For Sale
$2,750,000
3021-3035 Medlin Drive, Raleigh, NC 27607
Apartment buildings
Property Size11,085 SF
Days on Market10
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 15 at 5:46AM
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
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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.
How Realmo checks its estimates
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
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.
