Renovated Historic
For Sale
$1,100,000
1110 Glenwood Ave, Raleigh, NC 27605
Four apartments combine updated interiors with preserved historic character.
Property Size3,192 SF
Price / SF$344.61
Days on Market43
Property Features for 1110 Glenwood Ave
General Information
Standard status
Active
Size
3,192 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,778
Building Details
Year Built
1922
Year Renovated
2023
Buildings
1
Listing Agency:
Rich Realty Group
(919) 697-5320
Listed By:
Marshall Rich · License #189551
(919) 697-5320
Source:
Exprealty
Added: Jun 30
Changed: Aug 11
Last Checked: Aug 11 at 7:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rich Realty Group
Investment Insights
Based on property information with market context.
The Wallin-Trull House is a historic four-unit residential property originally built circa 1922. A comprehensive renovation completed in 2023 updated the kitchens, bathrooms, and mechanical systems while retaining the building’s historic character. The property contains 3,192 square feet and is configured for four income-producing apartments.
Three apartments are occupied by long-term tenants, while the fourth operates as a month-to-month Airbnb. Rear parking and alley access support the property’s residential configuration. The location provides walkable access to Five Points, Hayes Barton, Glenwood South, and Downtown Raleigh within the Historic Glenwood-Brooklyn neighborhood.
Three apartments are occupied by long-term tenants, while the fourth operates as a month-to-month Airbnb. Rear parking and alley access support the property’s residential configuration. The location provides walkable access to Five Points, Hayes Barton, Glenwood South, and Downtown Raleigh within the Historic Glenwood-Brooklyn neighborhood.
Key Highlights
- Four income‑producing apartments in a historic residential property
- Originally constructed circa 1922
- Comprehensive renovation completed in 2023
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
$36,480
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
3.32%
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%
$729,600
$729.6K
Cap Rate 7%
$521,143
$521.1K
Cap Rate 9%
$405,333
$405.3K
Market Conditions
NOI Build-Up for 3,192 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
$55.5K $17.40/SF
− Vacancy
−$3.4K −$1.07/SF
EGI
$52.1K $16.33/SF
− OpEx
−$15.6K −$4.90/SF
NOI
$36.5K $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%
$729,600
Cap Rate 7%
$521,143
Cap Rate 9%
$405,333
Alternative Uses
Best Use
Multifamily LT 5
$521.1K
$456.0K – $608.0K
NOI $36,480 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$464.3K
$406.3K – $541.7K
NOI $32,501 @ 7.0% cap · market cap 2.95%
Theoretical Best
Specialty Retail
$877.2K
$767.6K – $1.02M
NOI $61,406 @ 7.0% cap · market cap 5.58%
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
5,491
Businesses Nearby
Explore this area
Business Placement
Demographics for 27605, NC
6,409
Population
4,377
Households
1.5
Avg Household Size
33
Median Age
73%
College-Educated
99%
High-School Grad
1.0 sq mi
ZIP Area
6,409
Density / Sq Mi
$63,267
Median Household Income
$47,765
Median Earnings
$1,577
Median Rent
$440,300
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 - Four apartments combine updated interiors with preserved historic character.
Where is this quadplex located?
The property is located at 1110 Glenwood Ave Raleigh, NC.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four income‑producing apartments in a historic residential property; Originally constructed circa 1922; Comprehensive renovation completed in 2023
