Corner-Lot Mixed-Use
For Sale
$299,000
440v Carolina Ave, Brevard, NC 28712
The property has two road frontages, off-street parking, and a fenced backyard with covered outdoor areas.
Property Size1,014 SF
Price / SF$294.87
Days on Market123
Property Features for 440v Carolina Ave
General Information
Standard status
Active
Size
1,014 SF
Property subtype
Commercial
Building Details
Year Built
1946
Listing Agency:
Mosaic Community Lifestyle Realty
Listed By:
Elizabeth Putnam elizabeth@mymosaicrealty.com
Source:
Judy.lakenormanhomeguide
Added: May 31
Changed: Sep 29
Last Checked: Sep 30 at 12:21PM
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 Mosaic Community Lifestyle Realty
Investment Insights
Based on property information with market context.
This restored bungalow is in Brevard’s Mixed Use zoning district. Interior updates include wood flooring installed in 2019, replacement windows and siding completed in 2023, an encapsulated crawlspace with a commercial-grade dehumidifier, and new HVAC ductwork. The renovated kitchen includes white cabinets, butcher block counters, an exhaust hood, pantry-style storage, and workspace. The bathroom has hex tile flooring, a wood vanity, and a tiled tub and shower. A refrigerator was added in 2026.
The corner parcel has frontage on two roads and convenient access to US-64. Downtown Brevard is less than half a mile away. Outdoor features include a covered front porch and rear patio, fenced yard, fire pit area, raised garden bed, mature shade trees, and a storage shed.
The Mixed Use district may accommodate residential, commercial, and short-term rental uses; buyers should confirm intended uses with Brevard Planning and Zoning. Potential configurations noted for the property include professional office, studio, service business, live/work, and rental uses.
The corner parcel has frontage on two roads and convenient access to US-64. Downtown Brevard is less than half a mile away. Outdoor features include a covered front porch and rear patio, fenced yard, fire pit area, raised garden bed, mature shade trees, and a storage shed.
The Mixed Use district may accommodate residential, commercial, and short-term rental uses; buyers should confirm intended uses with Brevard Planning and Zoning. Potential configurations noted for the property include professional office, studio, service business, live/work, and rental uses.
Key Highlights
- Mixed Use zoning district; confirm intended use with Brevard Planning and Zoning
- Corner parcel with frontage on two roads and access to US‑64
- Less than half a mile from downtown Brevard
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
$15,678
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
5.24%
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%
$313,560
$313.6K
Cap Rate 7%
$223,971
$224.0K
Cap Rate 9%
$174,200
$174.2K
Market Conditions
NOI Build-Up for 1,014 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
$24.3K $24.00/SF
− Vacancy
−$3.4K −$3.38/SF
EGI
$20.9K $20.62/SF
− OpEx
−$5.2K −$5.15/SF
NOI
$15.7K $15.46/SF
Area
Transylvania County, NC
Vacancy
14.10%
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%
$313,560
Cap Rate 7%
$223,971
Cap Rate 9%
$174,200
Alternative Uses
Best Use
Office B
$224.0K
$196.0K – $261.3K
NOI $15,678 @ 7.0% cap · market cap 5.24%
Second Best
Mixed Use
$181.9K
$159.1K – $212.2K
NOI $12,731 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$298.6K
$261.3K – $348.4K
NOI $20,905 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 28712, NC
18,928
Population
10,714
Households
1.8
Avg Household Size
52
Median Age
40%
College-Educated
94%
High-School Grad
116.2 sq mi
ZIP Area
163
Density / Sq Mi
$61,560
Median Household Income
$34,583
Median Earnings
$939
Median Rent
$372,900
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property has two road frontages, off-street parking, and a fenced backyard with covered outdoor areas.
Where is this mixed-use property located?
The property is located at 440v Carolina Ave Brevard, NC.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Mixed Use zoning district; confirm intended use with Brevard Planning and Zoning; Corner parcel with frontage on two roads and access to US‑64; Less than half a mile from downtown Brevard
