Ranch
For Sale
$425,000
Pending
217 Heck Street, Raleigh, NC 27601
Residential, Raleigh, NC
Property Size1,769 SF
Lot Size0.13 Acres
Days on Market149
Property Features for 217 Heck Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-10
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Appliances
Range, Refrigerator
Subdivision
Oakwood
Elementary school
Wake - Powell Elementary
Middle school
Wake - Ligon Middle
High school
Wake - Needham Broughton High
Standard status
Pending
APN
171417102135000 0073817
Size
1,769 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
217 Heck St
Tax Annual Amount
3213
Legal Description
217 Heck St
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1925
Floors in Building
1
Flooring type
Carpet
Building materials
Vinyl Siding
Roof type
Asbestos Shingle
Architectural style
Ranch
Listing Agency:
Spatium Development LLC
(919) 524-9940
Listed By:
Terry Nimmer
(919) 524-9940
Added: Mar 26
Changed: Aug 19
Last Checked: Aug 21 at 7:06AM
MLS# 10156119
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ranch duplex offers a compact residential income setup on a 0.13-acre lot. The property totals 1,769 square feet and was built in 1925. Interior features include carpet flooring and two bathrooms. Kitchen and laundry comfort are supported by a range and refrigerator, with natural gas heating and window unit cooling.
Served by public water and public sewer, the duplex is built with vinyl siding and has an asbestos shingle roof. The property is zoned R-10.
The unit mix is described as already rented, providing an income-producing configuration while allowing an owner to maintain the property in the near term.
Served by public water and public sewer, the duplex is built with vinyl siding and has an asbestos shingle roof. The property is zoned R-10.
The unit mix is described as already rented, providing an income-producing configuration while allowing an owner to maintain the property in the near term.
Key Highlights
- 0.13‑acre lot
- 1,769 square feet total
- Zoned R‑10
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,217
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$404,340
$404.3K
Cap Rate 7%
$288,814
$288.8K
Cap Rate 9%
$224,633
$224.6K
Market Conditions
NOI Build-Up for 1,769 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.8K $17.40/SF
− Vacancy
−$1.9K −$1.07/SF
EGI
$28.9K $16.33/SF
− OpEx
−$8.7K −$4.90/SF
NOI
$20.2K $11.43/SF
Area
Raleigh, NC
Vacancy
6.17%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$404,340
Cap Rate 7%
$288,814
Cap Rate 9%
$224,633
Alternative Uses
Best Use
Multifamily LT 5
$288.8K
$252.7K – $337.0K
NOI $20,217 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$257.3K
$225.2K – $300.2K
NOI $18,012 @ 7.0% cap · market cap 4.24%
Theoretical Best
Specialty Retail
$486.2K
$425.4K – $567.2K
NOI $34,031 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 27601, NC
9,965
Population
4,874
Households
2
Avg Household Size
32
Median Age
49%
College-Educated
88%
High-School Grad
1.8 sq mi
ZIP Area
5,536
Density / Sq Mi
$70,433
Median Household Income
$51,443
Median Earnings
$1,499
Median Rent
$572,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R-10 zoned ranch duplex with public water and public sewer services and natural gas heat.
Where is this duplex located?
The property is located at 217 Heck Street Raleigh, NC.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 0.13‑acre lot; 1,769 square feet total; Zoned R‑10
