Entity Owned 
For Sale
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122 College St, Asheville, NC 28801
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Property summary
AI-generated overview
This mixed-use property is located directly on Pack Square in Downtown Asheville and includes residential units above and commercial space below. The upper level comprises two 2-bedroom, 2-bath units and one 3-bedroom, 3.5-bath penthouse, each accessed via a private entrance, with design elements that include exposed brick, high ceilings, and large windows that provide city and mountain views; the penthouse includes 25-foot ceilings, a 380-square-foot loft, and a private rooftop terrace overlooking Pack Square Park. The ground level features two commercial spaces totaling approximately 6,000 square feet, including a 3,000-square-foot street-level restaurant with a full commercial kitchen and a 3,000-square-foot lower-level bar. The building has completed major capital improvements and is configured for mixed-use investment with potential for use as owner-occupied residences and/or leasing, and it is designed in a way that could support a condominium conversion strategy with reselling individual units.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1917
Construction
BRICK
Total area
12,060 SF
Lot
0.07 ac (3,049 SF)
Zoning code
DEED DATE:04/28/2017 DEED
APN
9649-40-7722-00000
UPID
US53-0631853
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Restaurant
-
Cafe & Coffee Shop
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.18M
Comparable Approach
Comparable
$2.10M
Blend (final)
Blend
$1.36M
Owner & transaction history
since 2021
Last sale
$1.8M
7 recorded transactions
Zoning & alternative use
DEED DATE:04/28/2017 DEED · Asheville, NC
Top alternative use upside
Commercial (general)
$3.1M
+36.8%
Auto repair, garage
$3.1M
+36.4%
Medical building
$2.7M
+20.1%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 5 comparables with addresses
6 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$1.36M
Value range
$1.22M – $1.49M
±10% around blend
Estimated value / SF
$112 / SF
Confidence
High
5 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
50
Income certainty
100
$1.22M
blend $1.36M
$1.49M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
12,060 SF
Lot area
0.07 ac
Year built
1917
Stories
4
APN
9649-40-7722-00000
Zoning
DEED DATE:04/28/2017 DEED
Assessed value
$2,084,200
Annual tax
$23,360
3
Income approach: direct capitalization
Partial preview
Income approach indication
$2.18M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$2.36M
@ 6.5% CAP return
$2.18M
@ 7% CAP return
$2.02M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$23,360
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$6.62M
Weighted, 5 comps · high confidence
Evidence
5 found · 5 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
0.4 mi away · 14,190 SF
0.4 mi away · 10,880 SF
0.5 mi away · 12,128 SF
17.1 mi away · 9,504 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.36M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 18 sales
$188
-40%
Submarket 28 sales
$201
-44%
County 41 sales
$203
-45%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $112/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+37%
vs current-use indication
Auto Repair, Garage
Medical Building
Retail Stores · current use
Office Building
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 5 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Selected market yield
3.78%
Selected cap rate for this retail space
Derived from the Asheville market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 3.78%
9.0%
NOI (est.)
$166k *
Last sale · May 2021
$1.80M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$4.40M
Move the market yield to see immediate price impact.
Value / SF
$364
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
3.28%3.78%4.28%
$150k
$4.56M
$3.96M
$3.49M
$166k
$5.07M
$4.40M
$3.88M
$183k
$5.57M
$4.83M
$4.27M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
5 found
High confidence · county-verified
Closest comparable
$9.00M
0.4 mi · Feb 2026 · $779/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$23,360
Tax year 2024
Assessed value
$2,084,200
Assessed 2024
Previous assessed
$2,084,200
+0.0% YoY
Effective rate
1.12%
On assessed value
Land market value
$442,100
Improvement market value
$1,642,100
Total market value
$2,084,200
Applied tax rate
2.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Sale
Year built
1917
Construction
BRICK
Heating
NONE
Cooling
YES
Stories
4
Total area
12,060 SF
Lot
0.07 ac (3,049 SF)
Zoning code
DEED DATE:04/28/2017 DEED
APN
9649-40-7722-00000
UPID
US53-0631853
Jurisdiction
BUNCOMBE
Zoning & alternative use
DEED DATE:04/28/2017 DEED · Asheville, NCZoning DEED DATE:04/28/2017 DEED · permitted uses
DEED DATE:04/28/2017 DEED · Asheville, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1917
Construction
BRICK
Heating
NONE
Cooling
Yes
Stories
4
Lot
0.07 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
DEED DATE:04/28/2017 DEED
Jurisdiction
Asheville, NC
Recorded code
DEED DATE:04/28/2017 DEED
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for DEED DATE:04/28/2017 DEED in Asheville, NC.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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