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122 College Street Portfolio Sale 122 College St 11,885 SF 100% Leased Retail Building Asheville, NC 28801 $4,600,000 ($387.04/SF) 6.15% Cap Rate
Investment Highlights
- - Prime downtown Asheville location across from Pack Square Park - Award-winning 2023 renovation (Griffin Award for Adaptive Reuse)
- - Fully leased 3,000-SF street-level restaurant with high ceilings - Fully leased 3,000-SF lower-level bar with private entrances -- Flex CBD zoning
- - Large windows with abundant natural light and city/mountain views - Fully furnished residential suites, state-of-the-art appliances modern décor
- - Rooftop terrace (400 SF) with views of Pack Square Park and Asheville’s art-deco landmarks - Iconic historic architecture with exposed brick, 1917
- - Two 2BD/2BA luxury apartments (2nd floor 1250 SF each) - One 3BD/3.5BA penthouse with mezzanine and private rooftop terrace (top floor 2950 SF)
- - New electrical, mechanical, and HVAC systems (2023) - Fully sprinkled with monitored fire alarm - Newly installed fire escape for zoning flexibility
Executive Summary
Welcome to 122 College Street—a rare opportunity to acquire a turnkey mixed-use asset directly on Pack Square with commercial income in place. No other properties can match the pairing of high-quality luxury residences with dependable commercial income—at a compelling basis of $387 per SF.
All major capital improvements are complete. Offered fully furnished, the property is ready for immediate use or income generation.
Upper floors feature two 2BR/2BA units and a 3BR/3.5BA luxury penthouse, all accessed via private entrance. Highlights include exposed brick, high ceilings, large windows with city and mountain views. The penthouse has 25’ ceilings, a 380 SF loft, and the only private rooftop terrace overlooking Pack Square Park, a truly spectacular amenity.
Below the residences are two fully leased commercial spaces: a 3,000 SF street-level restaurant with a full commercial kitchen and a 3,000 SF lower-level bar, providing dependable income in one of Downtown Asheville’s most visible and active locations.
Ownership options include holding as a turnkey mixed-use investment, occupying or leasing the residences, or pursuing a condominium conversion strategy with potential to resell individual units at pricing more consistent with Downtown Asheville’s luxury residential market.
Currently offered at $4,600,000 | $387 per square foot.
All major capital improvements are complete. Offered fully furnished, the property is ready for immediate use or income generation.
Upper floors feature two 2BR/2BA units and a 3BR/3.5BA luxury penthouse, all accessed via private entrance. Highlights include exposed brick, high ceilings, large windows with city and mountain views. The penthouse has 25’ ceilings, a 380 SF loft, and the only private rooftop terrace overlooking Pack Square Park, a truly spectacular amenity.
Below the residences are two fully leased commercial spaces: a 3,000 SF street-level restaurant with a full commercial kitchen and a 3,000 SF lower-level bar, providing dependable income in one of Downtown Asheville’s most visible and active locations.
Ownership options include holding as a turnkey mixed-use investment, occupying or leasing the residences, or pursuing a condominium conversion strategy with potential to resell individual units at pricing more consistent with Downtown Asheville’s luxury residential market.
Currently offered at $4,600,000 | $387 per square foot.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$323,184
|
$27.19
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$323,184
|
$27.19
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$40,063
|
$3.37
|
| Net Operating Income |
$283,121
|
$23.82
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $323,184 |
| Annual Per SF | $27.19 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $323,184 |
| Annual Per SF | $27.19 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $40,063 |
| Annual Per SF | $3.37 |
| Net Operating Income | |
|---|---|
| Annual | $283,121 |
| Annual Per SF | $23.82 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
11,885 SF
Building Class
C
Year Built/Renovated
1917/2023
Price
$4,600,000
Price Per SF
$387.04
Cap Rate
6.15%
NOI
$282,900
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
3.90
Lot Size
0.07 AC
Zoning
CBD - Central Business District
Amenities
- Mezzanine
- Restaurant
- Security System
- Roof Terrace
- Air Conditioning
- Smoke Detector
Walk Score®
Walker's Paradise (90)
Nearby Major Retailers
Property Taxes
| Parcel Number | 9649-40-7722-00000 | Improvements Assessment | $1,684,000 |
| Land Assessment | $442,100 | Total Assessment | $2,126,100 |
Property Taxes
Parcel Number
9649-40-7722-00000
Land Assessment
$442,100
Improvements Assessment
$1,684,000
Total Assessment
$2,126,100
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122 College Street Portfolio Sale | 122 College St
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