20-Unit Apartment
For Sale
$1,550,000
2911 Boone Trl, Raleigh, NC 27610
Fully rented property includes four matching sections with shared kitchens and individual kitchenettes.
Property Size6,780 SF
Price / SF$228.61
Days on Market33
Property Features for 2911 Boone Trl
General Information
Standard status
Active
Size
6,780 SF
Occupancy
100%
Units
Unit Mix
20 x 1BR/1BA
Multifamily Units
20
Building Details
Year Built
2008
Buildings
1
Listing Agency:
Keller Williams Realty
(919) 723-8947
Listed By:
Rupert Bryan · License #251764
Source:
Bonniestrowd
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 29 at 12:03PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Constructed in 2008, this apartment property contains 20 one-bedroom, one-bath units within a single building. The layout is organized into four matching sections, each with five apartments. Individual units include a bathroom, closet, kitchenette, mini refrigerator, and microwave, while each section also provides a shared kitchen equipped with a refrigerator and oven. The metal roof has been replaced recently.
The property is at 2911 Boone Trl in Raleigh, NC 27610, in the Downtown Raleigh area. Restaurants and shopping are less than 10 minutes away. The building is fully rented, and the rear lot is identified as accommodating a future 16-unit building.
The property is at 2911 Boone Trl in Raleigh, NC 27610, in the Downtown Raleigh area. Restaurants and shopping are less than 10 minutes away. The building is fully rented, and the rear lot is identified as accommodating a future 16-unit building.
Key Highlights
- 20 one‑bedroom, one‑bath apartment units
- Four matching sections with 5 units per section
- Each unit includes a bathroom, closet, kitchenette, mini fridge, and microwave
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
$70,290
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
4.53%
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%
$1,405,800
$1.4M
Cap Rate 7%
$1,004,143
$1.0M
Cap Rate 9%
$781,000
$781.0K
Market Conditions
NOI Build-Up for 6,780 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
$134.2K $19.80/SF
− Vacancy
−$6.4K −$0.95/SF
EGI
$127.8K $18.85/SF
− OpEx
−$57.5K −$8.48/SF
NOI
$70.3K $10.37/SF
Area
ZIP 27610
Vacancy
4.80%
Lease Rate
$19.80 /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%
$1,405,800
Cap Rate 7%
$1,004,143
Cap Rate 9%
$781,000
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
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 - Fully rented property includes four matching sections with shared kitchens and individual kitchenettes.
Where is this apartment building located?
The property is located at 2911 Boone Trl 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 one‑bedroom, one‑bath apartment units; Four matching sections with 5 units per section; Each unit includes a bathroom, closet, kitchenette, mini fridge, and microwave
