Occupied Residential Income
For Sale
$245,000
8031 Perry Creek Rd, Raleigh, NC 27616
Fully occupied townhouse with updated flooring, a private fenced backyard, and no HOA or annual assessment fees.
Property Size1,428 SF
Price / SF$171.57
Days on Market24
Property Features for 8031 Perry Creek Rd
General Information
Standard status
Active
Size
1,428 SF
Property subtype
Multi-Family
Building Details
Year Built
1986
Listing Agency:
Bliss & Oak Realty And Propert
(919) 369-1540
Listed By:
Tanya Lynn Laton · License #326349
Source:
Bonniestrowd
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 30 at 8:57PM
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 Bliss & Oak Realty And Propert
Investment Insights
Based on property information with market context.
This 1,428-square-foot residential income townhouse was built in 1986 and is currently fully occupied. The two-level layout includes three bedrooms and 2.5 baths, with all bedrooms upstairs and a Jack-and-Jill bath serving the second and third bedrooms. A private fenced backyard adds outdoor space, while recent improvements include a new roof, updated LVP flooring and carpet, and a rebuilt chimney.
The property is located in North Raleigh near Wake Tech Community College, local shopping, WRAL Soccer Park, and the bus line. It has no HOA or yearly assessment fees. The former duplex was subdivided in 2025 for individual resale, and an attached three-bedroom, 2.5-bath townhome at 8031 Perry Creek is also available separately. Tenant occupancy is in place, providing an existing rental arrangement for the next owner.
The property is located in North Raleigh near Wake Tech Community College, local shopping, WRAL Soccer Park, and the bus line. It has no HOA or yearly assessment fees. The former duplex was subdivided in 2025 for individual resale, and an attached three-bedroom, 2.5-bath townhome at 8031 Perry Creek is also available separately. Tenant occupancy is in place, providing an existing rental arrangement for the next owner.
Key Highlights
- Fully occupied 1,428 SF townhouse
- 3 bedrooms and 2.5 baths with all bedrooms upstairs
- New roof installed in 2024
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
$14,618
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
5.97%
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%
$292,360
$292.4K
Cap Rate 7%
$208,829
$208.8K
Cap Rate 9%
$162,422
$162.4K
Market Conditions
NOI Build-Up for 1,428 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
$28.3K $19.80/SF
− Vacancy
−$1.7K −$1.19/SF
EGI
$26.6K $18.61/SF
− OpEx
−$12.0K −$8.38/SF
NOI
$14.6K $10.24/SF
Area
ZIP 27616
Vacancy
6.00%
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%
$292,360
Cap Rate 7%
$208,829
Cap Rate 9%
$162,422
Alternative Uses
Best Use
Apartment 5plus
$208.8K
$182.7K – $243.6K
NOI $14,618 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$407.7K
$356.8K – $475.7K
NOI $28,541 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 27616, NC
56,941
Population
24,282
Households
2.3
Avg Household Size
34
Median Age
43%
College-Educated
91%
High-School Grad
22.5 sq mi
ZIP Area
2,531
Density / Sq Mi
$81,534
Median Household Income
$41,601
Median Earnings
$1,514
Median Rent
$314,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Fully occupied townhouse with updated flooring, a private fenced backyard, and no HOA or annual assessment fees.
Where is this residential income property located?
The property is located at 8031 Perry Creek Rd Raleigh, NC.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Fully occupied 1,428 SF townhouse; 3 bedrooms and 2.5 baths with all bedrooms upstairs; New roof installed in 2024
