Two-Unit
New
For Sale
$449,000
3216 Atlantic Avenue, Raleigh, NC 27604
Both residences have three bedrooms, two-and-a-half bathrooms, and a rear patio.
Property Size2,944 SF
Days on Market7
Property Features for 3216 Atlantic Avenue
General Information
Standard status
Active
Size
2,944 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Road Access
Yes
Amenities
rear patio
fenced backyard
Building Details
Building Size
2,944 SF
Year Built
1970
Buildings
1
Listing Agency:
Coldwell Banker Advantage
Listed By:
Melissa Gordon
(919) 783-6066
Source:
Sherihagerty
Added: Oct 14
Changed: Oct 16
Last Checked: Oct 19 at 4:21PM
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 Coldwell Banker Advantage
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Investment Insights
Based on property information with market context.
Built in 1970, this duplex contains two residences, each with three bedrooms and two-and-a-half bathrooms. Kitchen finishes include granite and laminate countertops, while the upper floors have hardwood flooring. The property also has a rear patio, a fenced backyard, and parking for residents and visitors. One residence is leased to long-term tenants.
The property is on Atlantic Avenue, north of the Beltline and near the Iron Works development area.
The property is on Atlantic Avenue, north of the Beltline and near the Iron Works development area.
Key Highlights
- Two residences, each with 3 bedrooms and 2.5 bathrooms
- One unit is leased to long‑term tenants
- Granite and laminate kitchen countertops; hardwood floors upstairs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,645
Cap Rate
7.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$672,900
$672.9K
Cap Rate 7%
$480,643
$480.6K
Cap Rate 9%
$373,833
$373.8K
Market Conditions
NOI Build-Up for 2,944 SF
Gross rent
$51.2K $17.40/SF
− Vacancy
−$3.2K −$1.07/SF
EGI
$48.1K $16.33/SF
− OpEx
−$14.4K −$4.90/SF
NOI
$33.6K $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 Rate 5%
$672,900
Cap Rate 7%
$480,643
Cap Rate 9%
$373,833
Alternative Uses
Best Use
Multifamily LT 5
$480.6K
$420.6K – $560.8K
NOI $33,645 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$428.2K
$374.7K – $499.6K
NOI $29,976 @ 7.0% cap · market cap 6.68%
Theoretical Best
Specialty Retail
$809.1K
$707.9K – $943.9K
NOI $56,635 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
859
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
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have three bedrooms, two-and-a-half bathrooms, and a rear patio.
Where is this duplex located?
The property is located at 3216 Atlantic Avenue Raleigh, NC.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2.5 bathrooms; One unit is leased to long‑term tenants; Granite and laminate kitchen countertops; hardwood floors upstairs
