Historic Downtown Restaurant
For Sale
$1,595,000
425 & 427 N Main Street, Hendersonville, NC 28792
Restaurant space includes a commercial kitchen, bar, hood system, and upstairs short-term rental component.
Property Size3,043 SF
Price / SF$415.04
Days on Market39
Property Features for 425 & 427 N Main Street
General Information
Standard status
Active
Size
3,043 SF
Property subtype
Commercial
Building Details
Building Size
3,043 SF
Year Built
1896
Buildings
1
Listing Agency:
Howard Hanna Beverly-Hanks
(828) 697-0515
Listed By:
Steve Dozier · License #197846
Source:
Techrealtyllc
Added: Jul 8
Changed: Aug 15
Last Checked: Aug 15 at 8:32AM
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.
Built in 1896, this 3,843 SF property combines a 3,043 SF main-level restaurant with an upstairs short-term rental component. The restaurant is fully built out with a full commercial kitchen, hood system, bar, and included FF&E, supporting immediate food and beverage operations. Interior and exterior improvements completed within the last two years include updated electrical, plumbing, and HVAC systems. Accessibility features are also present.
The property occupies 425 & 427 N Main Street in downtown Hendersonville, within the 400 block of N. Main Street. Its historic building character has been retained alongside the updated systems and restaurant improvements. The configuration provides an established restaurant setting with an additional short-term rental component above.
The property occupies 425 & 427 N Main Street in downtown Hendersonville, within the 400 block of N. Main Street. Its historic building character has been retained alongside the updated systems and restaurant improvements. The configuration provides an established restaurant setting with an additional short-term rental component above.
Key Highlights
- 3,843 SF property with 3,043 SF main‑level restaurant space
- 1896 construction with historic building character retained
- Full commercial kitchen, bar, hood system, and included FF&E
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
$50,895
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
3.19%
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%
$1,017,900
$1.0M
Cap Rate 7%
$727,071
$727.1K
Cap Rate 9%
$565,500
$565.5K
Market Conditions
NOI Build-Up for 3,843 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
$69.2K $18.00/SF
− Vacancy
−$1.3K −$0.34/SF
EGI
$67.9K $17.66/SF
− OpEx
−$17.0K −$4.41/SF
NOI
$50.9K $13.24/SF
Area
Henderson County, NC
Vacancy
1.90%
Lease Rate
$18.00 /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%
$1,017,900
Cap Rate 7%
$727,071
Cap Rate 9%
$565,500
Alternative Uses
Best Use
Specialty Retail
$727.1K
$636.2K – $848.3K
NOI $50,895 @ 7.0% cap · market cap 3.19%
Second Best
Apartment 5plus
$436.3K
$381.8K – $509.0K
NOI $30,542 @ 7.0% cap · market cap 1.91%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,650 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,331
Businesses Nearby
Under-served
Demand for This Use
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 Multifamily 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?
Conventional restaurant - Restaurant space includes a commercial kitchen, bar, hood system, and upstairs short-term rental component.
Where is this conventional restaurant located?
The property is located at 425 & 427 N Main Street Hendersonville, NC.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 3,843 SF property with 3,043 SF main‑level restaurant space; 1896 construction with historic building character retained; Full commercial kitchen, bar, hood system, and included FF&E
