Historic Queen Anne
For Sale
$765,000
612 Polk Street, Raleigh, NC 27604
Two-story historic residence with a wraparound porch, bay window, and detached rear outbuilding.
Property Size2,056 SF
Days on Market11
Property Features for 612 Polk Street
General Information
Standard status
Active
Size
2,056 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$6,756
Building Details
Building Size
2,056 SF
Year Built
1905
Listing Agency:
Rich Realty Group
(919) 757-3652
Listed By:
David Mang · License #288282
(919) 757-3652
Source:
Dustinbennett
Added: Aug 10
Changed: Aug 18
Last Checked: Aug 20 at 12:02PM
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 Rich Realty Group
Investment Insights
Based on property information with market context.
This Raleigh property is arranged as a three-unit residence within a two-story historic structure featuring Queen Anne and Neoclassical Revival influences. Exterior details include a steep hipped roof, a projecting gable with patterned shingles, a Palladian-style attic vent, a wraparound porch supported by Tuscan columns, a bay window, and two-over-two windows. The property was constructed in the early 20th century and is associated with architect James Matthew Kennedy, who lived there from 1909 to 1916.
A detached structure at the rear of the lot was built as a two-car garage in 1948 and is currently used for storage. The existing triplex configuration provides three residential units, while the source information also identifies the possibility of restoring the property to single-family use.
A detached structure at the rear of the lot was built as a two-car garage in 1948 and is currently used for storage. The existing triplex configuration provides three residential units, while the source information also identifies the possibility of restoring the property to single-family use.
Key Highlights
- Three‑unit configuration in a two‑story historic residence
- Queen Anne and Neoclassical Revival architectural character
- Wraparound porch with Tuscan columns and bay window
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
$23,497
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
3.07%
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%
$469,940
$469.9K
Cap Rate 7%
$335,671
$335.7K
Cap Rate 9%
$261,078
$261.1K
Market Conditions
NOI Build-Up for 2,056 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
$35.8K $17.40/SF
− Vacancy
−$2.2K −$1.07/SF
EGI
$33.6K $16.33/SF
− OpEx
−$10.1K −$4.90/SF
NOI
$23.5K $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 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%
$469,940
Cap Rate 7%
$335,671
Cap Rate 9%
$261,078
Alternative Uses
Best Use
Multifamily LT 5
$335.7K
$293.7K – $391.6K
NOI $23,497 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$299.1K
$261.7K – $348.9K
NOI $20,935 @ 7.0% cap · market cap 2.74%
Theoretical Best
Specialty Retail
$565.0K
$494.4K – $659.2K
NOI $39,552 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,178
Businesses Nearby
Explore this area
Business Placement
Demographics for 27604, NC
46,076
Population
20,828
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
89%
High-School Grad
19.1 sq mi
ZIP Area
2,412
Density / Sq Mi
$72,793
Median Household Income
$44,471
Median Earnings
$1,386
Median Rent
$293,100
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 - Two-story historic residence with a wraparound porch, bay window, and detached rear outbuilding.
Where is this triplex located?
The property is located at 612 Polk Street Raleigh, NC.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: Three‑unit configuration in a two‑story historic residence; Queen Anne and Neoclassical Revival architectural character; Wraparound porch with Tuscan columns and bay window
