Residential Income Property with
For Sale
$215,000
4808 Blue Bird Court, Raleigh, NC 27606
Residential, Raleigh, NC
Property Size977 SF
Price / SF$220.06
Days on Market16
Property Features for 4808 Blue Bird Court
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RX-3
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1
Parking
2
Parking features
Parking Lot
Patio and Porch features
Patio
Appliances
Disposal, Dryer, Gas Cooktop, Microwave, Oven, Refrigerator, Washer
Subdivision
Dutch Village
Elementary school
Wake County Schools
Middle school
Wake County Schools
High school
Wake County Schools
Standard status
Active
APN
078306392765054 0402874
Size
977 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
Dutch Village Condominium Bld4808 Und Bmcm2007-0432A5
Tax Annual Amount
1942
Legal Description
Dutch Village Condominium Bld4808 Und Bmcm2007-0432A5
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1968
Floors in Building
2
Flooring type
Carpet
Architectural style
Other
Listing Agency:
Block & Associates Realty
(919) 944-4919
Listed By:
Crystal Williams
(919) 439-9139
Added: Aug 24
Changed: Sep 3
Last Checked: Sep 8 at 9:06AM
MLS# 10188376
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 977-square-foot condominium includes two bedrooms and two bathrooms within a residential income property classification. The interior features granite countertops, luxury vinyl plank flooring, carpet, and a kitchen equipped with a gas cooktop, oven, refrigerator, microwave, disposal, washer, and dryer. A patio provides additional outdoor space, while parking-lot access includes two parking spaces and a guest pass.
Constructed in 1968, the property is served by public water and public sewer and is located in Raleigh, North Carolina. The property is zoned RX-3 and is positioned near NC State, Fenton in Cary, and Downtown Raleigh, with shopping and dining referenced in the surrounding area.
Constructed in 1968, the property is served by public water and public sewer and is located in Raleigh, North Carolina. The property is zoned RX-3 and is positioned near NC State, Fenton in Cary, and Downtown Raleigh, with shopping and dining referenced in the surrounding area.
Key Highlights
- 977 square feet with 2 bedrooms and 2 bathrooms
- Granite countertops and luxury vinyl plank flooring
- Kitchen includes gas cooktop, oven, refrigerator, microwave, and disposal
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
$9,948
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
4.63%
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%
$198,960
$199.0K
Cap Rate 7%
$142,114
$142.1K
Cap Rate 9%
$110,533
$110.5K
Market Conditions
NOI Build-Up for 977 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
$19.3K $19.80/SF
− Vacancy
−$1.3K −$1.29/SF
EGI
$18.1K $18.51/SF
− OpEx
−$8.1K −$8.33/SF
NOI
$9.9K $10.18/SF
Area
Raleigh, NC
Vacancy
6.50%
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%
$198,960
Cap Rate 7%
$142,114
Cap Rate 9%
$110,533
Alternative Uses
Best Use
Apartment 5plus
$142.1K
$124.4K – $165.8K
NOI $9,948 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$268.5K
$234.9K – $313.3K
NOI $18,795 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 27606, NC
48,343
Population
22,199
Households
2.2
Avg Household Size
29
Median Age
59%
College-Educated
93%
High-School Grad
24.5 sq mi
ZIP Area
1,973
Density / Sq Mi
$75,640
Median Household Income
$40,950
Median Earnings
$1,369
Median Rent
$423,900
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?
Residential income property - Two-bedroom condominium with assigned parking, public utilities, and a practical appliance package.
Where is this residential income property located?
The property is located at 4808 Blue Bird Court Raleigh, NC.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 977 square feet with 2 bedrooms and 2 bathrooms; Granite countertops and luxury vinyl plank flooring; Kitchen includes gas cooktop, oven, refrigerator, microwave, and disposal
