Asheville, NC is home to the University of North Carolina/Asheville (UNCA ) It's a welcoming campus with 
paths beneath tree-lined streets leading to the various buildings. Off-campus housing is a big plus for many students. Some are first-time home buyers, but others possibly have convinced 1031 investors/ parents of the wisdom of investing in income-producing multi-family properties in this solid Asheville market.
Here in Asheville, we define multi-family properties as 4-plex, Tri-plex and Duplexes. Here's a typical description: "Tri-plex on great street in central location. Close to UNCA and downtown. Views of Sunset Mountain and Grove Park. Has excellent rental history because tenants love these apartments. Lots of windows, granite fireplaces and hardwood floors. Landlord pays for water and lawn maintenance only. . ."
How does that sound to you? If you are like me, it sounds intriguing...and enough so that more information on properties within 20 minutes of the UNCA campus is called for ..so here it is:
- There are 41 multi-family properties currently are on the market and are for sale in Asheville's UNCA area. These income-producing properties range in price from (lowest) $140K to (highest) $2.3 M with an average list price of $350,000.
- There are currently 4 pending multi-family homes in Asheville's UNCA neighborhoods.
- So far in 2008, 14 of these properties have closed with sales ranging in price from $179,000 to $758,000 with an average sold price of about $400K. DOM: Average-78.
Now, looking a little deeper...here are some interesting details!
4-Plex:
- 7 active listings - Price Range-- $215,000 to $700K
- YTD Closed: 2
Tri-plex:
- 7 active listing - Price Range--$225,000 to $1.8M
- One sold YTD - $380K and on the market for about 4 months
Duplex:
- 17 active listings - Price Range--$140,000 to $480K
- There are currently 2 duplexes pending sale
- YTD 7 have sold , ranging in price from $170,000 to $400K with an average of about 60 days on the market. Highest -186 Days on the market- Lowest- 77 days on the market.
FYI: Clients more and more are demanding energy efficient properties. They love the idea of green-built investment properties as the sustainability factor means excellent ROI. Green builders and/or remodelers for multi-family properties are much needed. Let me know if you can help out. All Statistics are gathered from the Greater Asheville Area MLS and Association of REALTORS®.
Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of janeAnne "Greenolina" http://activerain.com/janeanne Broker/Owner of The ECO-Steward Real Estate Firm www.EcoStweardRealty.com which is not responsible for the accuracy or content provided by The Community.
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If you are not committed to another real estate professional, or if you are a referring partner from AR then please email me for more information on MULTI-FAMILY and other properties in our 5-county area here in mountains of North Carolina.
The ECO Certified ® Real Estate Consultants at The ECO Steward Real Estate Firm specialize in working with eco-developers and land for sale in the Greater Asheville, North Carolina area. We are excited about value-added, ECO-friendly properties, and focus on positive futures. Our real estate practice inspires property investments for wealth of the generous kind.
I can't imagine anything better than going to college in Ashville. What a great investment for parents of the students to make rather than struggling to find good off campus rentals! Your sales look very stable.
Diane~
Makes me wish I had college-aged kids ! Yes this is a fantastic college town in which to invest. & UNCA is magical. . .