Investment opportunity just minutes from downtown Asheville! This established four-unit property features four approximately 500-square-foot, one-bedroom/one-bath apartments, including one fully remodeled and currently vacant unit ready for a new tenant or owner occupant. The remaining three units are currently rented, providing immediate income for the next owner.
The building also offers shared interior stair access and a common basement/laundry area available to tenants. Conveniently located close to downtown, the River Arts District, shopping, dining, and Asheville amenities.
This is an older Asheville property with character and a proven rental history—not new construction—and there remains opportunity for additional TLC and improvements over time. The combination of existing rental income, a freshly renovated vacant unit, and a close-in location makes 37 Water Street an appealing opportunity for an investor looking to add value while maintaining an income-producing property.
Property Details
- Cooling
- Window Unit(s)
- Heating
- Baseboard
- Cooling Features
- Window Unit(s)
- Acres
- 0.0
- Lot Size (sqft)
- 0.103
- Parking Features
- Parking Space(s)
- Parking Spaces
- 3.0
- Property Type
- Purchase
- Basement
- 1
- Basement Description
- Dirt Floor
- Year Built
- 1925
- Foundation
- Basement
- Sewer Information
- Public Sewer
- Utility Source
- City
- Utility Features
- Cable Available, Natural Gas
- Appliances
- Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator
- County
- BUNCOMBE
- Region
- Asheville
- Zoning
- RS8
- Original List Price
- $570,000
- Days on Market (Cumulative)
- 15
- MLS #
- 4417990
- Property Subtype
- Commercial Sale
- Parcel Number
- 9648-23-1399-00000
- MLS #
- 4417990
- Date Listed
- August 25, 2026
- Address
- 37 Water Street
Location
Legal
Listings courtesy of Canopy MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 2026-08-25T12:45:05Z. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website.
Provided By
Listed by Peter Lorenz (#CARplorenz)
Listing Office: Keller Williams Professionals (#CARNCM12570)
