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    Pre-Leased Student Housing Duplex Community Title is generated by Realmo AI

    3605 Burt Drive, Raleigh, NC 27606

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    New
    For Sale
    $3,450,000

    MULTI_FAMILY - Raleigh, NC

    Property size:
    13,800 SF
    Lot size:
    0.21 Acres
    Price / SF:
    $250/SF
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 1:06 pm

    Property Features for 3605 Burt Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-10
    Bedrooms
    24
    Bathrooms
    27
    Rooms
    Bathroom 30, Bathroom 16, Bathroom 13, Bedroom 23, Bathroom 22, Bedroom 9, Bathroom 25, Bathroom 7, Bathroom 20, Bedroom 15, Bathroom 10, Bathroom 28, Bathroom 19, Bedroom 5, Bedroom 6, Bathroom 6, Bedroom 10, Bathroom 3, Bathroom 4, Bedroom 13, Bedroom 3, Bedroom 21, Bathroom 21, Bedroom 19, Bedroom 14, Bathroom 9, Bedroom 1, Bedroom 4, Bathroom 12, Bedroom 8, Bedroom 16, Bedroom 17, Bathroom 24, Bathroom 23, Bedroom 22, Bedroom 11, Bathroom 29, Bedroom 24, Bedroom 20, Bathroom 1, Bathroom 2, Bathroom 26, Bedroom 7, Bedroom 18, Bathroom 8, Bathroom 11, Bathroom 17, Bathroom 14, Bathroom 5, Bedroom 2, Bathroom 18, Bathroom 15, Bedroom 12, Bathroom 27
    Parking features
    Parking Lot, Off Street
    Standard status
    Active
    APN
    079310371478000 0473894
    Size
    13,800 SF
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Lo3 Evans Place On Burt Bm2020-00256
    Tax Annual Amount
    8451

    Utilities

    Sewer type
    Public Sewer
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2020
    Floors in Building
    2
    Number of units
    6
    Flooring type
    Plank, Tile, Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Thomas Furlow

    Listing agent Thomas Furlow License #222598

    Listing office Deaton Investment Real Estate 6817 Falls of Neuse Ste. 106 Stephen Deaton, Raleigh, NC

    Listing date Jun 3, 2026

    MLS# 10171367 Listing URL

    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.

    HighLights

    • Purpose‑built student housing asset near NC State University in Raleigh, built in 2020
    • Three duplex‑style buildings with six luxury townhome units and 24 student beds
    • Four‑bedroom / four‑and‑a‑half‑bath layout design with private bathrooms for each bedroom
    • Currently 96% pre‑leased for the 2026–2027 academic year at average rents of $1,113 per bed
    • Central air cooling, vinyl siding exterior, and shingle roof
    • Public water and public sewer; parking lot and off‑street parking

    Overview

    Evans Place Burt is a purpose-built student housing asset made up of three duplex-style buildings totaling six luxury townhome units and 24 student beds. Built in 2020, the property is designed for the modern student renter with spacious four-bedroom, four-and-a-half-bath layouts, high-end interior finishes, private bathrooms for each bedroom, and large outdoor living areas. The result is a low-maintenance, durable multifamily investment with proven in-place demand.

    Located at 3605 Burt Drive in Raleigh, the asset is positioned for students at North Carolina State University. The property is currently 96% pre-leased for the 2026–2027 academic year, with average rents of $1,113 per bed. With a compact lot size and purpose-built configuration, it offers investors a highly efficient, income-focused profile.

    Given the unit mix and student-oriented layouts, this community is well suited for investors seeking stable leasing and long-term academic-year occupancy. The nearly full pre-leasing supports near-term cash flow, while the durable construction and private bathroom setup align with common student housing preferences. With this configuration, operators can also benefit from straightforward, repeatable leasing across the duplex-style townhome units.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.685879
    Latitude
    35.775916

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    FAQs

    What type of property is this?
    Duplex - Purpose-built student housing with private bedroom bathrooms and large outdoor living areas, nearly fully pre-leased for 2026–2027.
    Where is this duplex located?
    The property is located at 3605 Burt Drive Raleigh, NC.
    What is the asking price?
    The asking price for this property is $3,450,000.
    What are key features of this property?
    This property features: Purpose‑built student housing asset near NC State University in Raleigh, built in 2020; Three duplex‑style buildings with six luxury townhome units and 24 student beds; Four‑bedroom / four‑and‑a‑half‑bath layout design with private bathrooms for each bedroom
    (919) 412-3913
    We can help!
    Listing Contact
    Thomas Furlow
    Real Estate License ID: 222598
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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