42 Furman Avenue

The rarest thing in Asheville’s short-term rental market: a fully licensed, completely renovated multi-unit STR building in the heart of downtown, ready for a great operator to make their mark. Asheville stopped issuing new short-term rental permits in the urban core. That means 42 Furman Avenue is not just a building — it is one of the only opportunities in the market to acquire a licensed, compliant, income-producing STR portfolio without the permitting risk that makes most comparable deals impossible to execute. You cannot build this asset from scratch. You can only buy it. The building itself was taken down to the studs and completely rebuilt from the inside out. Every system, every finish, every unit was purpose-built for short-term rental from day one — not retrofitted, not patched together from an old apartment conversion. The result is a 16-unit, 8,395 sq ft brick building spanning three stories plus a walkout basement, positioned less than a mile from the best of downtown Asheville’s dining, arts, and entertainment scene. The Unit Mix 12 one-bedroom / one-bath units and 4 studio units across the building. Clean, modern interiors with hardwood floors, black-frame windows, and thoughtfully designed layouts that photograph well and generate strong guest reviews. The Opportunity This building has never been operated at its full potential. With all 16 units now live and the Asheville tourism market fully recovered from Hurricane Helene, the timing is right for an operator who knows what they’re doing to come in, put their systems to work, and capture what the market is already offering. AirDNA and Rabbu market data consistently show comparable downtown Asheville units achieving $123 to $213 ADR with 70%+ occupancy. The infrastructure is here. The license is here. The demand is here. What this building needs is the right operator behind it. Why Asheville Asheville is one of the most consistently high-demand short-term rental markets in the Southeast. A top-tier destination for food, music, outdoor recreation, and year-round tourism, it draws visitors from across the country and commands premium nightly rates. The Blue Ridge Parkway, the Biltmore Estate, the River Arts District, and a nationally recognized culinary scene ensure that demand is not seasonal — it is structural. The Details · 16 licensed STR units (12 one-bed / 4 studio) · Fully renovated to the studs — purpose-built for STR · 3 stories plus walkout basement · ~8,395 sq ft brick construction · Active, compliant STR license — one of the very few in downtown Asheville · Dedicated parking · Offered at $5,499,000 For qualified buyers, a full investor package including unit-level financials, market comp analysis, and stabilized NOI projections is available upon request.