New Construction
For Sale
$1,270,000
1508 Boyer Street, Raleigh, NC 27610
Two recently built duplexes offer a mix of leased and furnished short-term rental units.
Property Size4,080 SF
Days on Market279
Property Features for 1508 Boyer Street
General Information
Standard status
Active
Size
4,080 SF
Property subtype
Duplex
Additional Details
Asking Price
$2,540,000
Public Transit
Yes
Multifamily Units
4
Building Details
Building Size
4,080 SF
Year Built
2025
Buildings
2
Listing Agency:
Compass -- Cary
Listed By:
Annette Holt · License #231450
(919) 810-2203
Source:
Dustinbennett
Added: Dec 4, 2025
Changed: Sep 6
Last Checked: Sep 8 at 9:24AM
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 Compass -- Cary
Investment Insights
Based on property information with market context.
The offering includes duplexes at 1508 and 1510 Boyer Street, with each building completed in 2025 and configured with two residential units. Across the properties, one unit in each duplex has a long-term lease, while the other is furnished and operating as a short-term rental through Airbnb. Furnishings may convey with the sale.
The properties are near Raleigh’s planned Bus Rapid Transit corridor and provide access to Downtown Raleigh. They may be acquired individually or together, supporting several ownership and rental approaches, including maintaining the existing combination of long-term and short-term occupancy or using one unit as a residence while renting the others.
The properties are near Raleigh’s planned Bus Rapid Transit corridor and provide access to Downtown Raleigh. They may be acquired individually or together, supporting several ownership and rental approaches, including maintaining the existing combination of long-term and short-term occupancy or using one unit as a residence while renting the others.
Key Highlights
- Two duplexes at 1508 and 1510 Boyer Street
- Built in 2025, with two units in each duplex
- One unit in each building has a long‑term lease
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
$47,110
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
3.71%
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%
$942,200
$942.2K
Cap Rate 7%
$673,000
$673.0K
Cap Rate 9%
$523,444
$523.4K
Market Conditions
NOI Build-Up for 4,080 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
$71.0K $17.40/SF
− Vacancy
−$3.7K −$0.90/SF
EGI
$67.3K $16.50/SF
− OpEx
−$20.2K −$4.95/SF
NOI
$47.1K $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%
$942,200
Cap Rate 7%
$673,000
Cap Rate 9%
$523,444
Alternative Uses
Best Use
Multifamily LT 5
$673.0K
$588.9K – $785.2K
NOI $47,110 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$604.3K
$528.7K – $705.0K
NOI $42,299 @ 7.0% cap · market cap 3.33%
Theoretical Best
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,722 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
545
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two recently built duplexes offer a mix of leased and furnished short-term rental units.
Where is this duplex located?
The property is located at 1508 Boyer Street Raleigh, NC.
What is the asking price?
The asking price for this property is $1,270,000.
What are key features of this property?
This property features: Two duplexes at 1508 and 1510 Boyer Street; Built in 2025, with two units in each duplex; One unit in each building has a long‑term lease
