Two-Bedroom Residential Income
For Sale
$179,900
1208 Schaub Drive C, Raleigh, NC 27606
Condominium with updated HVAC and access to a community pool, basketball courts, and playgrounds.
Property Size937 SF
Price / SF$191
Days on Market78
Property Features for 1208 Schaub Drive C
General Information
Standard status
Active
Size
937 SF
Property subtype
Multi-Family
Units
Unit Mix
2-bedroom, 1.5-bath
Multifamily Units
1
Building Details
Year Built
1972
Listing Agency:
Costello Real Estate & Investm
Listed By:
Alexis Stephens
(828) 674-7420
Source:
Tcrnc
Added: Jul 20
Changed: Oct 3
Last Checked: Oct 4 at 12:31PM
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 Costello Real Estate & Investm
Investment Insights
Based on property information with market context.
This 937-square-foot condominium, built in 1972, offers two bedrooms, one full bathroom, and one-half bathroom in a practical residential layout. Natural light is noted throughout, and the HVAC system was updated in August 2025.
The property is located minutes from NC State University and less than 10 minutes from campus. Shopping, dining, bus routes, and major roadways are nearby, with Raleigh and Cary both within the surrounding area. Community amenities include a swimming pool, basketball courts, and playgrounds.
The property is located minutes from NC State University and less than 10 minutes from campus. Shopping, dining, bus routes, and major roadways are nearby, with Raleigh and Cary both within the surrounding area. Community amenities include a swimming pool, basketball courts, and playgrounds.
Key Highlights
- 937‑square‑foot condominium with 2 bedrooms and 1.5 bathrooms
- HVAC system updated in August 2025
- Built in 1972
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
$9,541
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
5.30%
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%
$190,820
$190.8K
Cap Rate 7%
$136,300
$136.3K
Cap Rate 9%
$106,011
$106.0K
Market Conditions
NOI Build-Up for 937 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
$18.6K $19.80/SF
− Vacancy
−$1.2K −$1.29/SF
EGI
$17.3K $18.51/SF
− OpEx
−$7.8K −$8.33/SF
NOI
$9.5K $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%
$190,820
Cap Rate 7%
$136,300
Cap Rate 9%
$106,011
Alternative Uses
Best Use
Apartment 5plus
$136.3K
$119.3K – $159.0K
NOI $9,541 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$257.5K
$225.3K – $300.4K
NOI $18,026 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium with updated HVAC and access to a community pool, basketball courts, and playgrounds.
Where is this residential income property located?
The property is located at 1208 Schaub Drive C Raleigh, NC.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 937‑square‑foot condominium with 2 bedrooms and 1.5 bathrooms; HVAC system updated in August 2025; Built in 1972
