Victorian Triplex with Wraparound
For Sale
$750,000
612 Polk Street, Raleigh, NC 27604
Residential, Raleigh, NC
Property Size2,056 SF
Lot Size0.13 Acres
Price / SF$364.79
Days on Market49
Property Features for 612 Polk Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-10
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 1
Parking features
Driveway
Patio and Porch features
Deck, Porch
Interior features
Built-in Features, Ceiling Fan(s), Chandelier, Crown Molding, Laminate Counters
Exterior features
Rain Gutters, Storage
Fireplace
1
Appliances
Dryer, Free-Standing Range, Free-Standing Refrigerator, Range, Refrigerator, Washer, Washer/Dryer Stacked
Subdivision
Historic Oakwood
Elementary school
Wake County Schools
Middle school
Wake County Schools
High school
Wake County Schools
Standard status
Active
APN
170420918099000 0071271
Size
2,056 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
612 Polk Street
Tax Annual Amount
6756
Legal Description
612 Polk Street
Utilities
Sewer type
Public Sewer
Heating system
Fireplace(s)
Cooling system
Window Unit(s), Central Air, Ceiling Fan(s), Multi Units, Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1905
Floors in Building
2
Flooring type
Hardwood, Wood
Building materials
Wood Siding
Roof type
Shingle
Architectural style
Victorian
Additional Structures
Outbuilding, Storage
Listing Agency:
Rich Realty Group
(919) 710-0256
Listed By:
David Mang · License #288282
(919) 757-3652
Added: Aug 10
Changed: Sep 14
Last Checked: Sep 27 at 2:06PM
MLS# 10185413
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 two-story Victorian property is configured as a triplex and contains 2,056 square feet on a 0.13-acre lot. The building features a steep hipped shingle roof, gabled front projection, wraparound porch with Tuscan columns, bay window, classic two-over-two windows, hardwood flooring, crown molding, built-in features, and fireplaces. Cooling is provided by central air, multi-unit systems, and window or wall units. The property also includes a driveway, deck, rain gutters, and public water and sewer service.
Located at 612 Polk Street in Raleigh, the property carries R-10 zoning. A detached rear structure, originally constructed as a two-car garage, is currently used for storage. The room configuration includes three bedrooms and three bathrooms, with appliances including ranges, refrigerators, a washer, and a dryer.
Located at 612 Polk Street in Raleigh, the property carries R-10 zoning. A detached rear structure, originally constructed as a two-car garage, is currently used for storage. The room configuration includes three bedrooms and three bathrooms, with appliances including ranges, refrigerators, a washer, and a dryer.
Key Highlights
- Triplex configuration with 2,056 square feet of building area
- 0.13‑acre lot at 612 Polk Street, Raleigh, NC 27604
- Victorian architecture with wraparound porch and Tuscan columns
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
3.13%
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 3.13%
Second Best
Apartment 5plus
$299.1K
$261.7K – $348.9K
NOI $20,935 @ 7.0% cap · market cap 2.79%
Theoretical Best
Specialty Retail
$565.0K
$494.4K – $659.2K
NOI $39,552 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Two-story income property with three bedrooms, three bathrooms, public utilities, and a detached rear storage structure.
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 $750,000.
What are key features of this property?
This property features: Triplex configuration with 2,056 square feet of building area; 0.13‑acre lot at 612 Polk Street, Raleigh, NC 27604; Victorian architecture with wraparound porch and Tuscan columns
