Brick Quadplex with Basement
2408 Stafford Ave, Raleigh, NC 27607
For Sale
$850,000
Four-unit residential income property with updated building systems, basement storage, and laundry access for tenants.
Property Size2,208 SF
Price / SF$384.96
Days on Market57
Property Features for 2408 Stafford Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Road Access
Utilities to Site
Additional Details
Gross Income
Multifamily Units
Amenities
laundry facility
storage
Building Details
Year Built
Construction
Tenancy
Listing Agency:
Huntley Realty
Listed By:
George Huntley
(919) 815-0820
Source:
Livingnc
Added: Sep 18
Changed: Nov 6
Last Checked: Nov 12 at 12:01PM
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
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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 / Yr
$25,234
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
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
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 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 2.97%
Second Best
Apartment 5plus
$321.2K
$281.0K – $374.7K
NOI $22,482 @ 7.0% cap · market cap 2.64%
Theoretical Best
Specialty Retail
$606.8K
$531.0K – $707.9K
NOI $42,476 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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
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 $850,000.
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
