Renovated 4-Unit
For Sale
$775,000
4304 Presley Court, Raleigh, NC 27604
Four two-bedroom units with renovated interiors, updated systems, and a mix of leased and vacant residences.
Property Size4,172 SF
Days on Market11
Property Features for 4304 Presley Court
General Information
Standard status
Active
Size
4,172 SF
Property subtype
Quadruplex
Occupancy
50%
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,088
Building Details
Building Size
4,172 SF
Year Built
1983
Listing Agency:
EXP Realty LLC
(919) 737-5990
Listed By:
Hunter Cutright · License #293884
(919) 737-5990
Source:
Sherihagerty
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 31 at 12:51AM
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.
This four-unit residential income property, built in 1983, contains four two-bedroom residences. Each unit has a distinct layout with a private sink and toilet area for each bedroom, plus a shared connecting tub and shower. Interior work includes updated kitchens, stainless steel appliances, LVP flooring, plumbing and electrical updates, newer HVAC systems, and additional cosmetic improvements.
Exterior improvements completed since 2022 include new siding, windows, exterior doors, gutters, plumbing updates, drainage work, and refreshed porches. Two units are leased, including one under a newly signed two-year lease, while the other two are vacant. Unit C has been renovated with LVP flooring throughout and is ready for occupancy; Unit B provides additional renovation potential.
Exterior improvements completed since 2022 include new siding, windows, exterior doors, gutters, plumbing updates, drainage work, and refreshed porches. Two units are leased, including one under a newly signed two-year lease, while the other two are vacant. Unit C has been renovated with LVP flooring throughout and is ready for occupancy; Unit B provides additional renovation potential.
Key Highlights
- Four two‑bedroom units in a quadplex configuration
- Two units leased and two units vacant
- Newly signed 2‑year lease on one residence
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
$47,680
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
6.15%
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%
$953,600
$953.6K
Cap Rate 7%
$681,143
$681.1K
Cap Rate 9%
$529,778
$529.8K
Market Conditions
NOI Build-Up for 4,172 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
$72.6K $17.40/SF
− Vacancy
−$4.5K −$1.07/SF
EGI
$68.1K $16.33/SF
− OpEx
−$20.4K −$4.90/SF
NOI
$47.7K $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%
$953,600
Cap Rate 7%
$681,143
Cap Rate 9%
$529,778
Alternative Uses
Best Use
Multifamily LT 5
$681.1K
$596.0K – $794.7K
NOI $47,680 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$606.9K
$531.0K – $708.0K
NOI $42,480 @ 7.0% cap · market cap 5.48%
Theoretical Best
Specialty Retail
$1.15M
$1.00M – $1.34M
NOI $80,259 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Explore this area
Business Placement
Demographics for 27604, NC
46,076
Population
20,828
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
89%
High-School Grad
19.1 sq mi
ZIP Area
2,412
Density / Sq Mi
$72,793
Median Household Income
$44,471
Median Earnings
$1,386
Median Rent
$293,100
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?
Quadplex - Four two-bedroom units with renovated interiors, updated systems, and a mix of leased and vacant residences.
Where is this quadplex located?
The property is located at 4304 Presley Court Raleigh, NC.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Four two‑bedroom units in a quadplex configuration; Two units leased and two units vacant; Newly signed 2‑year lease on one residence
