Residential Income Property with Modern
For Sale
$215,000
4808 Blue Bird Ct, Raleigh, NC 27606
Condominium residence includes granite counters, upgraded flooring, full appliances, and dedicated parking.
Property Size977 SF
Price / SF$220.06
Days on Market16
Property Features for 4808 Blue Bird Ct
General Information
Standard status
Active
Size
977 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Building Details
Year Built
1968
Listing Agency:
Block & Associates Realty
Listed By:
Crystal Williams
(919) 439-9139
Source:
Searchhomesinnorthcarolina
Added: Aug 24
Changed: Sep 4
Last Checked: Sep 7 at 9:45AM
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 Block & Associates Realty
Investment Insights
Based on property information with market context.
This 977-square-foot residential income property is configured as a condominium residence built in 1968. Interior features include granite countertops, luxury vinyl plank flooring, and a complete appliance package with a gas stove. The home also includes two parking spaces and a guest parking pass, supporting convenient day-to-day use.
The property is located at 4808 Blue Bird Ct in Raleigh, NC 27606. NC State is minutes away, while Fenton in Cary and Downtown Raleigh are accessible by a short drive. Shopping and dining are also identified as part of the surrounding area.
The property is located at 4808 Blue Bird Ct in Raleigh, NC 27606. NC State is minutes away, while Fenton in Cary and Downtown Raleigh are accessible by a short drive. Shopping and dining are also identified as part of the surrounding area.
Key Highlights
- 977 square feet of residential space
- Built in 1968
- Granite countertops and luxury vinyl plank flooring
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
$9,948
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
4.63%
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%
$198,960
$199.0K
Cap Rate 7%
$142,114
$142.1K
Cap Rate 9%
$110,533
$110.5K
Market Conditions
NOI Build-Up for 977 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
$19.3K $19.80/SF
− Vacancy
−$1.3K −$1.29/SF
EGI
$18.1K $18.51/SF
− OpEx
−$8.1K −$8.33/SF
NOI
$9.9K $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%
$198,960
Cap Rate 7%
$142,114
Cap Rate 9%
$110,533
Alternative Uses
Best Use
Apartment 5plus
$142.1K
$124.4K – $165.8K
NOI $9,948 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$268.5K
$234.9K – $313.3K
NOI $18,795 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
577
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence includes granite counters, upgraded flooring, full appliances, and dedicated parking.
Where is this residential income property located?
The property is located at 4808 Blue Bird Ct Raleigh, NC.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 977 square feet of residential space; Built in 1968; Granite countertops and luxury vinyl plank flooring
