New
For Sale
$2,750,000
3021-3035 Medlin Drive, Raleigh, NC 27607
Apartment buildings
Property Size11,085 SF
Days on Market4
Property Features for 3021-3035 Medlin Drive
General Information
Standard status
Active
Size
11,085 SF
Property subtype
Apartment
Building Details
Building Size
11,085 SF
Year Built
1984
Listing Agency:
Rich Realty Group
Listed By:
Martha Walker Neese · License #291321
(919) 618-6076
Source:
Sherihagerty
Added: Oct 7
Changed: Oct 10
Last Checked: Oct 9 at 7:03PM
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 Rich Realty Group
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$112,869
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,257,380
$2.3M
Cap Rate 7%
$1,612,414
$1.6M
Cap Rate 9%
$1,254,100
$1.3M
Market Conditions
NOI Build-Up for 11,085 SF
Gross rent
$219.5K $19.80/SF
− Vacancy
−$14.3K −$1.29/SF
EGI
$205.2K $18.51/SF
− OpEx
−$92.3K −$8.33/SF
NOI
$112.9K $10.18/SF
Area
Raleigh, NC
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,257,380
Cap Rate 7%
$1,612,414
Cap Rate 9%
$1,254,100
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,869 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.05M
$2.67M – $3.55M
NOI $213,248 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
210
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
Where is this apartment building located?
The property is located at 3021-3035 Medlin Drive Raleigh, NC.
What is the asking price?
The asking price for this property is $2,750,000.
