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33 Vance Ave 5 Unit Apartment Building $975,000 ($195,000/Unit) 10.15% Cap Rate Black Mountain, NC 28711
Executive Summary
Successful short-term rental property in downtown Black Mountain! The original home has been converted into five distinct units, each with its own private entrance & dedicated parking. This property has the charm and character of a historic home, with many modern updates. Every space you enter is comfortable & inviting, with good natural light. Guests enjoy relaxing in the rocking chairs on the front porch & strolling into downtown Black Mountain to dine and shop at all the local establishments. With great reviews, plenty of repeat guests, and many longer bookings, this property is an investor's dream. Offered fully furnished, with a dedicated housekeeping staff that would love the opportunity to stay on board. This is truly a turnkey opportunity for someone interested in taking over an established business in a popular area. Owners report 77% occupancy YTD, through April 2026. Three units on the ground floor, and two units upstairs accessed by a common stairwell. Two laundry locations on site. All units are metered separately for electricity & gas, offering flexibility if a buyer wanted to convert to long-term rentals in the future. See floor plan sketch for a detailed drawing of the building's layout. Financial information available upon request. This is an active vacation rental property, and showing requests will be accommodated based on occupancy. Virtual tour available here: https://my.matterport.com/show/?m=E9cHPnV4x2X&mls=1
Property Facts
| Price | $975,000 | Building Class | C |
| Price Per Unit | $195,000 | Lot Size | 0.27 AC |
| Sale Type | Investment | Building Size | 2,587 SF |
| Cap Rate | 10.15% | No. Stories | 2 |
| No. Units | 5 | Year Built | 1909 |
| Property Type | Multifamily | Parking Ratio | 1.93/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | CB - Central Business | ||
| Price | $975,000 |
| Price Per Unit | $195,000 |
| Sale Type | Investment |
| Cap Rate | 10.15% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 2,587 SF |
| No. Stories | 2 |
| Year Built | 1909 |
| Parking Ratio | 1.93/1,000 SF |
| Zoning | CB - Central Business |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 0619-24-9964-00000 | Improvements Assessment | $510,400 |
| Land Assessment | $48,000 | Total Assessment | $558,400 |
Property Taxes
Parcel Number
0619-24-9964-00000
Land Assessment
$48,000
Improvements Assessment
$510,400
Total Assessment
$558,400
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33 Vance Ave
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