Duplex with Short-Term Rental
For Sale
$1,275,000
1510 Boyer Street, Raleigh, NC 27610
MULTI_FAMILY - Raleigh, NC
Property Size4,080 SF
Lot Size0.10 Acres
Price / SF$312.50
Days on Market250
Property Features for 1510 Boyer Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
4
Rooms
Bathroom 2, Bathroom 8, Bedroom 4, Bathroom 3, Bedroom 3, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 4, Bedroom 1, Bedroom 6, Bedroom 5, Bathroom 7, Bedroom 2
Subdivision
College Park
Elementary school
Wake - Powell Elementary
Middle school
Wake - Ligon Middle
High school
Wake - Needham Broughton High
Standard status
Active
APN
LO333 COLLEGE PARKK BM1911-00015
Size
4,080 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo333 College Parkk Bm1911-00015
Tax Annual Amount
2696
Legal Description
Lo333 College Parkk 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
Tile, Vinyl, Carpet
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 11
Last Checked: Aug 11 at 10:06PM
MLS# 10135869
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.
1508 and 1510 Boyer Street offer two new-construction duplex properties built in 2025, each designed with two separate units. In each building, one unit is secured with a long term lease, and the second unit is furnished and operating as a short term rental.
The furnished short term rental unit can be sold fully furnished, supporting a turnkey approach for an owner-occupant or investor. The overall setup provides flexibility for multiple strategies, including living in a furnished unit while collecting rent from the long term tenant in the adjoining unit, or continuing the combination of long term and short term rentals. Each duplex is built with fiber cement exterior materials and includes central heating and central air conditioning.
The properties are served by public water and public sewer, and include membrane and shingle roofing. At a combined size of 4,080 square feet, these duplexes sit on 0.1 acre lot size and are located in Raleigh, NC (Wake County) for an owner seeking a low-maintenance, rental-focused asset in a growing area.
The furnished short term rental unit can be sold fully furnished, supporting a turnkey approach for an owner-occupant or investor. The overall setup provides flexibility for multiple strategies, including living in a furnished unit while collecting rent from the long term tenant in the adjoining unit, or continuing the combination of long term and short term rentals. Each duplex is built with fiber cement exterior materials and includes central heating and central air conditioning.
The properties are served by public water and public sewer, and include membrane and shingle roofing. At a combined size of 4,080 square feet, these duplexes sit on 0.1 acre lot size and are located in Raleigh, NC (Wake County) for an owner seeking a low-maintenance, rental-focused asset in a growing area.
Key Highlights
- Two duplex properties: 1508 and 1510 Boyer Street
- Built in 2025 with two units per building
- One unit long term leased per building; one furnished short term rental unit per building
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
3.69%
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 3.69%
Second Best
Apartment 5plus
$604.3K
$528.7K – $705.0K
NOI $42,299 @ 7.0% cap · market cap 3.32%
Theoretical Best
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,722 @ 7.0% cap · market cap 6.57%
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
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?
Duplex - New-construction duplex with one unit leased long term and a second furnished unit operating as a short-term rental.
Where is this duplex located?
The property is located at 1510 Boyer Street Raleigh, NC.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Two duplex properties: 1508 and 1510 Boyer Street; Built in 2025 with two units per building; One unit long term leased per building; one furnished short term rental unit per building
