122 College Street
Investment Opportunity: Historic character meets modern luxury in the heart of Downtown Asheville
Marketing description
Welcome to 122 College Street—a rare opportunity to acquire a turnkey mixed-use asset directly on Pack Square with commercial income in place. No other properties can match the pairing of high-quality luxury residences with dependable commercial income—at a compelling basis of $370 per SF.
All major capital improvements are complete. Offered fully furnished, the property is ready for immediate use or income generation.
Upper floors feature two 2BR/2BA units and a 3BR/3.5BA luxury penthouse, all accessed via private entrance. Highlights include exposed brick, high ceilings, large windows with city and mountain views. The penthouse has 25’ ceilings, a 380 SF loft, and the only private rooftop terrace overlooking Pack Square Park, a truly spectacular amenity.
Below the residences are two fully leased commercial spaces: a 3,000 SF street-level restaurant with a full commercial kitchen and a 3,000 SF lower-level bar, providing dependable income in one of Downtown Asheville’s most visible and active locations.
Ownership options include holding as a turnkey mixed-use investment, occupying or leasing the residences, or pursuing a condominium conversion strategy with potential to resell individual units at pricing more consistent with Downtown Asheville’s luxury residential market.
Investment highlights
Prime downtown Asheville location across from Pack Square Park
Award-winning 2023 renovation (Griffin Award for Adaptive Reuse)
The only private rooftop terrace on Pack Square Park (400 SF)
Views of Blue Ridge Mountains and Asheville's art-deco landmarks
Fully leased 3,000-SF street level restaurant with commercial kitchen
Fully leased 3,000-SF lower-level bar with private entrance
Two 2BD/2BA luxury apartments (2nd floor) rented monthly
One 3BD/3.5BA penthouse with mezzanine and private rooftop terrace
Large windows with abundant natural light and city/mountain views
Fully furnished suites with state-of-the-art appliances and modern decor
New electrical, mechanical, and HVAC systems (2023)
Fully sprinkled with monitored fire alarm (2023)
Newly installed fire escape for zoning flexibility
Flexible CBD zoning for various uses
Iconic historic architecture with exposed brick
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