Student Housing Apartment
New
For Sale
$4,950,000
4204 Reavis Road, Raleigh, NC 27606
Residential Income, Raleigh, NC
Property Size13,600 SF
Price / SF$363.97
Days on Market2
Property Features for 4204 Reavis Road
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Property condition
Under Construction
Zoning
R-10
Bedrooms
32
Bathrooms
36
Full bathrooms
32
Half bathrooms
8
Rooms
Bedroom 4, Bedroom 17, Bathroom 16, Bathroom 24, Bedroom 8, Bedroom 29, Bathroom 11, Bedroom 11, Bathroom 17, Bathroom 9, Bathroom 20, Bathroom 27, Bathroom 1, Bedroom 13, Bedroom 16, Bathroom 35, Bathroom 36, Bedroom 7, Bathroom 15, Bedroom 9, Bathroom 23, Bathroom 39, Bedroom 15, Bathroom 13, Bathroom 21, Bedroom 25, Bathroom 4, Bathroom 10, Bathroom 26, Bathroom 14, Bedroom 5, Bathroom 32, Bedroom 23, Bathroom 12, Bathroom 19, Bedroom 10, Bedroom 12, Bathroom 34, Bedroom 3, Dining Room, Bathroom 6, Bedroom 22, Bedroom 1, Bathroom 29, Bedroom 18, Bedroom 20, Bathroom 8, Bathroom 22, Bathroom 5, Bathroom 30, Bathroom 3, Bedroom 26, Bathroom 31, Bathroom 33, Bedroom 24, Bathroom 2, Bedroom 27, Bathroom 18, Bedroom 30, Bathroom 40, Bedroom 21, Bedroom 2, Bathroom 7, Bathroom 25, Bathroom 38, Bedroom 6, Bathroom 37, Bedroom 31, Bedroom 28, Bedroom 19, Bedroom 32, Bathroom 28, Bedroom 14
Parking
32
Parking features
Secured, Open, Off Street, Garage
Interior features
Apartment/Suite, Bathtub/Shower Combination, Ceiling Fan(s), Eat-in Kitchen, High Ceilings, High Speed Internet, Kitchen Island, Kitchen/Dining Room Combination, Living/Dining Room Combination, Open Floorplan, Primary Downstairs, Recessed Lighting
Exterior features
Awning(s), Lighting, Private Entrance, Rain Gutters
Appliances
Dishwasher, Disposal, Dryer, Free-Standing Electric Range, Freezer, Microwave, Range, Refrigerator, Stainless Steel Appliance(s), Washer, Washer/Dryer, Washer/Dryer Stacked, Water Heater
Subdivision
To Be Added
Standard status
Active
APN
079417000987000 0014709
Size
13,600 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
Lo22 Blvd Pk
Tax Annual Amount
2273
Legal Description
Lo22 Blvd Pk
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
private baths per bedroom
attached garages
modern finishes
stainless steel appliances
in-unit washer/dryer
Building Details
Year built
2026
Floors in Building
3
Number of units
8
Flooring type
Vinyl
Building materials
Fiber Cement, Lap Siding
Roof type
Shingle
Listing Agency:
Compass -- Raleigh
(919) 726-6548
Listed By:
Johnny Chappell · License #267248
(919) 737-2247
Added: Sep 4
Last Checked: Sep 5 at 1:06AM
MLS# 10190772
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 13,600-square-foot student housing property comprises eight purpose-built townhomes with four bedrooms and 4.5 bathrooms each, providing 32 beds in total. Every bedroom has a private bathroom, while the residences also include attached garages, stainless steel appliances, modern finishes, and in-unit washer and dryer combinations. Construction is designed for low maintenance, with fiber cement siding, vinyl flooring, heat pump heating, central air, and public water and sewer.
The property is adjacent to NC State and offers access to Downtown Raleigh, I-440, shopping, dining, and public transit. It is zoned R-10 and includes secured, open, off-street, and garage parking. Leasing for the 2026-2027 academic year is at 50%, with three student leases and one developer-leased model home in place. The 2026 asset is projected at a 6.0% cap rate based on current market rental expectations.
The property is adjacent to NC State and offers access to Downtown Raleigh, I-440, shopping, dining, and public transit. It is zoned R-10 and includes secured, open, off-street, and garage parking. Leasing for the 2026-2027 academic year is at 50%, with three student leases and one developer-leased model home in place. The 2026 asset is projected at a 6.0% cap rate based on current market rental expectations.
Key Highlights
- Eight 4‑bedroom, 4.5‑bath townhomes with 32 beds total
- 13,600 square feet of purpose‑built student housing
- Adjacent to NC State with access to Downtown Raleigh and I‑440
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
$138,477
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
2.80%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
50%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Purpose-built student residences feature private bathrooms, attached garages, and in-unit laundry adjacent to NC State.
Where is this apartment building located?
The property is located at 4204 Reavis Road 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 4‑bedroom, 4.5‑bath townhomes with 32 beds total; 13,600 square feet of purpose‑built student housing; Adjacent to NC State with access to Downtown Raleigh and I‑440
