Furnished
New
For Sale
$669,000
71 And 73 Panorama Dr, Asheville, NC 28806
Both residences are furnished and currently tenant-occupied with leases in place.
Property Size2,860 SF
Price / SF$233.92
Days on Market4
Property Features for 71 And 73 Panorama Dr
General Information
Standard status
Active
Size
2,860 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Furnished
Yes
Multifamily Units
2
Building Details
Year Built
2019
Buildings
1
Tenancy
Multi
Listing Agency:
EXP Realty LLC
Listed By:
Mike Szabo
(239) 810-3155
Source:
Highperformancerea
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 10:01PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Built in 2019, this 2,860-square-foot duplex includes two furnished residences. Each side offers two bedrooms and 2.5 bathrooms, creating matching layouts across the property. The building is described as well maintained and includes modern finishes with low maintenance requirements.
Both units are tenant-occupied with leases in place at market rates. The property is located at 71 And 73 Panorama Dr in Asheville, approximately 15 minutes from downtown Asheville, with access to dining, shopping, and outdoor recreation in a quiet residential setting.
Both units are tenant-occupied with leases in place at market rates. The property is located at 71 And 73 Panorama Dr in Asheville, approximately 15 minutes from downtown Asheville, with access to dining, shopping, and outdoor recreation in a quiet residential setting.
Key Highlights
- 2,860‑square‑foot duplex built in 2019
- Each side features 2 bedrooms and 2.5 bathrooms
- Both units are fully furnished
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
$32,145
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
4.80%
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%
$642,900
$642.9K
Cap Rate 7%
$459,214
$459.2K
Cap Rate 9%
$357,167
$357.2K
Market Conditions
NOI Build-Up for 2,860 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
$52.2K $18.24/SF
− Vacancy
−$6.2K −$2.18/SF
EGI
$45.9K $16.06/SF
− OpEx
−$13.8K −$4.82/SF
NOI
$32.1K $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 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%
$642,900
Cap Rate 7%
$459,214
Cap Rate 9%
$357,167
Alternative Uses
Best Use
Multifamily LT 5
$459.2K
$401.8K – $535.8K
NOI $32,145 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$398.3K
$348.5K – $464.7K
NOI $27,881 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$904.4K
$791.3K – $1.06M
NOI $63,306 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
38
Businesses Nearby
Explore this area
Business Placement
Demographics for 28806, NC
44,621
Population
21,185
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
38.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$59,925
Median Household Income
$37,743
Median Earnings
$1,224
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are furnished and currently tenant-occupied with leases in place.
Where is this duplex located?
The property is located at 71 And 73 Panorama Dr Asheville, NC.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: 2,860‑square‑foot duplex built in 2019; Each side features 2 bedrooms and 2.5 bathrooms; Both units are fully furnished
