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122 College Street Portfolio Sale 122 College St 11,885 SF 100% Leased Retail Building Asheville, NC 28801 $6,363,594 CAD ($535.43 CAD/SF) 5.93% 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, where historic character meets modern luxury in the heart of Downtown Asheville.
Located steps from iconic Pack Square Park in the vibrant Central Business District, this 11,885 SF mixed-use property underwent an award-winning 2023 renovation, earning a Griffin Award for adaptive reuse from the Preservation Society of Asheville. Classic exposed brick and 1917 finishes define the building's facade, inviting patrons and tenants to enjoy the bright atmosphere of the 3,000-SF restaurant space on the main floor; or the cozy, 3,000-SF bar on the lower level—both 100% leased.
From College Street, a private residential entrance leads to 5,040 total SF of spectacular upper-floor luxury suites, including two beautifully appointed 2BD/2BA apartments on the second floor (1,250 square feet each); and a 3BD/3.5BA penthouse on the top level with 2,950 square feet and room for 10 guests. Each of the residential suites offers spacious layouts, with large windows opening to gorgeous city views. All suites boast high ceilings and exposed brick, creating an industrial-loft aesthetic unique to Downtown Asheville.
The penthouse features breathtaking 25' ceilings, and a stringer staircase that leads to a 380 SF mezzanine. From there, step out onto the only private rooftop terrace overlooking Pack Square Park (400 SF), where sweeping mountain views blend seamlessly with Asheville's iconic art-deco structures. The suites and penthouse are offered fully furnished, with state-of-the-art appliances, modern furniture, and stylish decor appointed throughout.
The property is fully sprinkled and outfitted with new electrical, mechanical, and HVAC systems, as well as a monitored fire alarm system. A newly installed fire escape provides flexibility for CBD zoning uses, offering future adaptability for an owner.
With its unbeatable location, award-winning design, and impeccable updates, 122 College Street is truly a must-see—a rare opportunity to own a landmark property in Downtown Asheville.
Located steps from iconic Pack Square Park in the vibrant Central Business District, this 11,885 SF mixed-use property underwent an award-winning 2023 renovation, earning a Griffin Award for adaptive reuse from the Preservation Society of Asheville. Classic exposed brick and 1917 finishes define the building's facade, inviting patrons and tenants to enjoy the bright atmosphere of the 3,000-SF restaurant space on the main floor; or the cozy, 3,000-SF bar on the lower level—both 100% leased.
From College Street, a private residential entrance leads to 5,040 total SF of spectacular upper-floor luxury suites, including two beautifully appointed 2BD/2BA apartments on the second floor (1,250 square feet each); and a 3BD/3.5BA penthouse on the top level with 2,950 square feet and room for 10 guests. Each of the residential suites offers spacious layouts, with large windows opening to gorgeous city views. All suites boast high ceilings and exposed brick, creating an industrial-loft aesthetic unique to Downtown Asheville.
The penthouse features breathtaking 25' ceilings, and a stringer staircase that leads to a 380 SF mezzanine. From there, step out onto the only private rooftop terrace overlooking Pack Square Park (400 SF), where sweeping mountain views blend seamlessly with Asheville's iconic art-deco structures. The suites and penthouse are offered fully furnished, with state-of-the-art appliances, modern furniture, and stylish decor appointed throughout.
The property is fully sprinkled and outfitted with new electrical, mechanical, and HVAC systems, as well as a monitored fire alarm system. A newly installed fire escape provides flexibility for CBD zoning uses, offering future adaptability for an owner.
With its unbeatable location, award-winning design, and impeccable updates, 122 College Street is truly a must-see—a rare opportunity to own a landmark property in Downtown Asheville.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
11,885 SF
Building Class
C
Year Built/Renovated
1917/2023
Price
$6,363,594 CAD
Price Per SF
$535.43 CAD
Cap Rate
5.93%
NOI
$377,624 CAD
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 | $2,362,484 CAD |
| Land Assessment | $620,222 CAD | Total Assessment | $2,982,706 CAD |
PROPERTY TAXES
Parcel Number
9649-40-7722-00000
Land Assessment
$620,222 CAD
Improvements Assessment
$2,362,484 CAD
Total Assessment
$2,982,706 CAD
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