$517,000
Income-Producing Property with Development Potential in Prime Asheville Location
5 Main Street presents a compelling opportunity for investors and developers seeking immediate cash flow with future upside. Ideally positioned near Biltmore Village and the rapidly evolving Swannanoa River corridor, this property combines proven rental performance with additional development potential.
The home features a fully renovated (2021) lower level configured as a private studio apartment with both interior and exterior access—ideal for homestay or monthly rental use. This space highlights original 100-year-old exposed brick with distinctive arched window details, creating a unique and highly marketable aesthetic. The studio includes a bedroom area, full bath with antique clawfoot tub, independent mini-split HVAC, updated electrical, and a living area with a built-in projector for a 90-inch display. Interior and exterior French drains were installed prior to Hurricane Helene and performed as designed.
The main level offers additional rental or owner-occupant flexibility, featuring hardwood floors, 9-foot ceilings, a brick fireplace, and custom built-ins. Don’t forget to check out the custom built-in breakfast nook/table that’s not featured in the photo gallery! A covered front porch enhances tenant appeal and livability. The upstairs is also serviced by a natural gas heating and air conditioning system installed in 2021, providing efficient and reliable climate control.
Proven Income History: The property has been consistently operated as a furnished monthly rental with strong occupancy. Rental records available upon request. (RM8 Zoned = Duplexes are permissible if desired)
Location Advantage: Walkable to Biltmore Village (approx. 10 minutes) and in close proximity to the planned Hellbender Concert Venue along the Swannanoa River Greenway—an area poised for continued growth and investment. Easy transit access provides a direct route to downtown Asheville in approximately 10 minutes.
Development Upside: The lot is zoned and sized to potentially allow subdivision of the rear portion into an additional “flag lot”—offering the opportunity to add another unit, expand density, or pursue resale of a separate parcel. Owner will accept a scenario in which buyer agrees to purchase home with back “flag lot” divided off. This scenario would require the acceptance of a shared driveway easement to allow future access to “flag lot”.
Buyer to verify all subdivision feasibility, zoning, and permitting.
Tenant in place through end of July; showings by appointment only.
Owner is willing to sell home fully furnished as part of a separate furniture transaction. Items that will not convey and that will not be available as part of a separate furniture transaction include: 1) Lexington Glass pendant lights (base fixture and hardware will convey). 2) vintage refrigerator.
3
Beds
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2
Baths
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4373261
MLS
⋅
2,080
SqFt.
⋅
ACTIVE
Status
5 Main Street, Asheville
Listing courtesy of Wander Wagon Tours & Realty. michael@wanderwagontours.com
