Four-Bedroom Apartment
For Sale
$290,000
1331 Crab Orchard Drive, Raleigh, NC 27606
Built in 1997, Unit 303 features four private bedrooms and four bathrooms near NC State University.
Property Size1,071 SF
Days on Market12
Property Features for 1331 Crab Orchard Drive
General Information
Standard status
Active
Size
1,071 SF
Property subtype
Apartment
Units
Unit Mix
1 x 4BR/4BA
Multifamily Units
1
Additional Details
Asking Price
$290,000
Taxes and HOA fees
Annual Taxes
$2,477
Building Details
Building Size
1,071 SF
Year Built
1997
Listing Agency:
EXP Realty LLC
(336) 416-3078
Listed By:
Casey Styers · License #283515
(336) 416-3078
Source:
Dustinbennett
Added: Jul 29
Changed: Aug 9
Last Checked: Aug 9 at 2:56PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Unit 303 at 1331 Crab Orchard Drive is an apartment with four private bedrooms and four bathrooms. The residence was built in 1997 and offers a configuration suited to shared residential occupancy, with each bedroom providing a private sleeping space.
The property is located in Raleigh, North Carolina, minutes from NC State University. Its four-bedroom, four-bathroom layout and proximity to the university distinguish the unit within the local residential market.
The property is located in Raleigh, North Carolina, minutes from NC State University. Its four-bedroom, four-bathroom layout and proximity to the university distinguish the unit within the local residential market.
Key Highlights
- Unit 303 at 1331 Crab Orchard Drive
- Four private bedrooms
- Four bathrooms
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
$10,905
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
3.76%
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%
$218,100
$218.1K
Cap Rate 7%
$155,786
$155.8K
Cap Rate 9%
$121,167
$121.2K
Market Conditions
NOI Build-Up for 1,071 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
$21.2K $19.80/SF
− Vacancy
−$1.4K −$1.29/SF
EGI
$19.8K $18.51/SF
− OpEx
−$8.9K −$8.33/SF
NOI
$10.9K $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%
$218,100
Cap Rate 7%
$155,786
Cap Rate 9%
$121,167
Alternative Uses
Best Use
Apartment 5plus
$155.8K
$136.3K – $181.8K
NOI $10,905 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$294.3K
$257.5K – $343.4K
NOI $20,603 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
233
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Built in 1997, Unit 303 features four private bedrooms and four bathrooms near NC State University.
Where is this residential income property located?
The property is located at 1331 Crab Orchard Drive Raleigh, NC.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Unit 303 at 1331 Crab Orchard Drive; Four private bedrooms; Four bathrooms
