Building Details

Building Size 4,032 SF

Year Built 1985

Listing Agency: LPT Realty, LLC

Listed By: Jeremy James Glasson Show Phone

Source: Dustinbennett

Added: Oct 12 Changed: Oct 13 Last Checked: Oct 13 at 2:15AM

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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 LPT Realty, LLC

Investment Insights

Based on property information with market context.

Built in 1985, this Apex property contains four residential units, all currently occupied and generating rental income. The existing building offers an operating use while plans for a possible five-condominium project provide another concept for consideration; those plans received preliminary review from the Town of Apex, not final approval.

The property is in downtown Apex, a short drive from historic Salem Street and nearby shopping, dining, and entertainment. Its current residential use and preliminary-reviewed concept plans are the principal documented features of the site.

Key Highlights

• Four occupied residential units
• Built in 1985
• Plans for a five‑condominium concept received preliminary review from the Town of Apex

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$46,556

Cap Rate

3.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$931,120 $931.1K

Cap Rate 7%

$665,086 $665.1K

Cap Rate 9%

$517,289 $517.3K

Market Conditions

NOI Build-Up for 4,032 SF

Gross rent

$70.2K $17.40/SF

− Vacancy

−$3.6K −$0.90/SF

EGI

$66.5K $16.50/SF

− OpEx

−$20.0K −$4.95/SF

NOI

$46.6K $11.55/SF

Area

Wake County, NC

Vacancy

5.20%

Lease Rate

$17.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$931,120

Cap Rate 7%

$665,086

Cap Rate 9%

$517,289

Alternative Uses

Best Use

Multifamily LT 5

$665.1K

$582.0K – $775.9K (±1% cap)

NOI $46,556 @ 7.0% cap · market cap 3.61%

Second Best

Apartment 5plus

$589.6K

$515.9K – $687.9K (±1% cap)

NOI $41,274 @ 7.0% cap · market cap 3.20%

Theoretical Best

Specialty Retail

$1.15M

$1.01M – $1.34M (±1% cap)

NOI $80,587 @ 7.0% cap · market cap 6.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Law Firm Storage Facility Furniture & Home Goods Locksmith Home Appliance Store Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

1,002

Businesses Nearby

Explore this area Business Placement

Demographics for 27502, NC

45,725

Population

17,607

Households

2.6

Avg Household Size

37

Median Age

66%

College-Educated

97%

High-School Grad

28.3 sq mi

ZIP Area

1,616

Density / Sq Mi

$137,088

Median Household Income

$73,848

Median Earnings

$1,786

Median Rent

$491,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Quadplex - All four residential units are occupied, providing current rental income.

Where is this quadplex located?

The property is located at 310 Culvert Street Apex, NC.

What is the asking price?

The asking price for this property is $1,288,000.

What are key features of this property?

This property features: Four occupied residential units; Built in 1985; Plans for a five‑condominium concept received preliminary review from the Town of Apex