Duplex with Recent
65 King Street, Asheville, NC 28804
For Sale
$500,000
Two occupied units have separate utility submeters and hot water heaters, with tenants responsible for direct utility billing.
Property Size1,392 SF
Price / SF$359.20
Days on Market58
Property Features for 65 King Street
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Tenant in Place
Building Details
Year Built
Tenancy
Listing Agency:
Nest Realty Asheville
(828) 318-8313
Listed By:
Andrew Lanteri · License #299643
(203) 260-7848
Source:
Tonysellswnc
Added: Sep 11
Changed: Nov 7
Last Checked: Nov 7 at 12:57PM
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 Nest Realty Asheville
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1937 duplex contains two rental units: one with two bedrooms and one bathroom, and another with one bedroom and one bathroom. Both units are occupied, with leases running through summer 2027. Separate utility submeters and hot water heaters serve the units, and each has an upgraded electrical panel. Improvements completed in early 2025 include decks, siding, windows, and HVAC systems. The metal roof dates to 2017; interior work has included paint and floor refinishing.
The property at 65 King Street is within walking distance of UNCA, the Reed Creek Greenway, and Downtown Asheville.
The property at 65 King Street is within walking distance of UNCA, the Reed Creek Greenway, and Downtown Asheville.
Key Highlights
- Two rental units: one 2‑bedroom, 1‑bath unit and one 1‑bedroom, 1‑bath unit
- Both units are occupied under leases through summer 2027
- New decks, siding, windows, and HVAC systems completed in early 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,646
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$312,920
$312.9K
Cap Rate 7%
$223,514
$223.5K
Cap Rate 9%
$173,844
$173.8K
Market Conditions
NOI Build-Up for 1,392 SF
Gross rent
$25.4K $18.24/SF
− Vacancy
−$3.0K −$2.18/SF
EGI
$22.4K $16.06/SF
− OpEx
−$6.7K −$4.82/SF
NOI
$15.6K $11.24/SF
Area
Buncombe County, NC
Vacancy
11.97%
Lease Rate
$18.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$312,920
Cap Rate 7%
$223,514
Cap Rate 9%
$173,844
Alternative Uses
Best Use
Multifamily LT 5
$223.5K
$195.6K – $260.8K
NOI $15,646 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$193.9K
$169.6K – $226.2K
NOI $13,570 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$440.2K
$385.2K – $513.5K
NOI $30,812 @ 7.0% cap · market cap 6.16%
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
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
Explore this area
Business Placement
Demographics for 28804, NC
23,964
Population
11,716
Households
2
Avg Household Size
44
Median Age
60%
College-Educated
93%
High-School Grad
28.7 sq mi
ZIP Area
835
Density / Sq Mi
$79,709
Median Household Income
$37,169
Median Earnings
$1,399
Median Rent
$528,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Properties on Market for Duplexes in Asheville
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units have separate utility submeters and hot water heaters, with tenants responsible for direct utility billing.
Where is this duplex located?
The property is located at 65 King Street Asheville, NC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two rental units: one 2‑bedroom, 1‑bath unit and one 1‑bedroom, 1‑bath unit; Both units are occupied under leases through summer 2027; New decks, siding, windows, and HVAC systems completed in early 2025
