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. A covered front porch enhances tenant appeal and livability.

Proven Income History: The property has been consistently operated as a furnished monthly rental with strong occupancy. Rental records available upon request.

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.  requirements. 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.