INCOME Current Pro Forma
Base Rent $319,922 $380,000
Expense Reimbursements $11,340 $15,000
Effective Gross Income $331,262 $395,000
EXPENSE Current Pro Forma
Taxes $18,934 $23,000
Insurance $5,604 $6,000
CAM $600 $800
Expenses for Rental Units
Trash Removal $850 $850
Electricity $3,600 $3,600
Water & Sewer $3,000 $3,000
Housekeeping $19,285 $19,285
Management Fee $22,462 $22,462
Tax Out $4,523 $4,523
Miscellaneous $21,828 $12,000
Total Expenses for Residential Units $75,548 $65,720
Total Operating Expenses $100,686 $95,520
NET OPERATING INCOME
Current Pro Forma
Effective Gross Income $331,262 $395,000
Total Operating Expenses $100,686 $95,520
Net Operating Income $230,576 $299,480
The subject property is located at 122 College Street, Asheville, Buncombe County, North Carolina. The subject is located in the Central Business District area of downtown Asheville, NC approximately 1,500’ south of I-240, approximately 1.25 miles southwest of I-26, and approximately 2.25 miles north of I-40. The property is identified as an approximately 11,885 square foot four-level masonry row building. The subject’s main level and lower level are fully leased to retail businesses. The subject’s third and fourth levels are luxury residential suites with two (2) 2BR/2BA units on the third level and a 3BR/3.5BA unit on the fourth level. The top floor has an enclosed mezzanine and roof terrace.
Seller Notes:
All units separately metered for electrical service. Six new meter system: (1) Lower-Level Bar, (2) Restaurant, (3) Suite 201, (4) Suite 202, (5) Suite 301 Penthouse, and (6) Common Area.
New fire escape installed (2023) to allow for flexible upper-floor zoning use. The building is designed to meet hotel and other commercial code compliance for life safety, egress and fire standards.
Building is fully sprinklered (13 System) with a 24/7 monitored fire alarm system.
New mechanical and HVAC systems (x6) installed in 2023.
All residential furnishings, accessories, smart technology, artwork, and supplies included with purchase.
Seller will consider selling only the commercial retail space (+/- 6,000 SF) for $3,000,000.
Seller will consider competitive owner-financing ($4,850,000) with 50% cash down.