Building Details

Building Size 3,326 SF

Year Built 2002

Buildings 1

Stories 1

Listing Agency: Likewise Commercial Real Estate i***@likewisecommercial.com Show Phone

Listed By: Carla Barnard · License #286709 Show Phone

Source: Dylerealestate

Added: Jul 29 Changed: Oct 23 Last Checked: Oct 23 at 12:17PM

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Investment Insights

Based on property information with market context.

This 3,326-square-foot office condominium was built in 2002 and is zoned CBD. The interior includes nine private offices, three conference rooms, two bathrooms, a kitchenette and storage. One dedicated parking space is included, along with adjacent street parking and free public parking at Aston Park.

Located on Clingman Avenue in Asheville, the property offers access to downtown, South Slope, RAD and Biltmore Village. I-240 is less than 0.5 miles away, while I-26 is approximately 2.5 miles away. Patton Avenue (US 19/23/70), Merrimon Avenue (US 25) and Haywood Road are also accessible.

Key Highlights

• Nine private offices and three conference rooms
• 3,326‑square‑foot office condominium built in 2002
• CBD zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$61,708

Cap Rate

7.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,234,160 $1.2M

Cap Rate 7%

$881,543 $881.5K

Cap Rate 9%

$685,644 $685.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,326 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $73,621 @ 7.0% cap · market cap 9.50%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office Units

Suggested Use

Top Pick Auto Parts Store Building Supply HVAC Service Big Box & Wholesale Store Kitchen & Bath Showroom Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

2,914

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - CBD-zoned space offers multiple work areas and access to several Asheville districts.

Where is this office unit located?

The property is located at 64 Clingman Avenue #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: Nine private offices and three conference rooms; 3,326‑square‑foot office condominium built in 2002; CBD zoning