Brick Quadplex with Basement
New
For Sale
$900,000
2408 Stafford Avenue, Raleigh, NC 27607
Residential Income, Raleigh, NC
Property Size2,208 SF
Lot Size0.20 Acres
Price / SF$407.61
Days on Market1
Property Features for 2408 Stafford Avenue
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
R-6
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 2, Basement, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 1
Parking features
Off Street
Window features
Insulated Windows
Interior features
Ceiling Fan(s), Laminate Counters, Track Lighting
Exterior features
Balcony
Fireplace
1
Basement
Unfinished, Walk-Out Access, Concrete, Exterior Entry
Appliances
Built-In Electric Range, Built-In Range, Electric Range, Free-Standing Refrigerator, Microwave, Range, Refrigerator
Subdivision
Fairmont
Elementary school
Wake - Olds Elementary
Middle school
Wake - Martin Middle
High school
Wake - Needham Broughton High
Standard status
Active
APN
079416920828000 0058505
Size
2,208 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo526-527 Fairmont Sub Bm1926-00008
Tax Annual Amount
6692
Legal Description
Lo526-527 Fairmont Sub Bm1926-00008
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Radiant, Electric (Heating), Fireplace(s)
Cooling system
Wall/Window Unit(s), Window Unit(s), Ceiling Fan(s)
Water source
Public
Amenities
laundry facility
storage
Building Details
Year built
1940
Floors in Building
1
Number of units
4
Flooring type
Hardwood, Wood, Tile
Building materials
Brick
Roof type
Shingle
Listing Agency:
Huntley Realty
Listed By:
George Huntley
(919) 815-0820
Added: Sep 15
Last Checked: Sep 15 at 11:06PM
MLS# 10192723
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.
This 1940 brick quadplex contains 2,208 square feet on a 0.2-acre lot and presents as a 1.5-story residential building. The property includes four apartments, a basement with laundry facilities and storage, hardwood and tile flooring, electric heating, window or wall-unit cooling, and off-street parking. A balcony, fireplace, public water, and public sewer are also included. The building’s systems and exterior have received several documented updates, including energy-efficient windows in 2010, a replacement roof in 2017, exterior trim and gutters in 2022, plumbing and water-heater work in 2021, and basement insulation in 2026.
The property is located at 2408 Stafford Avenue in Raleigh’s 27607 ZIP code and is zoned R-6. Three occupants are on month-to-month arrangements, while Apartment A’s lease ends October 31 before converting to month-to-month status. Tenant-approved showings require at least 24 hours’ notice.
The property is located at 2408 Stafford Avenue in Raleigh’s 27607 ZIP code and is zoned R-6. Three occupants are on month-to-month arrangements, while Apartment A’s lease ends October 31 before converting to month-to-month status. Tenant-approved showings require at least 24 hours’ notice.
Key Highlights
- Four‑unit residential income property with 2,208 square feet
- 1940 brick construction on a 0.2‑acre lot
- Basement laundry facility with tenant storage
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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Current Use
Lease Details
4
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit brick property includes basement laundry access, storage, off-street parking, and public utilities.
Where is this quadplex located?
The property is located at 2408 Stafford Avenue 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 residential income property with 2,208 square feet; 1940 brick construction on a 0.2‑acre lot; Basement laundry facility with tenant storage
