Triplex With Available
For Sale
$665,000
3104 Crandon Lane, Raleigh, NC 27604
A three-unit property includes one vacant apartment and established occupancy in the remaining units.
Property Size3,168 SF
Days on Market76
Property Features for 3104 Crandon Lane
General Information
Standard status
Active
Size
3,168 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$4,625
Building Details
Building Size
3,168 SF
Year Built
1985
Listing Agency:
The New Realty Group, LLC
(919) 625-9452
Listed By:
Alfredo Rodriguez · License #161086
(919) 625-9452
Source:
Dustinbennett
Added: Jun 7
Changed: Aug 21
Last Checked: Aug 21 at 10:11AM
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 The New Realty Group, LLC
Investment Insights
Based on property information with market context.
This triplex was built in 1985 and is being offered in its current condition. One apartment is vacant and available for viewing, while the other apartments are occupied. One resident has maintained a 20-year tenancy, providing a documented history of long-term occupancy.
The property is located on Crandon Lane in Raleigh, near Capital Boulevard and within a traditional residential neighborhood. Access to occupied apartments is limited until the due diligence period. The sale is offered as-is.
The property is located on Crandon Lane in Raleigh, near Capital Boulevard and within a traditional residential neighborhood. Access to occupied apartments is limited until the due diligence period. The sale is offered as-is.
Key Highlights
- Triplex built in 1985
- One apartment is currently vacant and available for viewing
- One tenant has maintained a 20‑year tenancy
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
$36,205
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
5.44%
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%
$724,100
$724.1K
Cap Rate 7%
$517,214
$517.2K
Cap Rate 9%
$402,278
$402.3K
Market Conditions
NOI Build-Up for 3,168 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
$55.1K $17.40/SF
− Vacancy
−$3.4K −$1.07/SF
EGI
$51.7K $16.33/SF
− OpEx
−$15.5K −$4.90/SF
NOI
$36.2K $11.43/SF
Area
Raleigh, NC
Vacancy
6.17%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$724,100
Cap Rate 7%
$517,214
Cap Rate 9%
$402,278
Alternative Uses
Best Use
Multifamily LT 5
$517.2K
$452.6K – $603.4K
NOI $36,205 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$460.8K
$403.2K – $537.6K
NOI $32,257 @ 7.0% cap · market cap 4.85%
Theoretical Best
Specialty Retail
$870.6K
$761.8K – $1.02M
NOI $60,944 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
948
Businesses Nearby
Explore this area
Business Placement
Demographics for 27604, NC
46,076
Population
20,828
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
89%
High-School Grad
19.1 sq mi
ZIP Area
2,412
Density / Sq Mi
$72,793
Median Household Income
$44,471
Median Earnings
$1,386
Median Rent
$293,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - A three-unit property includes one vacant apartment and established occupancy in the remaining units.
Where is this triplex located?
The property is located at 3104 Crandon Lane Raleigh, NC.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Triplex built in 1985; One apartment is currently vacant and available for viewing; One tenant has maintained a 20‑year tenancy
