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    Income-Producing Condo with Leased Tenants Title is generated by Realmo AI

    3000 Centennial Woods Drive, Raleigh, NC 27603

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    For Sale
    $274,900

    MULTI_FAMILY - Raleigh, NC

    Property size:
    1,391 SF
    Price / SF:
    $197/SF
    Added:
    Mar 8, 2026
    Days on Market:
    72
    Last Refresh:
    May 19 at 9:06 am

    Property Features for 3000 Centennial Woods Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 2
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    079205077812044 0276248
    Size
    1,391 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Univ Woods @ Centennial Bld3000 Un204
    Tax Annual Amount
    2387

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating), Central
    Cooling system
    Heat Pump, Central Air, Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    2000
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Carpet, Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Ellisha Mayers

    Listing agent Ellisha Mayers License #311944

    Listing office Century 21 New Beginnings 897 Towne Centre Blvd, Clayton, NC

    Listing date Mar 8, 2026

    MLS# 10151367 Listing URL

    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.

    HighLights

    • Income‑producing property with leases extending to July 2027
    • Four bedrooms, each with a private full bathroom
    • $5,000 seller concession available
    • Recent improvements include a new roof (2025) and water heater (November 2024)
    • Professionally managed by Preiss Management
    • Convenient location close to Meredith College, NCSU, Centennial Campus, downtown Raleigh, highways, shopping, and RDU airport

    Overview

    This income-producing, second-floor condo features four bedrooms and four full bathrooms, designed for shared living. Each bedroom includes a private bathroom, complemented by a shared kitchen and living area. The property is currently occupied with three tenants, two of whom are leased through July 2027. Current rents are $550 per room per month, increasing to $580 per room starting in August. The 1,391 square foot unit offers income potential under the room-rental model. The HOA installed a new roof in 2025, and the water heater was replaced in November 2024. The heat pump was installed in 2016. The property is professionally managed. The fridge, washer, and dryer convey with the unit. The condo is near Meredith College, NCSU, Centennial Campus, downtown Raleigh, highways, and shopping, and is 15 minutes from RDU airport. The seller is offering a $5,000 buyer concession for closing costs, interest rate buy-down, or updates.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.694216
    Latitude
    35.749367

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    FAQs

    What type of property is this?
    Residential income property - Four-bedroom condo in Raleigh with tenants through July 2027.
    Where is this residential income property located?
    The property is located at 3000 Centennial Woods Drive Raleigh, NC.
    What is the asking price?
    The asking price for this property is $274,900.
    What are key features of this property?
    This property features: Income‑producing property with leases extending to July 2027; Four bedrooms, each with a private full bathroom; $5,000 seller concession available
    (252) 560-0585
    We can help!
    Listing Contact
    Ellisha Mayers
    Real Estate License ID: 311944
    Learn More
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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.

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