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    The Largest CRE Database in the US with Over 1 Million Listings

    1005 Raleigh St Elizabeth City, NC 27909

    Sponsored
    For Sale
    $2,695,827

    MULTI_FAMILY - Elizabeth City, NC

    Property size:
    21,500 SF
    Lot size:
    2.86 Acres
    Days on Market:
    18
    Last Refresh:
    Feb 20 at 1:06 am

    Property Features for 1005 Raleigh St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    AD and R-8
    APN
    892309261179
    Parking
    46
    Parking features
    Parking Lot, Off Street
    Size
    21,500 SF
    Lot size
    2.86 Acres

    Utilities

    Heating system
    Electric (Heating), Forced Air, Heat Pump (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1990
    Number of units
    24
    Flooring type
    Carpet, Vinyl
    Building materials
    Cedar, Brick, Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Kellen Long

    Rich Company (252) 338-5432

    Listing agent Kellen Long (252) 562-8889 License #362488

    Listing date Feb 3, 2026

    MLS# 100552609

    Copyright © 2026 HIVE MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Elizabeth City Multifamily Investment Opportunity

    This multi-family apartment complex presents an investment opportunity, featuring a 9% cap rate with a potential net operating income of $243,704.40 at full occupancy. The complex comprises three properties: 1005 Raleigh Street, 1110 Park Street, and 0000 Park Street, totaling 24 units. Each unit ranges from approximately 800 to 900 square feet and includes 2 bedrooms and either 1 or 1.5 bathrooms. The combined building square footage is approximately 21,500 square feet. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. The property at 1110 Park Street consists of four quadplex buildings. The property at 1005 Raleigh Street includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with one vacant unit marketed at $1,200 per month. Current rents range from $1,000 to $1,300 per month. The property generates approximately $303,000 in gross annual income, with a projected gross income of $317,400 at full occupancy based on current rental rates. Significant capital improvements have been completed since 2017, including the replacement of 3 roofs with 30-year architectural shingles within the past 3-4 years, encapsulation of all quadplexes at 1110 Park Street with the addition of dehumidifiers, and replacement of 14 HVAC units. Ongoing interior upgrades include new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment Zoning District. The residual parcel at 0000 Park Street, measuring 6,902 square feet, is zoned R-8 residential and is subject to a restrictive covenant.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth City
    County
    Pasquotank
    State
    North Carolina
    Longitude
    -76.209361
    Latitude
    36.290495

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 24-unit apartment complex with high occupancy and income potential.
    Where is this apartment building located?
    The property is located at 1005 Raleigh St Elizabeth City, NC.
    What is the asking price?
    The asking price for this property is $2,695,827.
    What are key features of this property?
    This property features: - High 9% Cap Rate with $243,704.40 NOI at Full Occupancy; - 24 Units with a mix of one and two-story apartments, including handicap accessible units; - Significant capital improvements completed: roof replacements, encapsulation, and HVAC upgrades
    (252) 562-8889
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    1005 Raleigh St Elizabeth City, NC 27909
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    Elizabeth City, NC 27909
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1005 Raleigh St Elizabeth City, NC 27909
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    We can help!
    Listing Contact
    Kellen Long
    Real Estate License ID: 362488
    (252) 562-8889
    Learn more
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