Office Condominium with Conference
For Sale
Contact for pricing
64 CLINGMAN AVE, Asheville, NC 28801
Configured for business users with private offices, meeting rooms, support areas, and dedicated parking.
Property Size3,326 SF
Price / SF$233.01
Days on Market10
Property Features for 64 CLINGMAN AVE
General Information
Standard status
Active
Size
3,326 SF
Class
B
Total Parking Spaces
1
Property subtype
Office
Zoning
CBD
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
2002
Buildings
1
Stories
1
Units
1
Listing Agency:
Likewise Commercial Real Estate
(828) 575-0272
Listed By:
Carla Barnard · License #NC 286709
Source:
Crexi
Added: Jul 29
Changed: Aug 4
Last Checked: Aug 6 at 10:00AM
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 Likewise Commercial Real Estate
Investment Insights
Based on property information with market context.
This 3,326-square-foot office condominium, built in 2002, provides a business-ready configuration within a single suite. The interior includes nine private offices, three conference rooms, two bathrooms, a kitchenette, and storage areas. One dedicated parking space is included, with additional street parking nearby and free public parking at Aston Park. CBD zoning supports its central business district setting.
The property is positioned for access to downtown Asheville, the South Slope, River Arts District, and Biltmore Village. I-240 is less than 0.5 miles away, while I-26 is approximately 2.5 miles from the property. Patton Avenue, identified as US 19/23/70, Merrimon Avenue via US 25, and Haywood Road provide additional routes through the surrounding area.
The property is positioned for access to downtown Asheville, the South Slope, River Arts District, and Biltmore Village. I-240 is less than 0.5 miles away, while I-26 is approximately 2.5 miles from the property. Patton Avenue, identified as US 19/23/70, Merrimon Avenue via US 25, and Haywood Road provide additional routes through the surrounding area.
Key Highlights
- 3,326 SF office condominium built in 2002
- Nine private offices and three conference rooms
- Two bathrooms, kitchenette, and dedicated storage areas
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
$61,708
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
7.96%
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%
$1,234,160
$1.2M
Cap Rate 7%
$881,543
$881.5K
Cap Rate 9%
$685,644
$685.6K
Market Conditions
NOI Build-Up for 3,326 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
$84.2K $25.32/SF
− Vacancy
−$1.9K −$0.58/SF
EGI
$82.3K $24.74/SF
− OpEx
−$20.6K −$6.18/SF
NOI
$61.7K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /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%
$1,234,160
Cap Rate 7%
$881,543
Cap Rate 9%
$685,644
Alternative Uses
Best Use
Office B
$881.5K
$771.4K – $1.03M
NOI $61,708 @ 7.0% cap · market cap 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$920.3K – $1.23M
NOI $73,621 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,625
Businesses Nearby
Explore this area
Business Placement
Demographics for 28801, NC
15,148
Population
8,490
Households
1.8
Avg Household Size
39
Median Age
53%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
2,970
Density / Sq Mi
$51,125
Median Household Income
$38,829
Median Earnings
$1,130
Median Rent
$481,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Configured for business users with private offices, meeting rooms, support areas, and dedicated parking.
Where is this office units located?
The property is located at 64 CLINGMAN AVE Asheville, NC.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 3,326 SF office condominium built in 2002; Nine private offices and three conference rooms; Two bathrooms, kitchenette, and dedicated storage areas
