8-Unit Multifamily
615 Biltmore Ave, Asheville, NC 28803
For Sale
$1,700,000
The portfolio contains one- and two-bedroom residences in the Beverly Condominiums community.
Property Size5,410 SF
Price / SF$314.23
Days on Market119
Property Features for 615 Biltmore Ave
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Listing Agency:
Howard Hanna Beverly-Hanks Asheville-Downtown
Listed By:
Emily Butcher
Source:
Judy.lakenormanhomeguide
Added: Jul 19
Changed: Nov 12
Last Checked: Sep 22 at 4:01PM
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 Asheville-Downtown
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Investment Insights
Based on property information with market context.
This multifamily portfolio includes eight residences totaling 5,410 square feet. Six units have one bedroom and one bathroom, while the remaining two offer two bedrooms and two bathrooms. The property was built in 1949 and is located at 615 Biltmore Avenue in Asheville.
Shopping, dining, Mission Hospital, downtown Asheville, and Biltmore Village are identified as nearby destinations. The residential setting is within the Beverly Condominiums community.
Shopping, dining, Mission Hospital, downtown Asheville, and Biltmore Village are identified as nearby destinations. The residential setting is within the Beverly Condominiums community.
Key Highlights
- Eight units: six 1BR/1BA and two 2BR/2BA residences
- 5,410 square feet
- Built in 1949
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,740
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,054,800
$1.1M
Cap Rate 7%
$753,429
$753.4K
Cap Rate 9%
$586,000
$586.0K
Market Conditions
NOI Build-Up for 5,410 SF
Gross rent
$109.7K $20.28/SF
− Vacancy
−$13.8K −$2.56/SF
EGI
$95.9K $17.72/SF
− OpEx
−$43.2K −$7.98/SF
NOI
$52.7K $9.75/SF
Area
Buncombe County, NC
Vacancy
12.60%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,054,800
Cap Rate 7%
$753,429
Cap Rate 9%
$586,000
Alternative Uses
Best Use
Apartment 5plus
$753.4K
$659.3K – $879.0K
NOI $52,740 @ 7.0% cap · market cap 3.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,750 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,962
Businesses Nearby
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Business Placement
Demographics for 28803, NC
34,108
Population
18,322
Households
1.9
Avg Household Size
43
Median Age
50%
College-Educated
93%
High-School Grad
38.4 sq mi
ZIP Area
888
Density / Sq Mi
$70,638
Median Household Income
$41,057
Median Earnings
$1,455
Median Rent
$408,600
Median Home Value
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Market
Properties on Market for Multifamily properties in Asheville
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - The portfolio contains one- and two-bedroom residences in the Beverly Condominiums community.
Where is this multifamily property located?
The property is located at 615 Biltmore Ave Asheville, NC.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Eight units: six 1BR/1BA and two 2BR/2BA residences; 5,410 square feet; Built in 1949
