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42 Furman Ave 16 Unit Apartment Building $5,500,000 ($343,750/Unit) 9.70% Cap Rate Asheville, NC 28801
Investment Highlights
- Excellent connectivity to Merrimon Ave and major thoroughfares
- Prime location in North Asheville, minutes from Downtown Asheville and UNCA
- Convenient access to I-240 and regional destinations
- Situated in an established neighborhood with a mix of residential and small-scale commercial uses
Executive Summary
16 Short term rental units, each with its own STR permit
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $343,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 9.70% | Building Size | 8,395 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 96% |
| No. Units | 16 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1928/2010 |
| Property Subtype | Apartment | Parking Ratio | 1.91/1,000 SF |
| Zoning | Office - See attachments | ||
| Price | $5,500,000 |
| Price Per Unit | $343,750 |
| Sale Type | Investment |
| Cap Rate | 9.70% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 8,395 SF |
| Average Occupancy | 96% |
| No. Stories | 4 |
| Year Built/Renovated | 1928/2010 |
| Parking Ratio | 1.91/1,000 SF |
| Zoning | Office - See attachments |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Ceiling Fans
- Tub/Shower
- Wi-Fi
- Basement
- Smoke Free
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Picnic Area
- Furnished Units Available
- Smoke Free
- Vintage Building
- Wi-Fi
- Community-Wide WiFi
- Private Bathroom
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 9649-62-5482-00000 | Improvements Assessment | $1,749,200 |
| Land Assessment | $188,800 | Total Assessment | $1,938,000 |
Property Taxes
Parcel Number
9649-62-5482-00000
Land Assessment
$188,800
Improvements Assessment
$1,749,200
Total Assessment
$1,938,000
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Contact the Sale Advisor
42 Furman Ave