Student Housing Apartment
For Sale
$4,950,000
4204 Reavis Rd, Raleigh, NC 27606
New construction offers private baths, attached garages, and in-unit laundry for a campus-oriented rental operation.
Property Size13,600 SF
Price / SF$363.97
Days on Market117
Property Features for 4204 Reavis Rd
General Information
Standard status
Active
Size
13,600 SF
Property subtype
Multi-Family
Occupancy
50%
Site & Location
Neighborhood
Strother
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
8 x 4BR/4.5BA
Multifamily Units
8
Additional Details
Asking Price
$4,950,000
Amenities
private bathrooms
attached garages
modern finishes
stainless steel appliances
in-unit washer/dryer
Building Details
Year Built
2026
Listing Agency:
Compass -- Raleigh
Listed By:
Johnny Chappell · License #267248
(919) 909-0004
Source:
Searchhomesinnorthcarolina
Added: Jul 9
Changed: Nov 1
Last Checked: Nov 1 at 6:02AM
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 Compass -- Raleigh
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Investment Insights
Based on property information with market context.
This newly built apartment property contains eight purpose-built townhomes totaling 13,600 square feet and 32 beds. Each residence provides four bedrooms and 4.5 bathrooms, with a private bathroom for every bedroom. Attached garages, stainless steel appliances, contemporary finishes, and in-unit washer/dryer equipment are included throughout the property.
Leasing is underway for the 2026–2027 academic year, with 50% of the property leased through three student leases and one developer-leased model home. The property is located at 4204 Reavis Rd in Raleigh, near NC State University and within convenient reach of Downtown Raleigh, I-440, shopping, dining, and public transit.
The asset is projected to achieve a 6.0% cap rate based on current market rental expectations of approximately $950 per bedroom per month. Its recently delivered construction and low-maintenance design support ongoing operations during lease-up.
Leasing is underway for the 2026–2027 academic year, with 50% of the property leased through three student leases and one developer-leased model home. The property is located at 4204 Reavis Rd in Raleigh, near NC State University and within convenient reach of Downtown Raleigh, I-440, shopping, dining, and public transit.
The asset is projected to achieve a 6.0% cap rate based on current market rental expectations of approximately $950 per bedroom per month. Its recently delivered construction and low-maintenance design support ongoing operations during lease-up.
Key Highlights
- Eight purpose‑built townhomes with 32 beds total
- 13,600 square feet with eight 4‑bedroom, 4.5‑bath townhomes
- Private bathroom provided for every bedroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,477
Cap Rate
2.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,769,540
$2.8M
Cap Rate 7%
$1,978,243
$2.0M
Cap Rate 9%
$1,538,633
$1.5M
Market Conditions
NOI Build-Up for 13,600 SF
Gross rent
$269.3K $19.80/SF
− Vacancy
−$17.5K −$1.29/SF
EGI
$251.8K $18.51/SF
− OpEx
−$113.3K −$8.33/SF
NOI
$138.5K $10.18/SF
Area
Raleigh, NC
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,769,540
Cap Rate 7%
$1,978,243
Cap Rate 9%
$1,538,633
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,477 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.74M
$3.27M – $4.36M
NOI $261,630 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
8
Residential units
50%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
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Business Placement
Demographics for 27606, NC
48,343
Population
22,199
Households
2.2
Avg Household Size
29
Median Age
59%
College-Educated
93%
High-School Grad
24.5 sq mi
ZIP Area
1,973
Density / Sq Mi
$75,640
Median Household Income
$40,950
Median Earnings
$1,369
Median Rent
$423,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - New construction offers private baths, attached garages, and in-unit laundry for a campus-oriented rental operation.
Where is this apartment building located?
The property is located at 4204 Reavis Rd Raleigh, NC.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Eight purpose‑built townhomes with 32 beds total; 13,600 square feet with eight 4‑bedroom, 4.5‑bath townhomes; Private bathroom provided for every bedroom
