Historic Oakwood
For Sale
$879,000
404 E Edenton Street, Raleigh, NC 27601
Residential Income, Raleigh, NC
Property Size3,677 SF
Lot Size0.10 Acres
Price / SF$239.05
Days on Market69
Property Features for 404 E Edenton Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
OX-3
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bedroom 4, Bedroom 6, Bathroom 2, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 5
Parking features
On Street, Driveway
Patio and Porch features
Deck, Patio
Subdivision
Historic Oakwood
Standard status
Active
APN
170328899361000 0046564
Size
3,677 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Prcl 3 Frank & Augusta Turner Bm1998-468
Tax Annual Amount
5690
Legal Description
Prcl 3 Frank & Augusta Turner Bm1998-468
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas, Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Flooring type
Hardwood
Roof type
Shingle
Listing Agency:
EXP Realty LLC
(888) 584-9431
Listed By:
Anna Powell · License #290926
(910) 985-0441
Added: Jun 17
Changed: Aug 20
Last Checked: Aug 24 at 11:06AM
MLS# 10174559
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 3,677-square-foot quadplex was built in 1910 and contains four units with a mix of one- and two-bedroom layouts. Interior improvements include updated kitchens and bathrooms, refinished hardwood floors, and in-unit laundry. Furniture and washer/dryer units convey with an acceptable offer. The property also includes central air, forced-air heating, a deck, patio, driveway, and on-street parking.
Located at 404 E Edenton Street in Raleigh’s Historic Oakwood area, the property is near Downtown Raleigh restaurants, shops, parks, and entertainment. It has OX-3 zoning, public water, and public sewer, with a 0.1-acre lot.
Located at 404 E Edenton Street in Raleigh’s Historic Oakwood area, the property is near Downtown Raleigh restaurants, shops, parks, and entertainment. It has OX-3 zoning, public water, and public sewer, with a 0.1-acre lot.
Key Highlights
- Four‑unit quadplex with one- and two‑bedroom layouts
- 3,677 square feet on a 0.1‑acre lot
- Updated kitchens and bathrooms with refinished hardwood floors
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
$42,023
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
4.78%
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%
$840,460
$840.5K
Cap Rate 7%
$600,329
$600.3K
Cap Rate 9%
$466,922
$466.9K
Market Conditions
NOI Build-Up for 3,677 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
$64.0K $17.40/SF
− Vacancy
−$3.9K −$1.07/SF
EGI
$60.0K $16.33/SF
− OpEx
−$18.0K −$4.90/SF
NOI
$42.0K $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%
$840,460
Cap Rate 7%
$600,329
Cap Rate 9%
$466,922
Alternative Uses
Best Use
Multifamily LT 5
$600.3K
$525.3K – $700.4K
NOI $42,023 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$534.9K
$468.0K – $624.0K
NOI $37,440 @ 7.0% cap · market cap 4.26%
Theoretical Best
Specialty Retail
$1.01M
$884.2K – $1.18M
NOI $70,736 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,218
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated four-unit property with one- and two-bedroom residences, in-unit laundry, and public utilities.
Where is this quadplex located?
The property is located at 404 E Edenton Street Raleigh, NC.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: Four‑unit quadplex with one- and two‑bedroom layouts; 3,677 square feet on a 0.1‑acre lot; Updated kitchens and bathrooms with refinished hardwood floors
