11 N Market St
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11 N Market St
52,505 SF Vacant Office Building Asheville, NC 28801 $10,000,000 ($190/SF)
Investment Highlights
- Central downtown Asheville location
- Strong local economy
Executive Summary
~20% PRICE REDUCTION APRIL 2024. Downtown Asheville, NC Redevelopment Opportunity. 11 N. Market St has been home to the Van Winkle Law Firm since 1987 following a certified historic tax credit rehabilitation. It was constructed as the Western Carolina Automobile Company by John Lange, who also developed the Langren Hotel in downtown Asheville and the Glen Rock Hotel in the River Arts District. Lange sold many different cars at 11 N. Market Street, including LaSalle, Cadillac, Oakland, Pontiac, Rausch-Lang Electric cars and Harley Davidson Motorcycles. Due to the scarcity of comparable downtown Asheville parcels available at any given point in time, there is a generational opportunity to redevelop this building with a long, rich history along with two ideally located corner parcels. 3 parcels. 52,505 sf office building to redevelop, 2 additional parcels each 0.14 acres. Located in small hotel overlay district under 35 rooms. 145' height limit on 11 N. Market & 1 parcel. Other parcel 265' height limit. Desirable CBD zoning. Seller will consider a leaseback post closing as well as seller financing.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Office/Residential
Building Size
52,505 SF
Building Class
C
Year Built/Renovated
1931/2000
Price
$10,000,000
Price Per SF
$190
Percent Leased
Vacant
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
10,501 SF
Slab To Slab
10’
Building FAR
2.36
Lot Size
0.51 AC
Zoning
CBD - Commercial Business District
Parking
12 Spaces (0.23 Spaces per 1,000 SF Leased)
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Walk Score®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,776,800 | |
| Land Assessment | $2,718,200 | Total Assessment | $5,495,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,718,200
Improvements Assessment
$2,776,800
Total Assessment
$5,495,000
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11 N Market St
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