintained landscaping.
Property Size8,350 SF
Price / SF$262.87
Days on Market16
Property Features for 421 S Church St
General Information
Standard status
Active
Size
8,350 SF
Class
Class A
Elevators
Yes
Occupancy
100%
Amenities
two-story entrance foyer
ADA-compliant ramp
professionally maintained landscaping
Building Details
Year Built
2005
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Jones Commercial Properties
(828) 697-7733
Listed By:
Gary Jones
Source:
Lewisandkirk
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 1:39AM
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 Jones Commercial Properties
Investment Insights
Based on property information with market context.
Positioned at 421 S. Church Street in Hendersonville, this 8,350-square-foot office building was completed in 2005 and arranged across two stories. A prominent entry foyer, elevator, ADA-compliant ramp, front and rear parking, and maintained landscaping support daily operations and visitor access. The property is identified as Class A and is currently 100% occupied.
Wells Fargo Advisors occupies 5,666 SF across the first and second floors, while PragerMetis CPAs occupies 2,122 SF. Both tenants are in full-service, 3-year leases with contractual 3% annual rent escalations. The occupants have renewed multiple times, and private showings require the listing agent’s attendance with 48 hours’ notice; tenants should not be disturbed.
Wells Fargo Advisors occupies 5,666 SF across the first and second floors, while PragerMetis CPAs occupies 2,122 SF. Both tenants are in full-service, 3-year leases with contractual 3% annual rent escalations. The occupants have renewed multiple times, and private showings require the listing agent’s attendance with 48 hours’ notice; tenants should not be disturbed.
Key Highlights
- 8,350‑square‑foot, two‑story office building completed in 2005
- 100% occupied by Wells Fargo Advisors and PragerMetis CPAs
- Wells Fargo Advisors occupies 5,666 SF across the 1st & 2nd floors
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
$146,092
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
6.66%
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%
$2,921,840
$2.9M
Cap Rate 7%
$2,087,029
$2.1M
Cap Rate 9%
$1,623,244
$1.6M
Market Conditions
NOI Build-Up for 8,350 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
$200.4K $24.00/SF
− Vacancy
−$5.6K −$0.67/SF
EGI
$194.8K $23.33/SF
− OpEx
−$48.7K −$5.83/SF
NOI
$146.1K $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%
$2,921,840
Cap Rate 7%
$2,087,029
Cap Rate 9%
$1,623,244
Alternative Uses
Best Use
Office B
$2.09M
$1.83M – $2.43M
NOI $146,092 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.25M
NOI $194,789 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,118
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Class A office property with an elevator, ADA-compliant ramp, parking, and professionally maintained landscaping.
Where is this office building located?
The property is located at 421 S Church St Hendersonville, NC.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: 8,350‑square‑foot, two‑story office building completed in 2005; 100% occupied by Wells Fargo Advisors and PragerMetis CPAs; Wells Fargo Advisors occupies 5,666 SF across the 1st & 2nd floors
