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    Raleigh Land with Detached Homes Title is generated by Realmo AI

    4009 Virginia Street, Raleigh, NC 27610

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    Claim this Listing
    For Sale
    $998,900

    LAND - Raleigh, NC

    Lot size:
    2.33 Acres
    Added:
    Feb 5, 2026
    Days on Market:
    102
    Last Refresh:
    May 18 at 12:06 am

    Property Features for 4009 Virginia Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-4
    Vegetation
    Brush, Cleared
    Standard status
    Active
    APN
    1724643495
    Lot size
    2.33 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LO121-129 INC BEACON LAKE SUB
    Tax Annual Amount
    4803

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Joe Matthews
    Joe Matthews

    Listing agent Joe Matthews License #134224

    Listing office Real Triangle Properties LLC 7231 Carpenter Fire Station Rd, Cary, NC

    Listing date Feb 5, 2026

    MLS# 10144956 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

    • 2.33 acres with 5 detached homes and a vacant lot, all with city utilities.
    • Terrific investment opportunity with potential for increased rental income.
    • Prime location off New Bern Ave, close to Wake Med and 5 miles from downtown Raleigh.
    • No long‑term leases, allowing for immediate tenant/rent adjustments.
    • Potential for multiple homes and ADU units based on new Raleigh zoning.
    • Two homes are currently rented, providing immediate income.

    Overview

    This property features 2.33 acres of land with five detached homes and a vacant lot ready for construction. Located off New Bern Ave, the site is near Wake Med and approximately five miles from downtown Raleigh. The property is zoned R-4 and has city utilities. Currently, two of the five homes are rented, with the remaining three requiring some work before occupancy. The property is being sold 'AS IS' with no appraisal contingency. The average rent for the occupied units is $750 per month, with potential for higher rents. There are no long-term leases in place, offering flexibility for new tenants and rental rates. The property is located in Raleigh and may be in one of Raleigh's redevelopment areas. The new Raleigh zoning may allow for multiple homes and ADU units. This presents a terrific investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family 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
    -78.57382
    Latitude
    35.794672

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    FAQs

    What type of property is this?
    Single family property - 2.33 acres with 5 homes near downtown Raleigh.
    Where is this single family property located?
    The property is located at 4009 Virginia Street Raleigh, NC.
    What is the asking price?
    The asking price for this property is $998,900.
    What are key features of this property?
    This property features: 2.33 acres with 5 detached homes and a vacant lot, all with city utilities.; Terrific investment opportunity with potential for increased rental income.; Prime location off New Bern Ave, close to Wake Med and 5 miles from downtown Raleigh.
    (919) 244-7733
    We can help!
    Listing Contact
    Joe Matthews
    Joe Matthews
    Real Estate License ID: 134224
    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.

    More about this property
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