Two-Duplex Multifamily
New
For Sale
$1,850,000
8809 & 8813 Litchford Road, Raleigh, NC 27615
Newly built rental community with individually leased bedroom suites, private bathrooms, keyed access, and full occupancy.
Property Size7,202 SF
Days on Market4
Property Features for 8809 & 8813 Litchford Road
General Information
Standard status
Active
Size
7,202 SF
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
4 x 4BR
Multifamily Units
4
Building Details
Building Size
7,202 SF
Year Built
2023
Buildings
2
Listing Agency:
(919) 637-6697
Listed By:
Stacy Milburn, CCIM
(919) 637-6697
Source:
Svn
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 6:24AM
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 Stacy Milburn, CCIM
Investment Insights
Based on property information with market context.
This multifamily property includes two duplex buildings completed in 2023. Each duplex contains two residential rental units, with four bedrooms per unit. The bedroom suites are leased individually and include private full bathrooms, secure keyed entry, and single-occupancy design. The buildings measure approximately 3,648 SF at 8809 Litchford Road and 3,554 SF at 8813 Litchford Road.
The property is fully occupied and comprises 16 individually leased bedroom suites across four residential units. Located in North Raleigh, the asset combines recently constructed improvements with a defined co-living configuration and separate duplex addresses.
The property is fully occupied and comprises 16 individually leased bedroom suites across four residential units. Located in North Raleigh, the asset combines recently constructed improvements with a defined co-living configuration and separate duplex addresses.
Key Highlights
- Two duplexes completed in 2023
- Four residential rental units with 16 individually leased bedroom suites
- Each suite includes a private full bathroom and secure keyed entry
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
$77,424
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
4.19%
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%
$1,548,480
$1.5M
Cap Rate 7%
$1,106,057
$1.1M
Cap Rate 9%
$860,267
$860.3K
Market Conditions
NOI Build-Up for 7,202 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
$116.7K $16.20/SF
− Vacancy
−$6.1K −$0.84/SF
EGI
$110.6K $15.36/SF
− OpEx
−$33.2K −$4.61/SF
NOI
$77.4K $10.75/SF
Area
ZIP 27615
Vacancy
5.20%
Lease Rate
$16.20 /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%
$1,548,480
Cap Rate 7%
$1,106,057
Cap Rate 9%
$860,267
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$967.8K – $1.29M
NOI $77,424 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$978.7K
$856.4K – $1.14M
NOI $68,508 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,363 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
849
Businesses Nearby
Explore this area
Business Placement
Demographics for 27615, NC
43,010
Population
20,681
Households
2.1
Avg Household Size
43
Median Age
64%
College-Educated
97%
High-School Grad
18.9 sq mi
ZIP Area
2,276
Density / Sq Mi
$107,051
Median Household Income
$60,661
Median Earnings
$1,533
Median Rent
$441,100
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?
Duplex - Newly built rental community with individually leased bedroom suites, private bathrooms, keyed access, and full occupancy.
Where is this duplex located?
The property is located at 8809 & 8813 Litchford Road Raleigh, NC.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Two duplexes completed in 2023; Four residential rental units with 16 individually leased bedroom suites; Each suite includes a private full bathroom and secure keyed entry
