Historic Mixed-Use Redevelopment
For Sale
$2,250,000
9 Reed Street, Asheville, NC 28803
A 1921 industrial structure retains steel framing, concrete foundations, and exposed brick for adaptive reuse.
Property Size19,211 SF
Lot Size2.37 Acres
Days on Market68
Property Features for 9 Reed Street
General Information
Standard status
Active
Size
19,211 SF
Lot size
2.37 Acres
Property subtype
Showroom/Office
Additional Details
Highway Access
Yes
Amenities
Flood Plain/Bottom Land, Level
Rubber, Steel, Wood Rafters
Public Sewer
Additional parcels description:, Parcel Number: 9648-70-3204-00000, Assessed Value: $328,500
Concrete
Forced Air, Natural Gas
Listing ID: CAR4407621, Standard Status: Active, MLS Status: Active, Property Subtype: Showroom/Office, 61 days on market, Special Conditions: None
Built in 1921, 1 building, Construction Materials: Block, Brick Partial
County/Parish: Buncombe
Water Source: City
Frontage Type: City Street, Interstate 1 mile or Less, Road Responsibility: Publicly Maintained Road, Road Surface: Concrete, Dirt, Gravel
Fire Sprinkler System
Building Details
Building Size
19,211 SF
Year Built
1921
Buildings
1
Construction
steel
Listing Agency:
Century 21 Connected
(828) 348-0222
Listed By:
Chris Smith
(828) 450-2826
Source:
Blackstreaminternational
Added: Jul 31
Changed: Oct 4
Last Checked: Oct 5 at 7:17PM
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 Century 21 Connected
Investment Insights
Based on property information with market context.
This mixed-use redevelopment property includes a 2.37-acre site and a historic industrial building constructed in 1921. Existing improvements feature heavy-duty steel support beams, expansive concrete foundations prepared for future work, and exposed historic brickwork. The building is presented as a blank canvas for adaptive reuse, with potential applications identified for mixed-use development, office, retail, hospitality, or investment use.
The property is in Asheville near the entrance to Biltmore Estate, Biltmore Village, downtown Asheville, and Interstate 40. Its setting places the site within a commercial corridor with access to several established destinations and transportation routes.
The property is in Asheville near the entrance to Biltmore Estate, Biltmore Village, downtown Asheville, and Interstate 40. Its setting places the site within a commercial corridor with access to several established destinations and transportation routes.
Key Highlights
- 2.37‑acre mixed‑use redevelopment site in Asheville
- 1921 industrial building with exposed historic brickwork
- Heavy‑duty steel support beams remain in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$205,318
Cap Rate
9.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,106,360
$4.1M
Cap Rate 7%
$2,933,114
$2.9M
Cap Rate 9%
$2,281,311
$2.3M
Market Conditions
NOI Build-Up for 19,211 SF
Gross rent
$345.8K $18.00/SF
− Vacancy
−$17.3K −$0.90/SF
EGI
$328.5K $17.10/SF
− OpEx
−$123.2K −$6.41/SF
NOI
$205.3K $10.69/SF
Area
Buncombe County, NC
Vacancy
5.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,106,360
Cap Rate 7%
$2,933,114
Cap Rate 9%
$2,281,311
Alternative Uses
Best Use
Office B
$5.09M
$4.46M – $5.94M
NOI $356,426 @ 7.0% cap · market cap 15.84%
Second Best
Retail
$3.22M
$2.82M – $3.75M
NOI $225,253 @ 7.0% cap · market cap 10.01%
Theoretical Best
Office A
$6.07M
$5.32M – $7.09M
NOI $425,234 @ 7.0% cap · market cap 18.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,121
Businesses Nearby
Explore this area
Business Placement
Demographics for 28803, NC
34,108
Population
18,322
Households
1.9
Avg Household Size
43
Median Age
50%
College-Educated
93%
High-School Grad
38.4 sq mi
ZIP Area
888
Density / Sq Mi
$70,638
Median Household Income
$41,057
Median Earnings
$1,455
Median Rent
$408,600
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A 1921 industrial structure retains steel framing, concrete foundations, and exposed brick for adaptive reuse.
Where is this mixed-use property located?
The property is located at 9 Reed Street Asheville, NC.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 2.37‑acre mixed‑use redevelopment site in Asheville; 1921 industrial building with exposed historic brickwork; Heavy‑duty steel support beams remain in place
