Building Details

Year built 2000

Number of units 3

Building materials Brick

Listing Agency: Keller Williams Realty Points East k***@kw.com Show Phone

Listed By: Timothy Ferruzzi · License #89665 Show Phone

Added: Jun 12 Changed: Aug 19 Last Checked: Sep 14 at 7:06AM

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MLS# 100581306

Copyright © 2026 Hive 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 triplex at 502 McKnight Drive contains three separate units identified as A, B, and C within a 3,650-square-foot property. The building was constructed in 2000, features brick construction, and uses natural gas heating. NMX zoning is identified for the property.

Located in Knightdale, North Carolina, the property is part of Wake County and carries a 27545 ZIP code. Its three-unit configuration provides a compact multifamily format for residential income ownership or portfolio expansion.

Key Highlights

• Three‑unit triplex with separate units A, B, and C
• 3,650 square feet of property size
• Brick construction

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

$42,145

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

3.24%

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%

$842,900 $842.9K

Cap Rate 7%

$602,071 $602.1K

Cap Rate 9%

$468,278 $468.3K

Market Conditions

NOI Build-Up for 3,650 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

$63.5K $17.40/SF

− Vacancy

−$3.3K −$0.90/SF

EGI

$60.2K $16.50/SF

− OpEx

−$18.1K −$4.95/SF

NOI

$42.1K $11.55/SF

Area

Wake County, NC

Vacancy

5.20%

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%

$842,900

Cap Rate 7%

$602,071

Cap Rate 9%

$468,278

Alternative Uses

Best Use

Multifamily LT 5

$602.1K

$526.8K – $702.4K (±1% cap)

NOI $42,145 @ 7.0% cap · market cap 3.24%

Second Best

Apartment 5plus

$533.8K

$467.1K – $622.7K (±1% cap)

NOI $37,364 @ 7.0% cap · market cap 2.87%

Theoretical Best

Specialty Retail

$1.04M

$911.9K – $1.22M (±1% cap)

NOI $72,952 @ 7.0% cap · market cap 5.61%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Rachel H. Tierney, ... Physician Zahid Rauf Physician Abm Ullah Physician Biogenomics Medical Laboratory ACCESS PT Medical Clinic

Suggested Use

Top Pick Computer & Electronic Repair Storage Facility Bakery Plumbing Service Furniture & Home Goods Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

735

Businesses Nearby

Explore this area Business Placement

Demographics for 27545, NC

32,567

Population

12,781

Households

2.5

Avg Household Size

36

Median Age

36%

College-Educated

89%

High-School Grad

31.6 sq mi

ZIP Area

1,031

Density / Sq Mi

$85,400

Median Household Income

$46,629

Median Earnings

$1,560

Median Rent

$301,300

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Three-unit property with brick construction, natural gas heating, and NMX zoning in Knightdale.

Where is this triplex located?

The property is located at 502 Mcknight Drive Knightdale, NC.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: Three‑unit triplex with separate units A, B, and C; 3,650 square feet of property size; Brick construction