Three-Unit Multifamily
For Sale
$1,300,000
502 McKnight Drive #A B & C, Knightdale, NC 27545
NMX-zoned residential property with a three-unit configuration and established construction dating to 2000.
Property Size3,650 SF
Price / SF$356.16
Days on Market80
Property Features for 502 McKnight Drive #A B & C
General Information
Standard status
Active
Size
3,650 SF
Property subtype
Commercial
Zoning
NMX
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,970
Building Details
Building Size
3,650 SF
Year Built
2000
Units
3
Listing Agency:
Keller Williams Realty Points East
(910) 729-9180
Listed By:
Timothy Ferruzzi · License #89665
(910) 729-9180
Source:
Frankerealproperties
Added: Jun 12
Changed: Aug 30
Last Checked: Aug 30 at 1:53AM
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 Keller Williams Realty Points East
Investment Insights
Based on property information with market context.
This multifamily property contains three separate residential units within a 3,650-square-foot building completed in 2000. The configuration provides distinct spaces under one ownership structure, supporting multiple residential occupancies at the property.
Located at 502 McKnight Drive in Knightdale, the property is in Wake County and offers access to Raleigh, the Triangle, and major commuter routes. NMX zoning is identified for the site.
Located at 502 McKnight Drive in Knightdale, the property is in Wake County and offers access to Raleigh, the Triangle, and major commuter routes. NMX zoning is identified for the site.
Key Highlights
- Three‑unit multifamily property
- 3,650 SF building
- 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
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
630
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - NMX-zoned residential property with a three-unit configuration and established construction dating to 2000.
Where is this triplex located?
The property is located at 502 McKnight Drive #A B & C 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 multifamily property; 3,650 SF building; Built in 2000
