Two-Unit
822 Azalea Ave, Black Mountain, NC 28711
For Sale
$400,000
Both residences offer two bedrooms and one bathroom, with downtown Black Mountain and Lake Tomahawk nearby.
Property Size1,250 SF
Price / SF$320
Days on Market27
Property Features for 822 Azalea Ave
General Information
Standard status
Size
Property subtype
Additional Details
Gross Income
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Homespun Investment Realty Inc
Listed By:
Amy Wilson · License #272387
(828) 215-9111
Source:
Judy.lakenormanhomeguide
Added: Oct 14
Changed: Nov 8
Last Checked: Nov 8 at 7:07AM
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 Homespun Investment Realty Inc
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Investment Insights
Based on property information with market context.
This 1965 duplex contains two residences, each arranged with two bedrooms and one bathroom. The property is in Black Mountain, near Lake Tomahawk and within walking distance of downtown.
Key Highlights
- Two residences, each with two bedrooms and one bathroom
- Built in 1965
- Near Lake Tomahawk and within walking distance of downtown Black Mountain
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,050
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$281,000
$281.0K
Cap Rate 7%
$200,714
$200.7K
Cap Rate 9%
$156,111
$156.1K
Market Conditions
NOI Build-Up for 1,250 SF
Gross rent
$22.8K $18.24/SF
− Vacancy
−$2.7K −$2.18/SF
EGI
$20.1K $16.06/SF
− OpEx
−$6.0K −$4.82/SF
NOI
$14.0K $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%
$281,000
Cap Rate 7%
$200,714
Cap Rate 9%
$156,111
Alternative Uses
Best Use
Multifamily LT 5
$200.7K
$175.6K – $234.2K
NOI $14,050 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$174.1K
$152.3K – $203.1K
NOI $12,186 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$395.3K
$345.9K – $461.2K
NOI $27,669 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
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Business Placement
Demographics for 28711, NC
14,047
Population
7,563
Households
1.9
Avg Household Size
49
Median Age
54%
College-Educated
92%
High-School Grad
103.9 sq mi
ZIP Area
135
Density / Sq Mi
$69,177
Median Household Income
$38,677
Median Earnings
$1,319
Median Rent
$358,400
Median Home Value
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Market
Properties on Market for Duplexes in Buncombe County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer two bedrooms and one bathroom, with downtown Black Mountain and Lake Tomahawk nearby.
Where is this duplex located?
The property is located at 822 Azalea Ave Black Mountain, NC.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two residences, each with two bedrooms and one bathroom; Built in 1965; Near Lake Tomahawk and within walking distance of downtown Black Mountain
