Updated Four-Unit
For Sale
$850,000
404 E Edenton Street, Raleigh, NC 27601
One- and two-bedroom residences feature in-unit laundry and refreshed interior finishes.
Property Size3,677 SF
Days on Market90
Property Features for 404 E Edenton Street
General Information
Standard status
Active
Size
3,677 SF
Property subtype
Quadruplex
Additional Details
Furnished
Yes
Multifamily Units
4
Amenities
in-unit laundry
Building Details
Building Size
3,677 SF
Year Built
1910
Listing Agency:
EXP Realty LLC
Listed By:
Anna Powell · License #290926
(910) 985-0441
Source:
Dustinbennett
Added: Jun 17
Changed: Sep 10
Last Checked: Sep 13 at 10:33AM
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
Investment Insights
Based on property information with market context.
Built in 1910, this four-unit quadplex combines an established residential structure with updated interiors. The unit mix includes one- and two-bedroom residences, each offering in-unit laundry, updated kitchens and bathrooms, and refinished hardwood floors. Furniture and washer/dryer units are also included with an acceptable offer.
The property is located at 404 E Edenton Street in Raleigh’s Historic Oakwood area, near Downtown Raleigh. Restaurants, shops, parks, and entertainment are located nearby, placing a range of daily amenities within convenient reach of the property.
The property is located at 404 E Edenton Street in Raleigh’s Historic Oakwood area, near Downtown Raleigh. Restaurants, shops, parks, and entertainment are located nearby, placing a range of daily amenities within convenient reach of the property.
Key Highlights
- Four‑unit quadplex built in 1910
- Mix of one- and two‑bedroom units
- Updated kitchens and bathrooms
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
$42,023
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
4.94%
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%
$840,460
$840.5K
Cap Rate 7%
$600,329
$600.3K
Cap Rate 9%
$466,922
$466.9K
Market Conditions
NOI Build-Up for 3,677 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
$64.0K $17.40/SF
− Vacancy
−$3.9K −$1.07/SF
EGI
$60.0K $16.33/SF
− OpEx
−$18.0K −$4.90/SF
NOI
$42.0K $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%
$840,460
Cap Rate 7%
$600,329
Cap Rate 9%
$466,922
Alternative Uses
Best Use
Multifamily LT 5
$600.3K
$525.3K – $700.4K
NOI $42,023 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$534.9K
$468.0K – $624.0K
NOI $37,440 @ 7.0% cap · market cap 4.40%
Theoretical Best
Specialty Retail
$1.01M
$884.2K – $1.18M
NOI $70,736 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,218
Businesses Nearby
Explore this area
Business Placement
Demographics for 27601, NC
9,965
Population
4,874
Households
2
Avg Household Size
32
Median Age
49%
College-Educated
88%
High-School Grad
1.8 sq mi
ZIP Area
5,536
Density / Sq Mi
$70,433
Median Household Income
$51,443
Median Earnings
$1,499
Median Rent
$572,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - One- and two-bedroom residences feature in-unit laundry and refreshed interior finishes.
Where is this quadplex located?
The property is located at 404 E Edenton Street Raleigh, NC.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four‑unit quadplex built in 1910; Mix of one- and two‑bedroom units; Updated kitchens and bathrooms
