122 College Street

Investment Overview

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. Currently offered at $4,400,000 | $370 per square foot.

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