Stabilized Multifamily Community in
For Sale
$1,200,000
Pending
2821 Club Plaza, Raleigh, NC 27603
7-unit multifamily property in South Raleigh, 100% occupied.
Property Size5,742 SF
Lot Size0.70 Acres
Days on Market214
Property Features for 2821 Club Plaza
General Information
Standard status
Pending
Size
5,742 SF
Lot size
0.70 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,408
Amenities
Central air
Architectural Shingle Roof
Central Air Cooling
Electric Heating
Heat Pump Heating
In Unit
Tile Flooring
Vinyl Flooring
Building Details
Year Built
1984
Listing Agency:
EVEREST VENTURES LLC
(919) 279-3803
Listed By:
OWEN DRUGAN
Source:
Corcoran
Added: Jan 24
Changed: Aug 8
Last Checked: Jul 23 at 9:32AM
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 EVEREST VENTURES LLC
Investment Insights
Based on property information with market context.
Located in South Raleigh, this 7-unit multifamily community at 2821 Club Plaza Road is fully stabilized with 100% occupancy. Situated within an Opportunity Zone, the property features a consistent unit mix of two-bedroom, one-bath residences, each averaging approximately 820 square feet and equipped with washer and dryer hookups. Current in-place rents average approximately $1,317 per unit. The property sits on approximately 0.7 acres with ample parking. The asset has been well cared for by ownership, including extensive capex work. Vinyl windows, doors, asphalt seal coat, cabinet and countertop refinishing, appliances, and water heaters have been updated under current ownership. A GoRaleigh public transit stop is located roughly 0.2 miles away, while Downtown Raleigh is approximately four miles, Dix Park 2.4 miles, Downtown Garner five miles, and Interstate 40 just over one mile from the site. The property provides convenient access to major employment centers and transportation corridors.
Key Highlights
- Fully stabilized 7‑unit multifamily community with 100% occupancy, providing immediate income.
- Located in a rapidly evolving South Raleigh submarket with strong tenant demand.
- Opportunity Zone location, potentially offering tax benefits.
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
$53,549
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
4.46%
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%
$1,070,980
$1.1M
Cap Rate 7%
$764,986
$765.0K
Cap Rate 9%
$594,989
$595.0K
Market Conditions
NOI Build-Up for 5,742 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
$103.4K $18.00/SF
− Vacancy
−$6.0K −$1.04/SF
EGI
$97.4K $16.96/SF
− OpEx
−$43.8K −$7.63/SF
NOI
$53.5K $9.33/SF
Area
ZIP 27603
Vacancy
5.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,070,980
Cap Rate 7%
$764,986
Cap Rate 9%
$594,989
Alternative Uses
Best Use
Apartment 5plus
$765.0K
$669.4K – $892.5K
NOI $53,549 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,139 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Explore this area
Business Placement
Demographics for 27603, NC
54,616
Population
24,030
Households
2.3
Avg Household Size
34
Median Age
48%
College-Educated
94%
High-School Grad
51.4 sq mi
ZIP Area
1,063
Density / Sq Mi
$87,939
Median Household Income
$51,856
Median Earnings
$1,496
Median Rent
$347,000
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?
Apartment building - 7-unit multifamily property in South Raleigh, 100% occupied.
Where is this apartment building located?
The property is located at 2821 Club Plaza Raleigh, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Fully stabilized 7‑unit multifamily community with 100% occupancy, providing immediate income.; Located in a rapidly evolving South Raleigh submarket with strong tenant demand.; Opportunity Zone location, potentially offering tax benefits.
