Income-Producing Triplex in
For Sale
$600,000
15 N Fisher, Raleigh, NC 27610
Stable income triplex near Downtown Raleigh with high occupancy.
Property Size3,028 SF
Lot Size0.11 Acres
Price / SF$198.15
Days on Market252
Property Features for 15 N Fisher
General Information
Standard status
Active
Size
3,028 SF
Lot size
0.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,241
Amenities
Central air
Wall Unit(s) Cooling
Building Details
Year Built
1920
Listing Agency:
UNITED REAL ESTATE TRIANGLE
(919) 573-8322
Listed By:
NATALIE PEARSE · License #305394
Source:
Corcoran
Added: Dec 6, 2025
Changed: Aug 13
Last Checked: Aug 15 at 6:55AM
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 UNITED REAL ESTATE TRIANGLE
Investment Insights
Based on property information with market context.
The property at 15 N Fisher Street is an income-producing triplex. The property delivers stable rental income and consistent 100% occupancy across three well-maintained units. The units are leased at $1,350, $1,495, and $1,575 per month, producing an approximate annual NOI of $53,040. Strong tenant demand and ongoing revitalization in the surrounding area support its long-term performance. Proximity to Downtown Raleigh enhances both rentability and appreciation potential. The property offers immediate, reliable cash flow with clean financials and minimal management needs. The triplex is located in one of Raleigh's fastest-advancing growth areas, backed by dependable income. The property size is 3028 square feet.
Key Highlights
- High annual Net Operating Income (NOI) of approximately $53,040.
- Consistent 100% occupancy across all three units.
- Strong tenant demand and revitalization in the surrounding area.
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
$34,963
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
5.83%
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%
$699,260
$699.3K
Cap Rate 7%
$499,471
$499.5K
Cap Rate 9%
$388,478
$388.5K
Market Conditions
NOI Build-Up for 3,028 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
$52.7K $17.40/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$49.9K $16.50/SF
− OpEx
−$15.0K −$4.95/SF
NOI
$35.0K $11.55/SF
Area
ZIP 27610
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%
$699,260
Cap Rate 7%
$499,471
Cap Rate 9%
$388,478
Alternative Uses
Best Use
Multifamily LT 5
$499.5K
$437.0K – $582.7K
NOI $34,963 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$448.5K
$392.4K – $523.2K
NOI $31,392 @ 7.0% cap · market cap 5.23%
Theoretical Best
Specialty Retail
$887.6K
$776.7K – $1.04M
NOI $62,135 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
524
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
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?
Triplex - Stable income triplex near Downtown Raleigh with high occupancy.
Where is this triplex located?
The property is located at 15 N Fisher Raleigh, NC.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: High annual Net Operating Income (NOI) of approximately $53,040.; Consistent 100% occupancy across all three units.; Strong tenant demand and revitalization in the surrounding area.
