Four-Unit Quadplex with Private
For Sale
$679,000
6128 Spice Ridge Ln, Raleigh, NC 27606
The property combines updated interiors, two-bedroom layouts, and provided laundry appliances across four residential units.
Property Size3,458 SF
Price / SF$196.36
Days on Market43
Property Features for 6128 Spice Ridge Ln
General Information
Standard status
Active
Size
3,458 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
private backyard
washer and dryer
Building Details
Year Built
1985
Listing Agency:
BEYCOME BROKERAGE REALTY LLC
(702) 604-7770
Listed By:
Craig Tribus · License #352783
Source:
Myhomesearchtriangle
Added: Jul 19
Changed: Aug 30
Last Checked: Aug 30 at 3:46AM
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 BEYCOME BROKERAGE REALTY LLC
Investment Insights
Based on property information with market context.
This 3,458-square-foot quadplex contains four residential units, each configured with two bedrooms and two bathrooms. Interior features include open-plan living areas, updated flooring, and generously sized bedrooms. Every unit also has a private backyard and an included washer and dryer. The property was built in 1985.
The address is just off Hillsborough Street between Raleigh and Cary, with access to I-40, downtown Raleigh, downtown Cary, shopping, dining, and major employers. The assigned public schools are Reedy Creek Elementary, Reedy Creek Middle, and Athens Drive High School.
The property is suitable for tenants participating in the Housing Choice Voucher program, as stated in the source information.
The address is just off Hillsborough Street between Raleigh and Cary, with access to I-40, downtown Raleigh, downtown Cary, shopping, dining, and major employers. The assigned public schools are Reedy Creek Elementary, Reedy Creek Middle, and Athens Drive High School.
The property is suitable for tenants participating in the Housing Choice Voucher program, as stated in the source information.
Key Highlights
- Four residential units, each with 2 bedrooms and 2 bathrooms
- 3,458‑square‑foot quadplex built in 1985
- Private backyard provided for every unit
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
$39,520
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
5.82%
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%
$790,400
$790.4K
Cap Rate 7%
$564,571
$564.6K
Cap Rate 9%
$439,111
$439.1K
Market Conditions
NOI Build-Up for 3,458 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
$60.2K $17.40/SF
− Vacancy
−$3.7K −$1.07/SF
EGI
$56.5K $16.33/SF
− OpEx
−$16.9K −$4.90/SF
NOI
$39.5K $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%
$790,400
Cap Rate 7%
$564,571
Cap Rate 9%
$439,111
Alternative Uses
Best Use
Multifamily LT 5
$564.6K
$494.0K – $658.7K
NOI $39,520 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$503.0K
$440.1K – $586.8K
NOI $35,210 @ 7.0% cap · market cap 5.19%
Theoretical Best
Specialty Retail
$950.3K
$831.5K – $1.11M
NOI $66,523 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
364
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - The property combines updated interiors, two-bedroom layouts, and provided laundry appliances across four residential units.
Where is this quadplex located?
The property is located at 6128 Spice Ridge Ln Raleigh, NC.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Four residential units, each with 2 bedrooms and 2 bathrooms; 3,458‑square‑foot quadplex built in 1985; Private backyard provided for every unit
