Two-Story Free-Standing Office
For Sale
$2,195,000
421 S Church Street, Hendersonville, NC 28792
SINGLE_FAMILY - Hendersonville, NC
Property Size7,788 SF
Lot Size0.33 Acres
Price / SF$281.84
Days on Market47
Property Features for 421 S Church Street
General Information
Property type
Residential
Property subtype
Office
Zoning
CMU
Zoning description
Central Mixed Use
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking features
Parking Lot
Directions
Church Street to south end, 421 is on the right side, just past Kanuga Rd, and the Hendersonville Chamber of Commerce. Please do not disturb tenants. Private showings only, listing agent must accompany, 48 hour notice required.
Standard status
Active
APN
1004011
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
Exhibit A
Legal Description
Exhibit A
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Heat Pump, Electric
Amenities
two-story entrance foyer
ADA-compliant ramp
professionally maintained landscaping
Building Details
Year built
2005
Floors in Building
2
Number of units
2
Flooring type
Carpet
Building materials
Synthetic Stucco
Roof type
Shingle
Listing Agency:
Jones Commercial Properties
(828) 697-7733
Listed By:
Gary Jones
(828) 243-8490
Added: Jul 6
Changed: Aug 3
Last Checked: Aug 21 at 6:06AM
MLS# 4401094
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Class A, free-standing two-story office building at 421 S Church Street offers an elevator, a dramatic two-story entrance foyer, and an ADA-compliant ramp. The property includes front and rear parking in a parking lot setting, with professionally maintained landscaping. Construction includes synthetic stucco siding (EIFS may apply), and the building is served by forced air heating with natural gas, plus electric cooling via heat pump. Flooring is listed as carpet, with a shingle roof and cable availability.
The building is 100% occupied by two corporate tenants under full-service, three-year leases. Wells Fargo Advisors occupies 5,666 SF on the first and second floors, and PragerMetis CPAs occupies 2,122 SF. Both leases include contractual 3% annual rent escalations, and the tenants have renewed their leases multiple times. The property is located in CMU zoning and sits on a 0.33-acre lot, with public sewer provided.
Year built is 2005. Parking is provided on-site, and the building is positioned for office users seeking established, long-term tenant occupancy.
The building is 100% occupied by two corporate tenants under full-service, three-year leases. Wells Fargo Advisors occupies 5,666 SF on the first and second floors, and PragerMetis CPAs occupies 2,122 SF. Both leases include contractual 3% annual rent escalations, and the tenants have renewed their leases multiple times. The property is located in CMU zoning and sits on a 0.33-acre lot, with public sewer provided.
Year built is 2005. Parking is provided on-site, and the building is positioned for office users seeking established, long-term tenant occupancy.
Key Highlights
- Class A, free‑standing two‑story office building
- 100% occupied with two corporate tenants on full‑service three‑year leases
- Wells Fargo Advisors: 5,666 SF on 1st and 2nd floors; PragerMetis CPAs: 2,122 SF
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
$136,259
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
6.21%
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%
$2,725,180
$2.7M
Cap Rate 7%
$1,946,557
$1.9M
Cap Rate 9%
$1,513,989
$1.5M
Market Conditions
NOI Build-Up for 7,788 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
$186.9K $24.00/SF
− Vacancy
−$5.2K −$0.67/SF
EGI
$181.7K $23.33/SF
− OpEx
−$45.4K −$5.83/SF
NOI
$136.3K $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%
$2,725,180
Cap Rate 7%
$1,946,557
Cap Rate 9%
$1,513,989
Alternative Uses
Best Use
Office B
$1.95M
$1.70M – $2.27M
NOI $136,259 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.60M
$2.27M – $3.03M
NOI $181,678 @ 7.0% cap · market cap 8.28%
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
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Frequently Asked Questions
What type of property is this?
Office building - Class A, two-story office building in CMU zoning with elevator access, ADA-compliant ramp, and two long-term corporate 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: Class A, free‑standing two‑story office building; 100% occupied with two corporate tenants on full‑service three‑year leases; Wells Fargo Advisors: 5,666 SF on 1st and 2nd floors; PragerMetis CPAs: 2,122 SF
