Downtown Raleigh Multifamily
2911 Boone Trail Raleigh, NC 27610
2911 Boone Trail, Raleigh, NC, 27610
$1,550,000
For Sale
$1,550,000
Fully rented 20-unit multifamily building with recently replaced metal roof.
Property Size6,780 SF
Price / SF$228.61
Days on Market400
Property Features for 2911 Boone Trail
General Information
- Standard status
- Active
- Size
- 6,780 SF
- Property subtype
- Commercial Sale / Multi Family
Building Details
- Year Built
- 2008
Listing agency
Howard Perry & Walston Realtor
(919) 723-8947
Listed by
Rupert Bryan · License #251764
(919) 723-8947
Source
Compass
Added: Jun 17, 2025 Updated: Jul 21 at 5:27AM Checked: Jul 21 at 5:27AM
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 Howard Perry & Walston Realtor
Investment Insights
Based on property information with market context.
This 20-unit multifamily building offers 20 one-bedroom, one-bath units within a single structure. The property is divided into four identical sections, each with five units. Units are set up with kitchenette features, and each section includes a shared kitchen equipped with a refrigerator and oven. The one-bedroom units also include a bathroom, closet, kitchenette, mini fridge, and microwave.
The building is located less than 10 minutes from downtown restaurants and shopping. A back lot is described as able to accommodate an additional 16-unit building.
The metal roof was replaced recently, and the property is currently fully rented.
The building is located less than 10 minutes from downtown restaurants and shopping. A back lot is described as able to accommodate an additional 16-unit building.
The metal roof was replaced recently, and the property is currently fully rented.
Key Highlights
- 20‑unit multifamily building in Downtown Raleigh with twenty 1‑bedroom, 1‑bath units in the same building
- Fully rented with each section arranged as 5 units per identical section (4 total sections)
- Each unit includes a kitchenette plus a mini fridge and microwave; shared kitchen area with fridge and oven
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $134.2k | $19.80 |
| − Vacancy | −$6.4k | −$0.95 |
| EGI | $127.8k | $18.85 |
| − OpEx | −$57.5k | −$8.48 |
| NOI | $70.3k | $10.37 |
6,780 SF · lease $19.80/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.6K – $1.17M
NOI $70,290 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,126 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Fully rented 20-unit multifamily building with recently replaced metal roof.
Where is this apartment building located?
The property is located at 2911 Boone Trail Raleigh, NC.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 20‑unit multifamily building in Downtown Raleigh with twenty 1‑bedroom, 1‑bath units in the same building; Fully rented with each section arranged as 5 units per identical section (4 total sections); Each unit includes a kitchenette plus a mini fridge and microwave; shared kitchen area with fridge and oven
