Two Adjacent Development
For Sale
$1,699,000
407 & 411 N Boylan Avenue, Raleigh, NC 27603
Land, Raleigh, NC
Property Size4,492 SF
Lot Size0.26 Acres
Price / SF$378.23
Days on Market149
Property Features for 407 & 411 N Boylan Avenue
General Information
Property type
Land
Property subtype
Other
Zoning
OX-3
Subdivision
Not in a Subdivision
Lot features
City Lot, Rectangular Lot, Zero Lot Line
View
City
Elementary school
Wake - Wiley Elementary
Middle school
Wake - Oberlin Middle
High school
Wake - Needham Broughton High
Standard status
Active
APN
1704.18-40-0938 & 1704.18-41-0023
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
N Boylan Avenue
Tax Annual Amount
17928
Legal Description
N Boylan Avenue
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Additional Structures
Guest House
Listing Agency:
Compass -- Raleigh
(919) 726-6548
Listed By:
Martin Verdi · License #335125
(919) 771-7772
Added: Apr 13
Changed: Aug 31
Last Checked: Sep 8 at 7:06AM
MLS# 10159692
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 offering includes two adjacent parcels at 407 and 411 N. Boylan Avenue, being sold together as one listing. The combined site area is 0.26 acres and includes three existing dwellings across the two lots, totaling approximately 4,492 square feet, offering an opportunity for redevelopment or renovation.
The property is zoned OX-3, described as mixed-use with residential and business use, and is stated to support a range of development options including detached single-family, townhomes, condos/apartments, retail, office, or mixed-use combinations. Current zoning limits building height to 3 stories. The listing also notes that development may be subject to an NCOD overlay with restrictions on roof pitch, setbacks, and related design standards, and that rezoning may be possible for additional density and height.
The remarks state that utilities are available and that all development plans remain subject to final review and approval by surveyors, engineers, and the City of Raleigh.
The property is zoned OX-3, described as mixed-use with residential and business use, and is stated to support a range of development options including detached single-family, townhomes, condos/apartments, retail, office, or mixed-use combinations. Current zoning limits building height to 3 stories. The listing also notes that development may be subject to an NCOD overlay with restrictions on roof pitch, setbacks, and related design standards, and that rezoning may be possible for additional density and height.
The remarks state that utilities are available and that all development plans remain subject to final review and approval by surveyors, engineers, and the City of Raleigh.
Key Highlights
- Prime development/renovation opportunity in the highly desirable Glenwood South neighborhood of Downtown Raleigh.
- Two adjacent parcels totaling 0.26 acres with high visibility and strong foot traffic.
- Zoned OX‑3, supporting a wide range of uses: single‑family, townhomes, condos/apartments, retail, office, or mixed‑use.
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
$59,294
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
3.49%
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%
$1,185,880
$1.2M
Cap Rate 7%
$847,057
$847.1K
Cap Rate 9%
$658,822
$658.8K
Market Conditions
NOI Build-Up for 4,492 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
$107.8K $24.00/SF
− Vacancy
−$12.9K −$2.88/SF
EGI
$94.9K $21.12/SF
− OpEx
−$35.6K −$7.92/SF
NOI
$59.3K $13.20/SF
Area
ZIP 27603
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,185,880
Cap Rate 7%
$847,057
Cap Rate 9%
$658,822
Alternative Uses
Best Use
Mixed Use
$847.1K
$741.2K – $988.2K
NOI $59,294 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$598.4K
$523.6K – $698.2K
NOI $41,891 @ 7.0% cap · market cap 2.47%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,462 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,511
Businesses Nearby
Explore this area
Business Placement
Demographics for 27603, NC
54,616
Population
24,030
Households
2.3
Avg Household Size
34
Median Age
48%
College-Educated
94%
High-School Grad
51.4 sq mi
ZIP Area
1,063
Density / Sq Mi
$87,939
Median Household Income
$51,856
Median Earnings
$1,496
Median Rent
$347,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Two adjacent lots in downtown Raleigh offer development flexibility under OX-3 zoning with utilities available.
Where is this commercial land located?
The property is located at 407 & 411 N Boylan Avenue Raleigh, NC.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Prime development/renovation opportunity in the highly desirable Glenwood South neighborhood of Downtown Raleigh.; Two adjacent parcels totaling 0.26 acres with high visibility and strong foot traffic.; Zoned OX‑3, supporting a wide range of uses: single‑family, townhomes, condos/apartments, retail, office, or mixed‑use.
