Classic Isis Theater on
For Sale
$2,799,999
743 Haywood Road, Asheville, NC 28806
Versatile event space in the heart of West Asheville.
Property Size7,937 SF
Price / SF$352.78
Days on Market156
Property Features for 743 Haywood Road
General Information
Standard status
Active
Size
7,937 SF
Property subtype
Event Venue and Restaurant
Building Details
Building Size
7,937 SF
Year Built
1930
Listing Agency:
Dewey Property Advisors
(828) 551-0087
Listed By:
Scott Raines, CCIM · License #NC #226165
(828) 551-0087
Source:
Deweypa
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:20AM
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 Dewey Property Advisors
Investment Insights
Based on property information with market context.
The classic Isis Theater, situated on Haywood Road in West Asheville, is a purpose-built cultural venue offering flexible, performance-ready assembly space suitable for a wide range of events, from local programming to large-scale performances. The property features optimum acoustics, adaptable interiors, an outdoor component, a commercial kitchen, and service-ready infrastructure. The configuration can accommodate concurrent multiple events. Currently set up as a restaurant and music/events space, the venue is turn-key and includes state-of-the-art audio and light production, as well as infrastructure for show-streaming. The property includes approximately 7,937 square feet of heated interior space with an occupancy of 494, and approximately 1,224 square feet of outdoor patio space. There are three bars, two on the main floor and one upstairs, along with a glycol chilled system featuring 30 beer taps, 24 on the main floor and 6 upstairs. This historic venue has long served as a community gathering place and benefits from strong visibility, steady foot and vehicle traffic, and proximity to established local businesses. It is well-suited for cultural programming and events serving both locals and visitors.
Key Highlights
- Turn‑key restaurant and music/events venue with state‑of‑the‑art audio and light production, plus show‑streaming infrastructure.
- Located in the heart of West Asheville with high visibility and foot traffic.
- Versatile event space designed for a wide range of events and adaptable interiors.
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
$110,945
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
3.96%
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%
$2,218,900
$2.2M
Cap Rate 7%
$1,584,929
$1.6M
Cap Rate 9%
$1,232,722
$1.2M
Market Conditions
NOI Build-Up for 7,937 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
$150.5K $18.96/SF
− Vacancy
−$2.6K −$0.32/SF
EGI
$147.9K $18.64/SF
− OpEx
−$37.0K −$4.66/SF
NOI
$110.9K $13.98/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$18.96 /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%
$2,218,900
Cap Rate 7%
$1,584,929
Cap Rate 9%
$1,232,722
Alternative Uses
Best Use
Specialty Retail
$1.58M
$1.39M – $1.85M
NOI $110,945 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $175,685 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
908
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - Versatile event space in the heart of West Asheville.
Where is this theater & concert hall located?
The property is located at 743 Haywood Road Asheville, NC.
What is the asking price?
The asking price for this property is $2,799,999.
What are key features of this property?
This property features: Turn‑key restaurant and music/events venue with state‑of‑the‑art audio and light production, plus show‑streaming infrastructure.; Located in the heart of West Asheville with high visibility and foot traffic.; Versatile event space designed for a wide range of events and adaptable interiors.
