8-Unit Condominium Apartment
New
For Sale
$1,285,000
520 Courtwood Lane # 1-8, Hendersonville, NC 28739
The single-owner portfolio includes individually metered city water and sewer service for every residence.
Property Size4,832 SF
Price / SF$265.94
Days on Market5
Property Features for 520 Courtwood Lane # 1-8
General Information
Standard status
Active
Size
4,832 SF
Property subtype
Residential Income
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Individually Metered Utilities
water, sewer
Additional Details
Utilities to Site
Yes
Amenities
Vinyl
No
8
Other - See Remarks
4832
City
Sliding Doors
Open parking space available in addition to one covered spot per unit.
Detached Carport
Asphalt,Paved
Crawl Space
Private Maintained Road
Building Details
Building Size
4,832 SF
Year Built
1981
Buildings
1
Listing Agency:
(336) 815-4940
Listed By:
Amber Johnson
Source:
Makethemoverealty
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 29 at 2:33PM
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 Amber Johnson
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Offered together under one owner, this condominium apartment property comprises 8 separately platted residences totaling 4,832 square feet. Each unit is approximately 604 square feet, with 1 bedroom and 1 bathroom. Units 4 and 8 have updated kitchens with quartz counters, cabinetry, stainless sinks and appliances, along with LVT flooring, updated lighting, and new interior and exterior doors. Those two residences also have stackable washers and dryers. Water heaters were installed in all units within the last three years.
Building improvements include a 2025 roof, 2025 exterior paint and stain, and crawl space encapsulation completed in 2026. Each residence has individually metered city water and sewer service, one covered parking spot, and access to open parking. The property is within 1 mile of downtown shopping and dining and the Ecusta Trail.
Building improvements include a 2025 roof, 2025 exterior paint and stain, and crawl space encapsulation completed in 2026. Each residence has individually metered city water and sewer service, one covered parking spot, and access to open parking. The property is within 1 mile of downtown shopping and dining and the Ecusta Trail.
Key Highlights
- Single‑owner offering of all 8 separately platted condominium units
- 4,832 square feet total; each unit is approximately 604 square feet with 1 bedroom and 1 bathroom
- 2025 roof and exterior paint/stain; crawl space encapsulation completed in 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,402
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,040
$768.0K
Cap Rate 7%
$548,600
$548.6K
Cap Rate 9%
$426,689
$426.7K
Market Conditions
NOI Build-Up for 4,832 SF
Gross rent
$82.3K $17.04/SF
− Vacancy
−$12.5K −$2.59/SF
EGI
$69.8K $14.45/SF
− OpEx
−$31.4K −$6.50/SF
NOI
$38.4K $7.95/SF
Area
Henderson County, NC
Vacancy
15.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,040
Cap Rate 7%
$548,600
Cap Rate 9%
$426,689
Alternative Uses
Best Use
Apartment 5plus
$548.6K
$480.0K – $640.0K
NOI $38,402 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,721 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
708
Businesses Nearby
Explore this area
Business Placement
Demographics for 28739, NC
21,251
Population
11,083
Households
1.9
Avg Household Size
54
Median Age
44%
College-Educated
94%
High-School Grad
61.0 sq mi
ZIP Area
348
Density / Sq Mi
$70,464
Median Household Income
$35,934
Median Earnings
$995
Median Rent
$358,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The single-owner portfolio includes individually metered city water and sewer service for every residence.
Where is this apartment building located?
The property is located at 520 Courtwood Lane # 1-8 Hendersonville, NC.
What is the asking price?
The asking price for this property is $1,285,000.
What are key features of this property?
This property features: Single‑owner offering of all 8 separately platted condominium units; 4,832 square feet total; each unit is approximately 604 square feet with 1 bedroom and 1 bathroom; 2025 roof and exterior paint/stain; crawl space encapsulation completed in 2026
