Free-Standing Two-Story Office
For Sale
$2,195,000
421 S Church Street, Hendersonville, NC 28792
Free-standing, two-story office building with passenger elevator and ADA-compliant access, 100% occupied by long-term tenants.
Property Size8,350 SF
Price / SF$262.87
Days on Market49
Property Features for 421 S Church Street
General Information
Standard status
Active
Size
8,350 SF
Property subtype
Commercial
Zoning
CMU
Building Details
Building Size
8,350 SF
Year Built
2005
Buildings
1
Stories
2
Units
2
Listing Agency:
Jones Commercial Properties
(828) 697-7733
Listed By:
Gary Jones
Source:
Techrealtyllc
Added: Jul 6
Changed: Aug 23
Last Checked: Aug 20 at 9:35PM
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.
This free-standing, two-story office building totals 7,788 SF and is fully occupied. The property is anchored by Wells Fargo Advisors and PragerMetis CPAs, both long-term tenants with histories of multiple lease renewals. The building includes a dramatic two-story entrance foyer and a passenger elevator, along with ADA-compliant access and ample front and rear parking.
The current leases are structured as full-service gross arrangements with contractual 3% annual rent escalations through 2029.
Jones Commercial Properties is offering the asset for $2,195,000. The offering reflects a 6.21% cap rate on $136,367 of 2025 NOI, and the lease structure provides built-in income growth through the escalation schedule.
The current leases are structured as full-service gross arrangements with contractual 3% annual rent escalations through 2029.
Jones Commercial Properties is offering the asset for $2,195,000. The offering reflects a 6.21% cap rate on $136,367 of 2025 NOI, and the lease structure provides built-in income growth through the escalation schedule.
Key Highlights
- 100% occupied Class A, free‑standing two‑story office building (7,788 SF) in downtown Hendersonville, NC
- Long‑term tenants Wells Fargo Advisors and PragerMetis CPAs with multiple lease renewals
- Full‑service gross leases with contractual 3% annual rent escalations through 2029
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
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
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Frequently Asked Questions
What type of property is this?
Office building - Free-standing, two-story office building with passenger elevator and ADA-compliant access, 100% occupied by long-term tenants.
Where is this office building located?
The property is located at 421 S Church Street 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: 100% occupied Class A, free‑standing two‑story office building (7,788 SF) in downtown Hendersonville, NC; Long‑term tenants Wells Fargo Advisors and PragerMetis CPAs with multiple lease renewals; Full‑service gross leases with contractual 3% annual rent escalations through 2029
