Contemporary Duplex with Fenced
For Sale
$799,000
804 Vardaman Street, Raleigh, NC 27610
Residential Income, Raleigh, NC
Property Size2,418 SF
Lot Size0.11 Acres
Price / SF$330.44
Days on Market145
Property Features for 804 Vardaman Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-10
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4, Dining Room
Parking features
Driveway
Patio and Porch features
Porch
Interior features
Bathtub/Shower Combination, Ceiling Fan(s), Eat-in Kitchen, Granite Counters, Kitchen/Dining Room Combination, Open Floorplan, Primary Downstairs, Recessed Lighting, Smooth Ceilings, Walk-In Closet(s)
Exterior features
Fenced Yard, Private Yard, Rain Gutters
Fencing
Fenced
Basement
Crawl Space
Appliances
Dryer, Gas Range, Microwave, Refrigerator, Washer
Subdivision
Quarry Hills
Lot features
Back Yard, City Lot, Landscaped, Near Public Transit, Paved
Elementary school
Wake - Southeast Raleigh Elementary
Middle school
Wake - Centennial Campus Middle
High school
Wake - Southeast Raleigh High
Standard status
Active
APN
1713256079
Size
2,418 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo17 Hightower Street Properties LLC Unrcd Srvy
Tax Annual Amount
6812
Legal Description
Lo17 Hightower Street Properties LLC Unrcd Srvy
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
private fenced backyards
Building Details
Year built
2022
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet, Tile
Building materials
Fiber Cement
Roof type
Shingle
Listing Agency:
Coldwell Banker HPW · Coldwell Banker Real Estate
(919) 876-8824
Listed By:
Michael Terbet · License #248722
(919) 621-1015
Added: May 14
Changed: Sep 13
Last Checked: Oct 5 at 6:06AM
MLS# 10167290
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.
Built in 2022, this duplex contains two separate residences totaling 2,418 square feet. Each unit is arranged with an open kitchen and living area, stainless steel appliances, white shaker cabinetry, granite counters, contemporary tile accents, and durable vinyl flooring. The layout includes a primary suite on the main level, two additional bedrooms upstairs, and two bathrooms per unit. Central heating and cooling, recessed lighting, walk-in closets, and washer and dryer appliances add practical functionality.
Both residences include a fenced private yard, porch, driveway parking, and public water and sewer service. The property sits on 0.11 acres in Raleigh’s R-10 zoning district at 804 Vardaman Street, with the units identified as 804 and 806. Downtown Raleigh, the NCSU campus, dining, shopping, entertainment, and major highways are described as nearby.
Both residences include a fenced private yard, porch, driveway parking, and public water and sewer service. The property sits on 0.11 acres in Raleigh’s R-10 zoning district at 804 Vardaman Street, with the units identified as 804 and 806. Downtown Raleigh, the NCSU campus, dining, shopping, entertainment, and major highways are described as nearby.
Key Highlights
- Duplex with two units identified as 804 and 806
- 2,418 square feet on a 0.11‑acre lot
- Built in 2022 with fiber cement construction
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
$27,920
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%
$558,400
$558.4K
Cap Rate 7%
$398,857
$398.9K
Cap Rate 9%
$310,222
$310.2K
Market Conditions
NOI Build-Up for 2,418 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
$42.1K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$39.9K $16.50/SF
− OpEx
−$12.0K −$4.95/SF
NOI
$27.9K $11.55/SF
Area
ZIP 27610
Vacancy
5.20%
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%
$558,400
Cap Rate 7%
$398,857
Cap Rate 9%
$310,222
Alternative Uses
Best Use
Multifamily LT 5
$398.9K
$349.0K – $465.3K
NOI $27,920 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$358.1K
$313.4K – $417.8K
NOI $25,068 @ 7.0% cap · market cap 3.14%
Theoretical Best
Specialty Retail
$708.8K
$620.2K – $827.0K
NOI $49,617 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units feature open living areas, first-floor primary suites, updated kitchens, and private outdoor space.
Where is this duplex located?
The property is located at 804 Vardaman Street Raleigh, NC.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Duplex with two units identified as 804 and 806; 2,418 square feet on a 0.11‑acre lot; Built in 2022 with fiber cement construction
