13-Unit Apartment
New
For Sale
$2,750,000
3021-3035 Medlin Drive, Raleigh, NC 27607
Residential Income, Raleigh, NC
Property Size11,085 SF
Lot Size1.53 Acres
Price / SF$248.08
Days on Market3
Property Features for 3021-3035 Medlin Drive
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
R-10
Bedrooms
26
Bathrooms
23
Full bathrooms
23
Rooms
Bathroom 5, Bathroom 10, Bathroom 18, Bedroom 9, Bedroom 19, Bathroom 17, Bathroom 23, Bedroom 2, Bathroom 19, Bedroom 25, Bathroom 7, Bedroom 11, Bathroom 20, Bedroom 3, Bathroom 15, Bedroom 20, Bedroom 5, Bathroom 8, Bedroom 23, Bathroom 12, Bathroom 4, Bathroom 13, Bedroom 13, Bathroom 3, Bathroom 11, Bedroom 16, Bathroom 22, Bedroom 21, Bathroom 1, Bedroom 10, Bathroom 16, Bathroom 9, Bedroom 4, Bathroom 14, Bathroom 2, Bedroom 14, Bedroom 8, Bathroom 21, Bedroom 1, Bathroom 6, Bedroom 24, Bedroom 7, Bedroom 12, Bedroom 26, Bedroom 6, Bedroom 15, Bedroom 18, Bedroom 22, Bedroom 17
Parking features
Assigned, Driveway, Off Street
Patio and Porch features
Porch, Deck
Interior features
Apartment/Suite, Bookcases, Cedar Closet(s), Ceiling Fan(s), Dual Closets, Eat-in Kitchen, Laminate Counters, Separate Shower, Storage, Walk-In Closet(s)
Exterior features
Lighting, Private Entrance, Private Yard, Rain Gutters, Smart Light(s), Uncovered Courtyard
Fireplace
1
Appliances
Convection Oven, Dishwasher, Dryer, Electric Cooktop, Electric Oven, Electric Range, Exhaust Fan, Free-Standing Electric Range, Free-Standing Range, Free-Standing Refrigerator, Gas Water Heater, Microwave, Oven, Range, Refrigerator, Stainless Steel Appliance(s), Washer, Washer/Dryer, Washer/Dryer Stacked, Water Heater
Subdivision
Sunset Hills
Lot features
Interior Lot, Native Plants, Private, Rectangular Lot, Sloped Up, Views
Elementary school
Wake - Lacy Elementary
Middle school
Wake - Martin Middle
High school
Wake - Needham Broughton High
Standard status
Active
APN
079407691698000 0046716
Size
11,085 SF
Lot size
1.53 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOI SUNSET HILLS EXT BM1985-196 (3029 Medlin Dr) LOH SUNSET HILLS EXT BM1985-196 (3029-3035 Medlin Dr)
Tax Annual Amount
17261
Legal Description
LOI SUNSET HILLS EXT BM1985-196 (3029 Medlin Dr) LOH SUNSET HILLS EXT BM1985-196 (3029-3035 Medlin Dr)
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1984
Floors in Building
3
Number of units
13
Flooring type
Laminate, Vinyl, Wood, Tile, Carpet
Building materials
Block, Brick, Fiber Cement
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Rich Realty Group
(919) 710-0256
Listed By:
Martha Walker Neese · License #291321
(919) 618-6076
Added: Oct 7
Last Checked: Oct 9 at 7:06AM
MLS# 10197118
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.
The offering includes 13 rental units across two apartment buildings, along with a garage. The larger building contains nine two-bedroom, two-bathroom apartments; the second building has four units. Combined building area is 11,085 square feet, and the property spans 1.53 acres across two parcels. The buildings were constructed in 1984.
A preliminary subdivision plan outlines the potential for up to six single-family or duplex lots. The property is zoned R-10 and served by public water and public sewer.
A preliminary subdivision plan outlines the potential for up to six single-family or duplex lots. The property is zoned R-10 and served by public water and public sewer.
Key Highlights
- 13 rental units across two buildings and a garage
- Nine apartments feature two bedrooms and two bathrooms each
- 11,085 square feet of building area on 1.53 acres across two parcels
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
Lease Details
13
Residential units
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings and a garage occupy a combined site with a preliminary plan for additional residential lots.
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.
What are key features of this property?
This property features: 13 rental units across two buildings and a garage; Nine apartments feature two bedrooms and two bathrooms each; 11,085 square feet of building area on 1.53 acres across two parcels
