Two-Bedroom Residential Income
For Sale
$179,900
1208 Schaub Drive, Raleigh, NC 27606
Residential Income, Raleigh, NC
Property Size937 SF
Price / SF$191
Days on Market86
Property Features for 1208 Schaub Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RX-3
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Dining Room, Bedroom 2
Parking
1
Parking features
Parking Lot
Patio and Porch features
Patio
Interior features
Bathtub/Shower Combination, Kitchen/Dining Room Combination, Walk-In Closet(s)
Appliances
Dishwasher, Disposal, Electric Range, Microwave, Oven, Range Hood, Refrigerator
Subdivision
Driftwood Manor
Elementary school
Adams
Middle school
Wake - Lufkin Road Middle
High school
Wake - Athens Drive High
Standard status
Active
APN
078307792872095 0146047
Size
937 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
Driftwood Manor Condominium Un1208-C
Tax Annual Amount
1525
HOA Fee
$311 Monthly
Legal Description
Driftwood Manor Condominium Un1208-C
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
swimming pool
basketball courts
playgrounds
Building Details
Year built
1972
Floors in Building
3
Number of units
1
Flooring type
Carpet
Building materials
Brick
Listing Agency:
Costello Real Estate & Investm
(980) 938-8920
Listed By:
Alexis Stephens
(828) 674-7420
Added: Jul 8
Changed: Sep 14
Last Checked: Oct 1 at 5:06PM
MLS# 10179180
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 937-square-foot condo contains two bedrooms and 1.5 bathrooms within a practical residential layout. Built in 1972, the unit has brick construction, carpeted flooring, a combined kitchen and dining area, a walk-in closet, and a private patio. The HVAC system was updated in August 2025. Kitchen appliances include a dishwasher, disposal, electric range, microwave, oven, range hood, and refrigerator.
The property is located at 1208 Schaub Drive in Raleigh, less than 10 minutes from NC State University. Shopping, dining, bus routes, and major roadways are accessible from the property, which is positioned between Raleigh and Cary. Community amenities include a swimming pool, basketball courts, and playgrounds. Parking is provided in a parking lot, with public water and public sewer serving the property.
The property is located at 1208 Schaub Drive in Raleigh, less than 10 minutes from NC State University. Shopping, dining, bus routes, and major roadways are accessible from the property, which is positioned between Raleigh and Cary. Community amenities include a swimming pool, basketball courts, and playgrounds. Parking is provided in a parking lot, with public water and public sewer serving the property.
Key Highlights
- 937 SF condo with 2 bedrooms and 1.5 bathrooms
- HVAC system updated in August 2025
- Less than 10 minutes from NC State University
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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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
299
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with updated HVAC, community recreation amenities, and public water and sewer.
Where is this residential income property located?
The property is located at 1208 Schaub Drive 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 SF condo with 2 bedrooms and 1.5 bathrooms; HVAC system updated in August 2025; Less than 10 minutes from NC State University
