Brick
For Sale
$1,300,000
502 Mcknight Drive, Knightdale, NC 27545
Commercial Sale, Knightdale, NC
Property Size3,650 SF
Price / SF$356.16
Days on Market70
Property Features for 502 Mcknight Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
NMX
Subdivision
Not In Subdivision
Directions
take the First Avenue / Smithfield Road exit. Turn left (north) toward Knightdale Blvd, then turn right onto Knightdale Blvd (US-64 Business). Continue east a short distance to the Walmart / Knightdale Crossing area, and McKnight Dr is on your right
Standard status
Active
APN
175413147460001 0322808
Size
3,650 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
MasterCard Knightdale Prof Center Condo. See deed. Includes Units A, B, & C
Tax Annual Amount
8970
Legal Description
MasterCard Knightdale Prof Center Condo. See deed. Includes Units A, B, & C
Utilities
Heating system
Natural Gas
Building Details
Year built
2000
Number of units
3
Building materials
Brick
Listing Agency:
Keller Williams Realty Points East
(252) 355-6000
Listed By:
Timothy Ferruzzi · License #89665
(910) 729-9180
Added: Jun 12
Changed: Aug 19
Last Checked: Aug 20 at 4:06AM
MLS# 100581306
Copyright © 2026 Hive 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 triplex contains three separate units identified as A, B, and C within a 3,650-square-foot multifamily property. Built in 2000, the building features brick construction and natural-gas heating. The three-unit configuration provides distinct residential spaces within one structure.
The property is located at 502 McKnight Drive in Knightdale, Wake County, North Carolina. Its setting places it minutes from Raleigh, the Triangle, and major commuter routes. NMX zoning is also associated with the property.
The property is located at 502 McKnight Drive in Knightdale, Wake County, North Carolina. Its setting places it minutes from Raleigh, the Triangle, and major commuter routes. NMX zoning is also associated with the property.
Key Highlights
- Three‑unit triplex with units A, B, and C
- 3,650 square feet of building area
- Built in 2000
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
$42,145
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
3.24%
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%
$842,900
$842.9K
Cap Rate 7%
$602,071
$602.1K
Cap Rate 9%
$468,278
$468.3K
Market Conditions
NOI Build-Up for 3,650 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
$63.5K $17.40/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$60.2K $16.50/SF
− OpEx
−$18.1K −$4.95/SF
NOI
$42.1K $11.55/SF
Area
Wake County, NC
Vacancy
5.20%
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%
$842,900
Cap Rate 7%
$602,071
Cap Rate 9%
$468,278
Alternative Uses
Best Use
Multifamily LT 5
$602.1K
$526.8K – $702.4K
NOI $42,145 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$533.8K
$467.1K – $622.7K
NOI $37,364 @ 7.0% cap · market cap 2.87%
Theoretical Best
Specialty Retail
$1.04M
$911.9K – $1.22M
NOI $72,952 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
735
Businesses Nearby
Explore this area
Business Placement
Demographics for 27545, NC
32,567
Population
12,781
Households
2.5
Avg Household Size
36
Median Age
36%
College-Educated
89%
High-School Grad
31.6 sq mi
ZIP Area
1,031
Density / Sq Mi
$85,400
Median Household Income
$46,629
Median Earnings
$1,560
Median Rent
$301,300
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?
Triplex - Three-unit multifamily property with brick construction, natural-gas heating, and NMX zoning in Knightdale.
Where is this triplex located?
The property is located at 502 Mcknight Drive Knightdale, NC.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Three‑unit triplex with units A, B, and C; 3,650 square feet of building area; Built in 2000
