Four-Unit Quadplex with Private
For Sale
$699,999
Pending
5333 Wayne Street, Raleigh, NC 27606
Residential Income, Raleigh, NC
Property Size3,981 SF
Lot Size0.48 Acres
Days on Market47
Property Features for 5333 Wayne Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-10
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 5, Bathroom 3, Bathroom 4, Bathroom 7, Bedroom 6, Bathroom 6, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 1, Bedroom 2, Bathroom 8, Bathroom 2
Patio and Porch features
Deck
Interior features
Dual Closets
Subdivision
Wayneridge
Lot features
Few Trees
Elementary school
Wake - Dillard Drive Elementary
Middle school
Wake - Dillard Drive Middle
High school
Wake - Athens Drive High
Standard status
Pending
APN
0783119846
Size
3,981 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo5g Of Lt 5 Wayneridge Bm1983-01555
Tax Annual Amount
6115
Legal Description
Lo5g Of Lt 5 Wayneridge Bm1983-01555
Utilities
Sewer type
Public Sewer
Cooling system
Varies by Unit
Water source
Public
Amenities
private deck
Building Details
Year built
1984
Floors in Building
2
Number of units
4
Flooring type
Carpet, Vinyl
Building materials
Fiber Cement
Roof type
Shingle
Listing Agency:
Keller Williams Elite Realty · Keller Williams Realty
(984) 244-5830
Listed By:
Aaron Moon · License #255501
(919) 906-6317
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 21 at 6:06PM
MLS# 10178364
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.
Four-unit quadplex on 0.48 acres built in 1984. The property contains four units, and each unit is configured with two bedrooms and two bathrooms plus a private deck. Interior features include dual closets, and the homes have vinyl and carpet flooring. Cooling varies by unit. Construction materials include fiber cement, and the roof is shingle. Utilities are served by public water and public sewer.
The quadplex is next to Lake Johnson Park with access to the Raleigh Greenway system. Outdoor trail access includes 1.5 miles of unpaved trails and 2.8 miles of paved greenway trails, along with nearby nature preserve and an outdoor swimming pool. Commuting access is described as convenient to I-40, NC State, RDU International Airport, and Research Triangle Park.
All four units are on month-to-month leases, providing flexibility for an owner while continuing to collect rental income during any unit-by-unit upgrades.
The quadplex is next to Lake Johnson Park with access to the Raleigh Greenway system. Outdoor trail access includes 1.5 miles of unpaved trails and 2.8 miles of paved greenway trails, along with nearby nature preserve and an outdoor swimming pool. Commuting access is described as convenient to I-40, NC State, RDU International Airport, and Research Triangle Park.
All four units are on month-to-month leases, providing flexibility for an owner while continuing to collect rental income during any unit-by-unit upgrades.
Key Highlights
- All four units are 2 bed, 2 bath with private decks
- 0.48 acres with 3,981 SF quadplex built in 1984
- R‑10 zoning; public water and public sewer
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
$45,497
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
6.50%
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%
$909,940
$909.9K
Cap Rate 7%
$649,957
$650.0K
Cap Rate 9%
$505,522
$505.5K
Market Conditions
NOI Build-Up for 3,981 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
$69.3K $17.40/SF
− Vacancy
−$4.3K −$1.07/SF
EGI
$65.0K $16.33/SF
− OpEx
−$19.5K −$4.90/SF
NOI
$45.5K $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%
$909,940
Cap Rate 7%
$649,957
Cap Rate 9%
$505,522
Alternative Uses
Best Use
Multifamily LT 5
$650.0K
$568.7K – $758.3K
NOI $45,497 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$579.1K
$506.7K – $675.6K
NOI $40,535 @ 7.0% cap · market cap 5.79%
Theoretical Best
Specialty Retail
$1.09M
$957.3K – $1.28M
NOI $76,584 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
686
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - R-10 zoned quadplex with four two-bedroom, two-bath units, each with a private deck; public water and sewer.
Where is this quadplex located?
The property is located at 5333 Wayne Street Raleigh, NC.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: All four units are 2 bed, 2 bath with private decks; 0.48 acres with 3,981 SF quadplex built in 1984; R‑10 zoning; public water and public sewer
