Well-Maintained Duplex with Central
For Sale
$510,000
3408 Atlantic Avenue, Raleigh, NC 27604
Residential, Raleigh, NC
Property Size2,344 SF
Lot Size0.33 Acres
Price / SF$217.58
Days on Market94
Property Features for 3408 Atlantic Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-6
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Dining Room, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Laundry Room
Parking features
Open
Interior features
Bathtub/Shower Combination, Ceiling Fan(s), Dining L
Subdivision
Brentwood Estates
Lot features
Back Yard
Elementary school
Wake - Brentwood Elementary
Middle school
Wake - Centennial Campus Middle
High school
Wake - Southeast Raleigh High
Standard status
Active
APN
171512766934000 0031173
Size
2,344 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo11 Brentwood Ests Bl111
Tax Annual Amount
2645
Legal Description
Lo11 Brentwood Ests Bl111
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Multi Units, Heat Pump
Water source
Public
Building Details
Year built
1968
Floors in Building
2
Flooring type
Vinyl
Building materials
Brick Veneer, Masonite
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(888) 584-9431
Listed By:
Brandon Williams · License #311072
(919) 602-1437
Added: May 19
Changed: Aug 19
Last Checked: Aug 20 at 8:06PM
MLS# 10168294
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.
This well-maintained duplex offers a straightforward two-unit layout suitable for either an owner-occupant setup or rental use. The property includes central heating and central air with a heat pump, vinyl flooring, and a shingle roof. Construction materials include brick veneer and Masonite, with open parking available. Interior features listed include ceiling fans, a bathtub/shower combination, and a dining area.
Set on a 0.33-acre lot with approximately 2,344 square feet, the property is zoned R-6. One unit is currently leased through July 15, 2027, while the other unit is vacant, providing flexibility for an owner-occupant or an investor looking to lease the second unit. Public water and public sewer services are available.
Built in 1968, the duplex is positioned to support everyday living needs with a covered blend of residential rooms and bathrooms across both units.
Set on a 0.33-acre lot with approximately 2,344 square feet, the property is zoned R-6. One unit is currently leased through July 15, 2027, while the other unit is vacant, providing flexibility for an owner-occupant or an investor looking to lease the second unit. Public water and public sewer services are available.
Built in 1968, the duplex is positioned to support everyday living needs with a covered blend of residential rooms and bathrooms across both units.
Key Highlights
- One unit leased through July 15, 2027; other unit vacant
- R‑6 zoned duplex with central air and heat pump
- 0.33‑acre lot with 2,344 SF
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
$26,788
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
5.25%
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%
$535,760
$535.8K
Cap Rate 7%
$382,686
$382.7K
Cap Rate 9%
$297,644
$297.6K
Market Conditions
NOI Build-Up for 2,344 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
$40.8K $17.40/SF
− Vacancy
−$2.5K −$1.07/SF
EGI
$38.3K $16.33/SF
− OpEx
−$11.5K −$4.90/SF
NOI
$26.8K $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%
$535,760
Cap Rate 7%
$382,686
Cap Rate 9%
$297,644
Alternative Uses
Best Use
Multifamily LT 5
$382.7K
$334.9K – $446.5K
NOI $26,788 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$341.0K
$298.3K – $397.8K
NOI $23,867 @ 7.0% cap · market cap 4.68%
Theoretical Best
Specialty Retail
$644.2K
$563.7K – $751.6K
NOI $45,093 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,037
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?
Duplex - R-6 zoned duplex with central air/heat pump, public water and public sewer, and one unit leased through July 15, 2027.
Where is this duplex located?
The property is located at 3408 Atlantic Avenue Raleigh, NC.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: One unit leased through July 15, 2027; other unit vacant; R‑6 zoned duplex with central air and heat pump; 0.33‑acre lot with 2,344 SF
