Two-Unit
3814 Thelma Street, Raleigh, NC 27610
For Sale
$499,900
Both residences are leased on a week-to-week basis.
Property Size2,696 SF
Price / SF$185.42
Days on Market139
Property Features for 3814 Thelma Street
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Building Size
Year Built
Listing Agency:
EXP Realty LLC
Listed By:
Marti Hampton · License NC #132302
(919) 601-7710
Source:
Hendrenrealtygroup
Added: Jun 29
Changed: Nov 8
Last Checked: Nov 13 at 7:39PM
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 EXP Realty LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1969, this 2,696-square-foot duplex contains two residences, each configured with four bedrooms and four bathrooms. The property is occupied, and both units are leased on a week-to-week basis.
The duplex is located on Thelma Street in Raleigh. Showings require 24 hours’ notice.
The duplex is located on Thelma Street in Raleigh. Showings require 24 hours’ notice.
Key Highlights
- 2,696‑square‑foot duplex built in 1969
- Two residences, each with 4 bedrooms and 4 bathrooms
- Both units currently leased on a week‑to‑week basis
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,130
Cap Rate
6.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$622,600
$622.6K
Cap Rate 7%
$444,714
$444.7K
Cap Rate 9%
$345,889
$345.9K
Market Conditions
NOI Build-Up for 2,696 SF
Gross rent
$46.9K $17.40/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$44.5K $16.50/SF
− OpEx
−$13.3K −$4.95/SF
NOI
$31.1K $11.55/SF
Area
ZIP 27610
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%
$622,600
Cap Rate 7%
$444,714
Cap Rate 9%
$345,889
Alternative Uses
Best Use
Multifamily LT 5
$444.7K
$389.1K – $518.8K
NOI $31,130 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$399.3K
$349.4K – $465.8K
NOI $27,950 @ 7.0% cap · market cap 5.59%
Theoretical Best
Specialty Retail
$790.3K
$691.5K – $922.0K
NOI $55,322 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
730
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
Median Home Value
Market
Average Price Trend$/SF for Duplexes in Raleigh, NC
Properties on Market for Duplexes in Raleigh
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased on a week-to-week basis.
Where is this duplex located?
The property is located at 3814 Thelma Street Raleigh, NC.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,696‑square‑foot duplex built in 1969; Two residences, each with 4 bedrooms and 4 bathrooms; Both units currently leased on a week‑to‑week basis
