4-Bedroom Income
For Sale
$265,000
Pending
3000 Centennial Woods Drive, Raleigh, NC 27603
Residential Income, Raleigh, NC
Property Size1,378 SF
Days on Market167
Property Features for 3000 Centennial Woods Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 3
Parking features
Parking Lot
Subdivision
Univ Woods at Centennial
Standard status
Pending
APN
079205077812044 0276248
Size
1,378 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Univ Woods @ Centennial Bld3000 Un204
Tax Annual Amount
2387
HOA Fee
$281 Monthly
Legal Description
Univ Woods @ Centennial Bld3000 Un204
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central
Cooling system
Ceiling Fan(s), Heat Pump, Central Air
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Number of units
1
Flooring type
Vinyl, Carpet
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Century 21 New Beginnings · Century 21 Real Estate
(919) 494-1283
Listed By:
Ellisha Mayers · License #311944
(252) 560-0585
Added: Mar 8
Changed: Aug 22
Last Checked: Aug 22 at 11:06PM
MLS# 10151367
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 1,378-square-foot condominium is configured with four bedrooms and four private bathrooms, supporting a room-by-room residential income model. Three tenants are currently in place, with two leases extending through July 2027. The residence has fresh interior paint, a heat pump installed in 2016, and a water heater replaced in November 2024. The HOA installed a new roof in 2025. A refrigerator, washer, and dryer convey with the property.
Professional management is currently provided by Preiss Company, and buyers are not required to retain the existing tenants. The condominium is located at 3000 Centennial Woods Drive in Raleigh, near NC State, Meredith College, Centennial Campus, downtown Raleigh, major highways, and shopping. RDU is approximately 15 minutes away. Public water and public sewer serve the property, with parking available in a lot.
Professional management is currently provided by Preiss Company, and buyers are not required to retain the existing tenants. The condominium is located at 3000 Centennial Woods Drive in Raleigh, near NC State, Meredith College, Centennial Campus, downtown Raleigh, major highways, and shopping. RDU is approximately 15 minutes away. Public water and public sewer serve the property, with parking available in a lot.
Key Highlights
- 1,378‑square‑foot condominium with 4 bedrooms and 4 private bathrooms
- Three tenants in place; two leases run through July 2027
- New HOA‑installed roof completed in 2025
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
$12,851
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
4.85%
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%
$257,020
$257.0K
Cap Rate 7%
$183,586
$183.6K
Cap Rate 9%
$142,789
$142.8K
Market Conditions
NOI Build-Up for 1,378 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
$24.8K $18.00/SF
− Vacancy
−$1.4K −$1.04/SF
EGI
$23.4K $16.96/SF
− OpEx
−$10.5K −$7.63/SF
NOI
$12.9K $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%
$257,020
Cap Rate 7%
$183,586
Cap Rate 9%
$142,789
Alternative Uses
Best Use
Apartment 5plus
$183.6K
$160.6K – $214.2K
NOI $12,851 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$435.9K
$381.4K – $508.5K
NOI $30,512 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
131
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Four-bedroom condominium with private baths, active room-by-room leasing, and professional management near NC State.
Where is this residential income property located?
The property is located at 3000 Centennial Woods Drive Raleigh, NC.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 1,378‑square‑foot condominium with 4 bedrooms and 4 private bathrooms; Three tenants in place; two leases run through July 2027; New HOA‑installed roof completed in 2025
