Quadplex with Rear Alley
For Sale
$1,100,000
1110 Glenwood Avenue, Raleigh, NC 27605
MULTI_FAMILY - Raleigh, NC
Property Size3,192 SF
Lot Size0.17 Acres
Price / SF$344.61
Days on Market47
Property Features for 1110 Glenwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-10
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 1, Bathroom 5, Basement, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 4
Parking
6
Parking features
Alley
Patio and Porch features
Porch, Deck
Interior features
Ceiling Fan(s), Crown Molding, High Ceilings, Open Floorplan, Quartz Counters, Recessed Lighting, Smooth Ceilings, Soaking Tub
Exterior features
Balcony
Basement
Unfinished, Exterior Entry, Crawl Space
Appliances
Dishwasher, Dryer, Electric Range, Free-Standing Electric Range, Free-Standing Range, Free-Standing Refrigerator, Range, Range Hood, Refrigerator, Stainless Steel Appliance(s), Washer, Washer/Dryer Stacked
Subdivision
Glenwood Land
Elementary school
Wake - Partnership Elementary
Middle school
Wake - Oberlin Middle
High school
Wake - Needham Broughton High
Standard status
Active
APN
170414439925000 0022458
Size
3,192 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L8&9 Blk10 Glenwood Land Co Sub Bm1885-86
Tax Annual Amount
5778
Legal Description
L8&9 Blk10 Glenwood Land Co Sub Bm1885-86
Utilities
Sewer type
Public Sewer
Cooling system
Multi Units, Electric, Central Air
Water source
Public
Building Details
Year built
1932
Floors in Building
2
Number of units
4
Flooring type
Tile, Hardwood
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
Rich Realty Group
(919) 710-0256
Listed By:
Marshall Rich · License #189551
(919) 697-5320
Added: Jun 30
Changed: Aug 10
Last Checked: Aug 15 at 9:06AM
MLS# 10177293
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 quadplex was originally constructed circa 1922 and later converted into four income-producing apartments. Built in 1932 and renovated in 2023, the property combines historic character with updated interiors, including updated kitchens and bathrooms and revised mechanical systems. Unit interiors feature details such as crown molding, high ceilings, recessed lighting, quartz counters, and ceiling fans, with flooring that includes hardwood and tile. Exterior features include a balcony, deck, and porch.
The property is located in Raleigh’s Historic Glenwood-Brooklyn neighborhood, with walkability to Five Points, Hayes Barton, Glenwood South, and Downtown Raleigh. There is ample rear parking provided through an alley.
Utilities include public water and public sewer, with a shingle roof and wood siding. Cooling is provided via central air with electric systems. Three units are occupied by long-term tenants, while the fourth is operated as a month-to-month Airbnb.
The property is located in Raleigh’s Historic Glenwood-Brooklyn neighborhood, with walkability to Five Points, Hayes Barton, Glenwood South, and Downtown Raleigh. There is ample rear parking provided through an alley.
Utilities include public water and public sewer, with a shingle roof and wood siding. Cooling is provided via central air with electric systems. Three units are occupied by long-term tenants, while the fourth is operated as a month-to-month Airbnb.
Key Highlights
- Four income‑producing apartments in a converted historic residence
- 2023 renovation with updated kitchens, bathrooms, and mechanical systems
- Zoned R‑10
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
Multi-tenant
Tenancy
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 - Quadplex zoned R-10 with 2023 renovations, rear parking with alley access, and three long-term tenants plus one month-to-month unit.
Where is this quadplex located?
The property is located at 1110 Glenwood Avenue 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 converted historic residence; 2023 renovation with updated kitchens, bathrooms, and mechanical systems; Zoned R‑10
