Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    122 College St Asheville, NC 28801

    • Retail space
    • 12,060 SF
    • 0.07 lot acres
    For Sale
    View listing
    $4,850,000
    Last Sale
    May 19, 2021
    $1,800,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0631853
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Miyako House / Japanese Restaurant / Japanese Curry Restaurant
    • Elevated Kava Lounge Downtown / Coffee Shop

    Property Details for 122 College St

    Year built
    1917
    Construction
    BRICK
    Lot size
    0.07 lot acres
    Property size
    12,060 SF
    Zone code
    DEED DATE:04/28/2017 DEED
    Property type
    Retail space
    APN
    9649-40-7722-00000
    APU
    964940772200000

    Description

    This stunning, mixed-use property at 122 College Street in downtown Asheville, North Carolina, offers a unique blend of historic charm and modern luxury. The 11,885 square foot building, situated on a 0.07-acre lot, underwent a complete renovation in 2023, earning a prestigious Griffin Award for its exceptional design and craftsmanship. The exterior showcases the original 1917 exposed brick facade, while the interior boasts a sophisticated, updated aesthetic. The ground floor features a fully leased 3,000 square foot restaurant and a 3,000 square foot bar, both currently operating at 100% occupancy. A separate private entrance leads to the upper floors, which comprise 5,040 square feet of luxurious residential space. This includes two beautifully appointed 2-bedroom, 2-bathroom apartments on the second floor and a spectacular 3-bedroom, 3.5-bathroom penthouse suite on the top floor. Each residential unit offers spacious layouts and breathtaking city views. The penthouse is particularly noteworthy, featuring 25-foot ceilings and a dramatic staircase leading to a private mezzanine and rooftop terrace overlooking Pack Square Park, offering unparalleled mountain and cityscape views. All residential units are offered fully furnished, providing a turnkey investment opportunity. Located steps from Pack Square Park, this property enjoys an unbeatable location in the heart of Asheville's vibrant downtown area. The combination of its award-winning design, prime location, and strong rental income makes 122 College Street an exceptional investment opportunity. The asking price is $4,850,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,355,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,355,000
      6.5%
      $2,175,000
      7%
      $2,020,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,095,000
      Market price range: $1.81M - $3.45M
      AI Estimate
      $2,095,000
      Market price range: $1.81M - $3.45M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,265,000
      Current use
      COMMERCIAL (GENERAL)
      $3,100,000
      Change: +37% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,090,000
      Change: +36% Conversion: Difficult
      MEDICAL BUILDING
      $2,720,000
      Change: +20% Conversion: Difficult
      OFFICE BUILDING
      $2,235,000
      Change: -1% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,075,000
      Change: -8% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Asheville
    County
    Buncombe
    State
    North Carolina
    Longitude
    -82.5505
    Latitude
    35.5961
    CBSA code
    11700
    CBSA name
    ASHEVILLE, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $23,360
    $0.00
    $0.00
    $2,084,200
    -
    $442,100
    $1,642,100
    $2,084,200

    Comparable in this City

    • Value Estimation
      $1,370,000
      9,126 SF

      175 Patton Ave

      RETAIL STORES (PERSONAL SERVICES) • 9,126 SF
      175 Patton Ave, Asheville, NC 28801-2625
      View Details
    • Value Estimation by Request
      875 SF

      90 Merrimon Ave

      RETAIL STORES (PERSONAL SERVICES) • 875 SF
      90 Merrimon Ave, Asheville, NC 28801-2323
      View Details
    • Value Estimation by Request
      1,288 SF

      99 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 1,288 SF
      99 Broadway St, Asheville, NC 28801-2918
      View Details
    • Value Estimation
      $2,695,000
      13,419 SF

      15 Haywood St

      RETAIL STORES (PERSONAL SERVICES) • 13,419 SF
      15 Haywood St, Asheville, NC 28801-2808
      View Details
    • Value Estimation by Request
      2,256 SF

      41 Carolina Ln

      RETAIL STORES (PERSONAL SERVICES) • 2,256 SF
      41 Carolina Ln, Asheville, NC 28801-2806
      View Details
    • Value Estimation
      $1,410,000
      8,385 SF

      27 Biltmore Ave

      RETAIL STORES (PERSONAL SERVICES) • 8,385 SF
      27 Biltmore Ave, Asheville, NC 28801-3603
      View Details

    Similar Nearby for Sale

    • $1,750,000
      1,648 SF

      Asheville Retail Space: Prime Location

      Downtown Asheville, Vacant, High Traffic
      79 Asheland Ave, Asheville, NC 28801
      View Details
    • $498,000
      1,100 SF

      Downtown Asheville Retail Condo

      Retail condo in downtown Asheville, close to Civic Center.
      64 Haywood St, Asheville, NC 28801
      View Details
    • $498,000
      1,128 SF

      Downtown Asheville Retail Condo

      Retail condo in downtown Asheville, close to the Civic Center.
      62 Haywood St, Asheville, NC 28801
      View Details
    • $2,900,000
      7,042 SF

      Asheville Downtown Mixed-Use

      Historic building, prime location, high potential.
      114 Lexington Ave, Asheville, NC 28801
      View Details
    • $575,000
      1,462 SF

      Asheville Commercial Condo Investment

      Commercial condo with long-term tenant in Asheville CBD.
      45 Asheland Ave, Asheville, NC 28801
      View Details
    • $2,750,000

      Historic Meadows Building in Downtown

      Historic building with redevelopment potential in vibrant downtown Asheville.
      114 N Lexington Ave, Asheville, NC 28801
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      1,048 SF

      Downtown Asheville Retail Space Available

      Prime retail space in the heart of downtown Asheville.
      2-16 Eagle St, Asheville, NC 28801
      View Details
    • $25 SF/Yr
      2,246 SF

      Downtown Asheville Retail Space

      Prime retail space in vibrant downtown Asheville location.
      29-33 Page Ave, Asheville, NC 28801
      View Details
    • Contact for pricing
      16,860 SF

      Asheville River Arts Retail Space

      Seven new retail suites, 935-5,455 sq ft.
      146 Roberts St, Asheville, NC 28801
      View Details
    • $2,811 /Mo
      1,022 SF

      Downtown Asheville Commercial Condo Space

      Commercial condo in downtown Asheville, adaptable to many uses.
      123 Haywood St, Asheville, NC 28801
      View Details
    • Contact for pricing

      Retail Space on Merrimon Avenue

      3,600 SF retail space in Asheville, NC available for lease.
      Asheville, NC 28801
      View Details
    • $3,200 /Mo

      Downtown Asheville Retail Space

      Premier retail space in the heart of downtown Asheville.
      51 College St, Asheville, NC 28801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    122 College St
    Asheville, NC 28801
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.