Remodeled Triplex with Private
New
For Sale
$629,900
71 Harvey Osteen Road, Zirconia, NC 28790
Three updated rental units offer flexible layouts, refreshed kitchens and convenient access to Hendersonville, Flat Rock and Saluda.
Property Size1,610 SF
Lot Size1.40 Acres
Price / SF$260.94
Days on Market5
Property Features for 71 Harvey Osteen Road
General Information
Standard status
Active
Size
1,610 SF
Lot size
1.40 Acres
Property subtype
Triplex
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Amenities
wood-burning fireplace
Features: Level, Open Lot, Rolling Slope, Size: 1.4, Size Units: Acres
Description: Metal
Flooring: Tile, Vinyl
Garage Spaces: 0, Man Level Garage: 0
Details: Ductless
Heating: Heat Pump
Description: In Basement
Days on Market: 1, Listing Price: 629900, Status: Active
Elementary: Hillandale, Middle/Junior High: Flat Rock, High School: East Henderson
Description: Apartment, Exterior Entry, Walk-Out Access
Total Bathrooms: 3
Finished Area Above Grade: 1610, Area: 2414, Architecture: Ranch, Building Area: 2414, Construction Materials: Wood, Stories: 1, Year Built: 1976, Construction Type: Site Built
City: Zirconia, State: NC, Zip: 28790, County: Henderson, Directions: Continue on I-26 E to Zirconia. Take exit 5 from US-25 S. Take exit 54 for US-25 S toward US-176/NC-225/Greenville. Take exit 5 for NC-225 S toward Tuxedo. Turn left onto NC-225 S, go approx. 1.8 mi. Turn right onto Mt Olivet Rd, go approx 0.6 mi. Turn left to stay on Mt Olivet Rd, go approx 2.8 mi, Turn left onto Hattie Osteen Rd. Continue straight onto Harvey Osteen Rd, destination will be on the left #71 Harvey Osteen( Units 1,2,3)
Zoning: R-2 Rural
Full Bathrooms: 3, Half Bathrooms: 0
Sewer: Septic Installed, Water Source: Shared Well
Description: Yes
Auction Y/N: 0
Patio Features: Deck, Front Porch, Patio, Rear Porch
Heated Basement SqFt: 101
Description: Dishwasher, Electric Range, Microwave, Refrigerator
Building Details
Building Size
1,610 SF
Year Built
1976
Buildings
1
Listing Agency:
RE/MAX Results
(828) 489-3131
Listed By:
Amanda Hill
(828) 231-2017
Source:
Blackstreaminternational
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 2:43PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 2,414-square-foot triplex contains three remodeled rental units under one roof, each arranged with a private entrance, one bedroom, one full bath, a great room with dining area and a bonus room. Kitchens include soft-close cabinetry, solid-surface countertops and appliances. Updated flooring and tiled-shower bathrooms carry through the units, while Units 1 and 2 retain wood-burning fireplaces.
The property occupies approximately 1.40 acres at 71 Harvey Osteen Road in Zirconia, North Carolina, with an easy drive to Hendersonville, Flat Rock and Saluda. Shopping, dining and outdoor recreation are also accessible from the property. A metal roof was installed in 2022, and mini-split systems were added in 2024. Existing leases apply.
The property occupies approximately 1.40 acres at 71 Harvey Osteen Road in Zirconia, North Carolina, with an easy drive to Hendersonville, Flat Rock and Saluda. Shopping, dining and outdoor recreation are also accessible from the property. A metal roof was installed in 2022, and mini-split systems were added in 2024. Existing leases apply.
Key Highlights
- Three remodeled rental units with separate private entrances
- Each unit includes 1 bedroom, 1 full bath, great room, dining area and bonus room
- Updated kitchens feature soft‑close cabinetry, solid‑surface countertops and appliances
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
$21,687
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
3.44%
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%
$433,740
$433.7K
Cap Rate 7%
$309,814
$309.8K
Cap Rate 9%
$240,967
$241.0K
Market Conditions
NOI Build-Up for 2,414 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
$36.2K $15.00/SF
− Vacancy
−$5.2K −$2.17/SF
EGI
$31.0K $12.83/SF
− OpEx
−$9.3K −$3.85/SF
NOI
$21.7K $8.98/SF
Area
Henderson County, NC
Vacancy
14.44%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$433,740
Cap Rate 7%
$309,814
Cap Rate 9%
$240,967
Alternative Uses
Best Use
Multifamily LT 5
$309.8K
$271.1K – $361.5K
NOI $21,687 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$274.1K
$239.8K – $319.8K
NOI $19,185 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$804.5K
$703.9K – $938.6K
NOI $56,314 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 28790, NC
3,128
Population
1,728
Households
1.8
Avg Household Size
48
Median Age
23%
College-Educated
97%
High-School Grad
47.6 sq mi
ZIP Area
66
Density / Sq Mi
$98,115
Median Household Income
$35,186
Median Earnings
$1,242
Median Rent
$412,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three updated rental units offer flexible layouts, refreshed kitchens and convenient access to Hendersonville, Flat Rock and Saluda.
Where is this triplex located?
The property is located at 71 Harvey Osteen Road Zirconia, NC.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: Three remodeled rental units with separate private entrances; Each unit includes 1 bedroom, 1 full bath, great room, dining area and bonus room; Updated kitchens feature soft‑close cabinetry, solid‑surface countertops and appliances
