New-Construction Duplex
For Sale
$1,270,000
1508 Boyer Street, Raleigh, NC 27610
Residential Income, Raleigh, NC
Property Size4,080 SF
Lot Size0.10 Acres
Price / SF$311.27
Days on Market259
Property Features for 1508 Boyer Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
4
Rooms
Bathroom 7, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 6, Bathroom 1, Bedroom 4, Bathroom 8, Bathroom 4, Bedroom 1, Bathroom 5
Subdivision
College Park
Elementary school
Wake - Powell Elementary
Middle school
Wake - Ligon Middle
High school
Wake - Needham Broughton High
Standard status
Active
APN
171306398324000 0487227
Size
4,080 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo334 College Park Bm1911-00015
Tax Annual Amount
2696
Legal Description
Lo334 College Park Bm1911-00015
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
3
Number of units
4
Flooring type
Vinyl, Carpet, Tile
Building materials
Fiber Cement
Roof type
Membrane, Shingle
Listing Agency:
Compass -- Cary
(919) 769-1956
Listed By:
Annette Holt · License #231450
(919) 810-2203
Added: Dec 4, 2025
Changed: Aug 20
Last Checked: Aug 20 at 9:06PM
MLS# 10135868
Copyright © 2026 Doorify 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.
The offering includes two duplex buildings at 1508 and 1510 Boyer Street, with four units in total and 4,080 square feet of building area. Constructed in 2025, the properties feature fiber cement exteriors, vinyl, carpet, and tile flooring, plus central heating and central air. Public water and public sewer serve the buildings.
The current operating plan combines different rental formats. One unit in each duplex is leased on a long-term basis, while the other unit is furnished and operated as a short-term rental through Airbnb. Furnishings may convey. The properties can be acquired individually or together, allowing continued rental operations or owner occupancy in one unit while the remaining units generate income.
The Boyer Street properties are near Raleigh’s planned Bus Rapid Transit corridor and convenient to Downtown Raleigh.
The current operating plan combines different rental formats. One unit in each duplex is leased on a long-term basis, while the other unit is furnished and operated as a short-term rental through Airbnb. Furnishings may convey. The properties can be acquired individually or together, allowing continued rental operations or owner occupancy in one unit while the remaining units generate income.
The Boyer Street properties are near Raleigh’s planned Bus Rapid Transit corridor and convenient to Downtown Raleigh.
Key Highlights
- Two duplex buildings provide four total units
- 4,080 square feet across the property
- Built in 2025 with fiber cement 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
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Four units combine long-term leasing with furnished short-term rental operations and flexible ownership options.
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 duplex buildings provide four total units; 4,080 square feet across the property; Built in 2025 with fiber cement construction
