Victorian Triplex with Wraparound
New
For Sale
$765,000
612 Polk Street, Raleigh, NC 27604
DUPLEX - Victorian - Raleigh, NC
Property Size2,056 SF
Lot Size0.13 Acres
Price / SF$372.08
Days on Market2
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, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Driveway
Patio and Porch features
Porch, Deck
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
Multi Units, Ceiling Fan(s), Window Unit(s), Wall/Window Unit(s), Central Air
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
Storage, Outbuilding
Listing Agency:
Rich Realty Group
(919) 710-0256
Listed By:
David Mang · License #288282
(919) 757-3652
Added: Aug 10
Last Checked: Aug 11 at 5:06PM
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 Victorian triplex occupies a 2,056-square-foot building on a 0.13-acre lot in Raleigh. The two-story residence features a steep hipped shingle roof, gabled front projection, bay window, wraparound porch with Tuscan columns, and two-over-two windows. Interior details include hardwood and wood flooring, crown molding, built-in features, fireplaces, and multiple cooling systems. The property includes three bedrooms and three bathrooms, along with a driveway, deck, rain gutters, and wood siding.
Public water and public sewer serve the property. A detached rear structure, originally constructed as a two-car garage, is currently used for storage. The property is located at 612 Polk Street in Raleigh, NC 27604, and carries R-10 zoning.
Public water and public sewer serve the property. A detached rear structure, originally constructed as a two-car garage, is currently used for storage. The property is located at 612 Polk Street in Raleigh, NC 27604, and carries R-10 zoning.
Key Highlights
- Triplex configuration with 2,056 square feet of building area
- 0.13‑acre lot in Raleigh, NC 27604
- Wraparound porch with Tuscan columns, bay window, and gabled front projection
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
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
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 - Two-story income property with hardwood floors, public utilities, and a detached rear structure currently used for storage.
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: Triplex configuration with 2,056 square feet of building area; 0.13‑acre lot in Raleigh, NC 27604; Wraparound porch with Tuscan columns, bay window, and gabled front projection
