Office Condominium with Private
For Sale
$775,000
64 Clingman Ave Unit 101, Asheville, NC 28801
Professional office layout with meeting rooms, a kitchenette, two bathrooms, and dedicated parking.
Property Size3,326 SF
Price / SF$233.01
Days on Market23
Property Features for 64 Clingman Ave Unit 101
General Information
Standard status
Active
Size
3,326 SF
Total Parking Spaces
1
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2002
Listing Agency:
Likewise Commercial Real Estate
(828) 575-0272
Listed By:
Carla Barnard · License #286709
Source:
Highperformancerea
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 28 at 12:36PM
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, offers a practical professional setting with nine private offices, three conference rooms, two bathrooms, a kitchenette, and substantial storage. The configuration supports businesses seeking a defined suite with a mix of individual work areas and shared meeting space.
The property is located at 64 Clingman Ave Unit 101 in Asheville, with convenient connections to downtown Asheville, the South Slope, RAD, 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 (US 19/23/70), Merrimon Avenue (US 25), and Haywood Road are also readily accessible. Parking includes one dedicated private space, adjacent street parking, and free public parking at Aston Park.
The property is located at 64 Clingman Ave Unit 101 in Asheville, with convenient connections to downtown Asheville, the South Slope, RAD, 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 (US 19/23/70), Merrimon Avenue (US 25), and Haywood Road are also readily accessible. Parking includes one dedicated private space, adjacent street parking, and free public parking at Aston Park.
Key Highlights
- 3,326 SF office condominium built in 2002
- Nine private offices and three conference rooms
- Two bathrooms, kitchenette, and substantial storage
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road 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 - Professional office layout with meeting rooms, a kitchenette, two bathrooms, and dedicated parking.
Where is this office units located?
The property is located at 64 Clingman Ave Unit 101 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 substantial storage
