Building Details

Building Size 3,000 SF

Year Built 1984

Year Renovated 2016

Buildings 1

Stories 1

Listing Agency: Deaton Investment Real Estate

Listed By: Thomas Furlow · License #222598 Show Phone

Source: Dustinbennett

Added: Oct 12 Changed: Oct 15 Last Checked: Oct 16 at 6:30PM

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Investment Insights

Based on property information with market context.

This 1984-built, single-story triplex contains three matching residences, each with two bedrooms, two bathrooms, and approximately 1,000 square feet. Renovation work in 2016 included the roof, windows, exterior siding, decks, HVAC systems, water heaters, and other building components. Further work from 2021 through 2026 included interior updates, flooring, siding replacement, and a new HVAC system.

The property is in Raleigh, near NC State University, I-40, Crossroads Plaza, and Raleigh/Cary employment centers. One residence is scheduled to become available in November 2026; the other two leases run through June 30, 2027.

Key Highlights

• Three residences, each with 2 bedrooms, 2 bathrooms, and approximately 1,000 square feet
• Built in 1984; single‑story triplex
• 2016 renovation addressed the roof, windows, siding, decks, HVAC systems, and water heaters

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,285

Cap Rate

5.57%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$685,700 $685.7K

Cap Rate 7%

$489,786 $489.8K

Cap Rate 9%

$380,944 $380.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$52.2K $17.40/SF

− Vacancy

−$3.2K −$1.07/SF

EGI

$49.0K $16.33/SF

− OpEx

−$14.7K −$4.90/SF

NOI

$34.3K $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 Rate 5%

$685,700

Cap Rate 7%

$489,786

Cap Rate 9%

$380,944

Alternative Uses

Best Use

Multifamily LT 5

$489.8K

$428.6K – $571.4K (±1% cap)

NOI $34,285 @ 7.0% cap · market cap 5.57%

Second Best

Apartment 5plus

$436.4K

$381.8K – $509.1K (±1% cap)

NOI $30,546 @ 7.0% cap · market cap 4.97%

Theoretical Best

Specialty Retail

$824.5K

$721.4K – $961.9K (±1% cap)

NOI $57,713 @ 7.0% cap · market cap 9.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Parking Lot & Garage Bakery Grocery & Convenience Store Barber Shop Gym & Fitness Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

100%

Occupancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

686

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Single-story property with three matching residences, each offering two bedrooms and two bathrooms.

Where is this triplex located?

The property is located at 5367 Wayne Street Raleigh, NC.

What is the asking price?

The asking price for this property is $615,000.

What are key features of this property?

This property features: Three residences, each with 2 bedrooms, 2 bathrooms, and approximately 1,000 square feet; Built in 1984; single‑story triplex; 2016 renovation addressed the roof, windows, siding, decks, HVAC systems, and water heaters