Brick Quadplex with Basement
For Sale
$900,000
2408 Stafford Ave, Raleigh, NC 27607
Four-unit residential income property with updated building systems, basement storage, and laundry access for tenants.
Property Size2,208 SF
Price / SF$407.61
Days on Market10
Property Features for 2408 Stafford Ave
General Information
Standard status
Active
Size
2,208 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$52,320
Multifamily Units
4
Amenities
laundry facility
storage
Building Details
Year Built
1940
Construction
brick
Tenancy
Multi
Listing Agency:
Huntley Realty
Listed By:
George Huntley
(919) 815-0820
Source:
Livingnc
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 26 at 10:08AM
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 Huntley Realty
Investment Insights
Based on property information with market context.
This 2,208-square-foot quadplex occupies a vintage 1.5-story brick building constructed in 1940. The former single-family layout was converted into four apartments, with basement laundry facilities and tenant storage. Original tubs have been reglazed, and the property includes energy-efficient windows installed in 2010.
Significant maintenance work includes a 2017 roof replacement, 2021 plumbing improvements with basement drainage work and new water heaters, and 2022 exterior trim painting and gutter replacement. Basement insulation was added in 2026, and the property carries a termite bond. Three occupants are month-to-month, while Apartment A's lease ends October 31 before converting to month-to-month status. Owner-paid utilities vary by apartment, with some tenants paying their own electric service.
Significant maintenance work includes a 2017 roof replacement, 2021 plumbing improvements with basement drainage work and new water heaters, and 2022 exterior trim painting and gutter replacement. Basement insulation was added in 2026, and the property carries a termite bond. Three occupants are month-to-month, while Apartment A's lease ends October 31 before converting to month-to-month status. Owner-paid utilities vary by apartment, with some tenants paying their own electric service.
Key Highlights
- Four‑unit property in a 2,208‑square‑foot brick building
- Built in 1940 with a 1.5‑story configuration
- Roof replaced in 2017; exterior trim and gutters updated in 2022
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
$25,234
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
2.80%
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%
$504,680
$504.7K
Cap Rate 7%
$360,486
$360.5K
Cap Rate 9%
$280,378
$280.4K
Market Conditions
NOI Build-Up for 2,208 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
$38.4K $17.40/SF
− Vacancy
−$2.4K −$1.07/SF
EGI
$36.0K $16.33/SF
− OpEx
−$10.8K −$4.90/SF
NOI
$25.2K $11.43/SF
Area
Raleigh, NC
Vacancy
6.17%
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%
$504,680
Cap Rate 7%
$360,486
Cap Rate 9%
$280,378
Alternative Uses
Best Use
Multifamily LT 5
$360.5K
$315.4K – $420.6K
NOI $25,234 @ 7.0% cap · market cap 2.80%
Second Best
Apartment 5plus
$321.2K
$281.0K – $374.7K
NOI $22,482 @ 7.0% cap · market cap 2.50%
Theoretical Best
Specialty Retail
$606.8K
$531.0K – $707.9K
NOI $42,476 @ 7.0% cap · market cap 4.72%
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
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,746
Businesses Nearby
Explore this area
Business Placement
Demographics for 27607, NC
27,182
Population
10,698
Households
2.5
Avg Household Size
27
Median Age
71%
College-Educated
96%
High-School Grad
17.4 sq mi
ZIP Area
1,562
Density / Sq Mi
$95,216
Median Household Income
$49,365
Median Earnings
$1,529
Median Rent
$639,200
Median Home Value
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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?
Quadplex - Four-unit residential income property with updated building systems, basement storage, and laundry access for tenants.
Where is this quadplex located?
The property is located at 2408 Stafford Ave Raleigh, NC.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Four‑unit property in a 2,208‑square‑foot brick building; Built in 1940 with a 1.5‑story configuration; Roof replaced in 2017; exterior trim and gutters updated in 2022
