Ranch
For Sale
$425,000
Pending
212 Hunter Street, Apex, NC 27502
DUPLEX - Ranch - Apex, NC
Property Size1,368 SF
Lot Size0.35 Acres
Days on Market184
Property Features for 212 Hunter Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MD
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1
Subdivision
Not in a Subdivision
Elementary school
Wake - Baucom Elementary
Middle school
Wake - Apex Middle
High school
Wake - Apex High
Special listing conditions
Probate Listing
Standard status
Pending
APN
074214430032000 0080177
Size
1,368 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
212 Hunter St
Tax Annual Amount
3467
Legal Description
212 Hunter St
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1930
Floors in Building
1
Flooring type
Varies
Building materials
Frame
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Choice Residential Real Estate
(919) 720-4991
Listed By:
Kent Gilliam
(919) 369-8009
Added: Feb 18
Changed: Aug 11
Last Checked: Aug 21 at 10:06AM
MLS# 10147211
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.
Ranch duplex at 212 Hunter Street, Apex, NC 27502, built in 1930. The 0.35-acre property includes two bedrooms and two bathrooms, with frame construction, a shingle roof, and electric heating. Flooring varies, and the home is being sold “as-is/where is.” Seller will not perform repairs, and the existing dwelling will need extensive repair or removal; the dwelling conveys at no value.
The property is located in downtown Apex and is described as being within the Small Town Character District of Historic Apex. It is offered as an estate sale, with the note that buyer will confirm school assignments.
This offering is best suited for buyers who are prepared to address significant condition items or who plan for redevelopment consistent with the as-is conveyance terms.
The property is located in downtown Apex and is described as being within the Small Town Character District of Historic Apex. It is offered as an estate sale, with the note that buyer will confirm school assignments.
This offering is best suited for buyers who are prepared to address significant condition items or who plan for redevelopment consistent with the as-is conveyance terms.
Key Highlights
- Ranch duplex with two bedrooms and two bathrooms
- 0.35‑acre lot
- Frame construction with shingle roof
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
$15,796
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
3.72%
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%
$315,920
$315.9K
Cap Rate 7%
$225,657
$225.7K
Cap Rate 9%
$175,511
$175.5K
Market Conditions
NOI Build-Up for 1,368 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
$23.8K $17.40/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$22.6K $16.50/SF
− OpEx
−$6.8K −$4.95/SF
NOI
$15.8K $11.55/SF
Area
Wake County, NC
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%
$315,920
Cap Rate 7%
$225,657
Cap Rate 9%
$175,511
Alternative Uses
Best Use
Multifamily LT 5
$225.7K
$197.5K – $263.3K
NOI $15,796 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$200.1K
$175.1K – $233.4K
NOI $14,004 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$390.6K
$341.8K – $455.7K
NOI $27,342 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
956
Businesses Nearby
Explore this area
Business Placement
Demographics for 27502, NC
45,725
Population
17,607
Households
2.6
Avg Household Size
37
Median Age
66%
College-Educated
97%
High-School Grad
28.3 sq mi
ZIP Area
1,616
Density / Sq Mi
$137,088
Median Household Income
$73,848
Median Earnings
$1,786
Median Rent
$491,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Ranch duplex zoned MD with public water and public sewer, built in 1930, sold as-is requiring extensive repair or removal.
Where is this duplex located?
The property is located at 212 Hunter Street Apex, NC.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Ranch duplex with two bedrooms and two bathrooms; 0.35‑acre lot; Frame construction with shingle roof
