20-Unit Apartment Building with Metal
For Sale
$1,550,000
2911 Boone Trail, Raleigh, NC 27610
COMMERCIAL - Raleigh, NC
Property Size6,780 SF
Lot Size0.46 Acres
Price / SF$228.61
Days on Market395
Property Features for 2911 Boone Trail
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
20
Interior features
Apartment/Suite
Appliances
Built-In Electric Range, Built-In Refrigerator
Subdivision
Not in a Subdivision
Standard status
Active
Size
6,780 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Lo9c Home Acres
Tax Annual Amount
6880
Legal Description
Lo9c Home Acres
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2008
Floors in Building
2
Flooring type
Vinyl
Building materials
Aluminum Siding
Roof type
Metal
Listing Agency:
Keller Williams Realty
(919) 676-0600
Listed By:
Rupert Bryan · License #251764
(919) 723-8947
Added: Jul 17, 2025
Changed: Aug 4
Last Checked: Aug 15 at 1:06PM
MLS# 10109951
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 20-unit multifamily building includes 20 one-bedroom, one-bath units in a single structure, constructed in 2008. The building is separated into four identical sections, with five units per section. Each section has a shared kitchen with a fridge and oven, while the individual 1-bedroom units include a kitchenette, closet, bathroom, mini fridge, and microwave. Heating is electric, and the property has central air. The roof is metal and was replaced recently; aluminum siding and vinyl flooring are also in place. The building is fully rented, and amenities include built-in electric range and built-in refrigerator.
Located at 2911 Boone Trail in Raleigh, the property is described as being less than 10 minutes from downtown restaurants and shopping. The site includes access to public water and public sewer service.
On the same lot, the back lot can accommodate another 16-unit building, offering additional development flexibility alongside the existing 20-unit structure. The lot size is 0.46 acres and the property size is 6,780 square feet.
Located at 2911 Boone Trail in Raleigh, the property is described as being less than 10 minutes from downtown restaurants and shopping. The site includes access to public water and public sewer service.
On the same lot, the back lot can accommodate another 16-unit building, offering additional development flexibility alongside the existing 20-unit structure. The lot size is 0.46 acres and the property size is 6,780 square feet.
Key Highlights
- 20 one‑bedroom, one‑bath units in a single building
- Four identical sections with five units per section, plus a shared kitchen
- Metal roof replaced recently
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
$70,290
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
4.53%
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%
$1,405,800
$1.4M
Cap Rate 7%
$1,004,143
$1.0M
Cap Rate 9%
$781,000
$781.0K
Market Conditions
NOI Build-Up for 6,780 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
$134.2K $19.80/SF
− Vacancy
−$6.4K −$0.95/SF
EGI
$127.8K $18.85/SF
− OpEx
−$57.5K −$8.48/SF
NOI
$70.3K $10.37/SF
Area
ZIP 27610
Vacancy
4.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,405,800
Cap Rate 7%
$1,004,143
Cap Rate 9%
$781,000
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.6K – $1.17M
NOI $70,290 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,126 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
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?
Apartment building - 20 one-bedroom units with central air and public water and sewer, plus a recently replaced metal roof.
Where is this apartment building located?
The property is located at 2911 Boone Trail Raleigh, NC.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 20 one‑bedroom, one‑bath units in a single building; Four identical sections with five units per section, plus a shared kitchen; Metal roof replaced recently
