Duplex with Greenway
For Sale
$325,000
448 Sand Hill Rd, Asheville, NC 28806
Two vacant residences offer flexible options for owner occupancy, multigenerational living, or leasing.
Property Size1,504 SF
Price / SF$216.09
Days on Market27
Property Features for 448 Sand Hill Rd
General Information
Standard status
Active
Size
1,504 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1931
Listing Agency:
Keller Williams Professionals
(828) 275-2740
Listed By:
Jean Gatlin
Source:
Lewisandkirk
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 30 at 8:16AM
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 Keller Williams Professionals
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,504 square feet, with each residence configured as a two-bedroom, one-bath home. Both units are currently vacant, allowing a new owner to occupy the property, lease both residences, or combine personal use with rental occupancy. The building dates to 1931 and offers separate living spaces within a straightforward residential layout.
The property is located at 448 Sand Hill Rd in Asheville, North Carolina, within West Asheville. Direct access to the Hominy Creek Greenway connects the property with a route for walking and biking. Shops, restaurants, and entertainment in West Asheville are described as minutes away, while the setting also provides access to the surrounding creek and greenway environment.
The property is located at 448 Sand Hill Rd in Asheville, North Carolina, within West Asheville. Direct access to the Hominy Creek Greenway connects the property with a route for walking and biking. Shops, restaurants, and entertainment in West Asheville are described as minutes away, while the setting also provides access to the surrounding creek and greenway environment.
Key Highlights
- Two‑unit duplex with 1,504 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Both units are currently vacant
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
$16,904
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
5.20%
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%
$338,080
$338.1K
Cap Rate 7%
$241,486
$241.5K
Cap Rate 9%
$187,822
$187.8K
Market Conditions
NOI Build-Up for 1,504 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
$27.4K $18.24/SF
− Vacancy
−$3.3K −$2.18/SF
EGI
$24.1K $16.06/SF
− OpEx
−$7.2K −$4.82/SF
NOI
$16.9K $11.24/SF
Area
Buncombe County, NC
Vacancy
11.97%
Lease Rate
$18.24 /SF/Yr
Expense Ratio
30.00%
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%
$338,080
Cap Rate 7%
$241,486
Cap Rate 9%
$187,822
Alternative Uses
Best Use
Multifamily LT 5
$241.5K
$211.3K – $281.7K
NOI $16,904 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$209.5K
$183.3K – $244.4K
NOI $14,662 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$475.6K
$416.1K – $554.9K
NOI $33,291 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
209
Businesses Nearby
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two vacant residences offer flexible options for owner occupancy, multigenerational living, or leasing.
Where is this duplex located?
The property is located at 448 Sand Hill Rd Asheville, NC.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,504 square feet; Each unit includes 2 bedrooms and 1 full bath; Both units are currently vacant
