Leased Townhome Income
For Sale
$599,000
610 Rocky Knob Court, Raleigh, NC 27610
MULTI_FAMILY - Raleigh, NC
Property Size2,300 SF
Price / SF$260.43
Days on Market69
Property Features for 610 Rocky Knob Court
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Property condition
Under Construction
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bathroom 4, Dining Room, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2, Laundry Room, Bedroom 1
Parking features
Garage
Patio and Porch features
Porch, Deck, Patio
Interior features
Bathtub/Shower Combination, Built-in Features, Ceiling Fan(s), Double Vanity, Eat-in Kitchen, High Ceilings, Kitchen Island, Kitchen/Dining Room Combination, Living/Dining Room Combination, Open Floorplan, Pantry, Primary Downstairs, Recessed Lighting, Separate Shower, Storage, Walk-In Closet(s)
Exterior features
Balcony, Lighting, Private Entrance
Appliances
Built-In Range, Dishwasher, Disposal, Microwave, Range, Refrigerator, Stainless Steel Appliance(s), Vented Exhaust Fan, Washer, Washer/Dryer
Subdivision
City Hike Townhomes
Middle school
Wake - Carnage Middle
High school
Wake - Needham Broughton High
Standard status
Active
APN
1703934928
Size
2,300 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
LO4 CITY HIKE BM2023 -01578
HOA Fee
$225 Monthly
Legal Description
LO4 CITY HIKE BM2023 -01578
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
3
Number of units
1
Flooring type
Wood, Tile, Carpet
Building materials
Vinyl Siding
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Compass -- Raleigh
(919) 726-6548
Listed By:
Johnny Chappell · License #267248
(919) 737-2247
Added: Jun 16
Changed: Aug 11
Last Checked: Aug 23 at 2:06PM
MLS# 10174390
Copyright © 2026 Doorify 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 modern 4-bedroom, 4-bath townhome is designed with a private bedroom suite on each level, supporting flexible household arrangements. The interior features the “Vista” package with warm wood cabinetry, quartz countertops, contemporary finishes, and abundant natural light. For everyday convenience, a refrigerator, washer, and dryer are included, along with blinds throughout. Outside of the main living areas, the home offers a private rooftop terrace and a one-car garage.
Set within City Hike and described as minutes from Downtown Raleigh, the property places residents near major employers, dining, entertainment, and the greenway system. The home is currently leased through March 31, 2027, producing $3,195 per month in rental income.
For investors or owner-occupants seeking a turnkey, income-producing setup, the current lease provides continuity while the included appliances and window coverings reduce immediate replacement and setup needs. The layout can accommodate roommates, professionals, or households looking for privacy across multiple levels, while solar-ready infrastructure and Tesla Powerwall compatibility align with energy-conscious operation.
Set within City Hike and described as minutes from Downtown Raleigh, the property places residents near major employers, dining, entertainment, and the greenway system. The home is currently leased through March 31, 2027, producing $3,195 per month in rental income.
For investors or owner-occupants seeking a turnkey, income-producing setup, the current lease provides continuity while the included appliances and window coverings reduce immediate replacement and setup needs. The layout can accommodate roommates, professionals, or households looking for privacy across multiple levels, while solar-ready infrastructure and Tesla Powerwall compatibility align with energy-conscious operation.
Key Highlights
- New construction (2025) modern 4‑bedroom, 4‑bath townhome currently leased through March 31, 2027
- Generates $3,195/month in rental income while leased (address: 610 Rocky Knob Court)
- Includes one‑car garage plus deck, porch, and patio
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
$23,845
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
3.98%
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%
$476,900
$476.9K
Cap Rate 7%
$340,643
$340.6K
Cap Rate 9%
$264,944
$264.9K
Market Conditions
NOI Build-Up for 2,300 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
$45.5K $19.80/SF
− Vacancy
−$2.2K −$0.95/SF
EGI
$43.4K $18.85/SF
− OpEx
−$19.5K −$8.48/SF
NOI
$23.8K $10.37/SF
Area
ZIP 27610
Vacancy
4.80%
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%
$476,900
Cap Rate 7%
$340,643
Cap Rate 9%
$264,944
Alternative Uses
Best Use
Apartment 5plus
$340.6K
$298.1K – $397.4K
NOI $23,845 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$674.2K
$590.0K – $786.6K
NOI $47,196 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,346
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Modern 4BR/4BA townhome is leased through March 31, 2027, with in-unit washer/dryer and rooftop terrace.
Where is this single family property located?
The property is located at 610 Rocky Knob Court Raleigh, NC.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: New construction (2025) modern 4‑bedroom, 4‑bath townhome currently leased through March 31, 2027; Generates $3,195/month in rental income while leased (address: 610 Rocky Knob Court); Includes one‑car garage plus deck, porch, and patio
