Four-Unit Corner
615 New Bern Avenue Unit 615 Raleigh, NC 27601
615 New Bern Avenue Unit 615, Raleigh, NC, 27601
$425,000
For Sale
$425,000
As-is four-unit corner property zoned OX-3, located on New Bern Avenue near Downtown Raleigh.
Property Size2,129 SF
Price / SF$199.62
Days on Market39
Property Features for 615 New Bern Avenue Unit 615
General Information
- Standard status
- Active
- Size
- 2,129 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1983
Listing agency
Redfin Corporation
(919) 239-0364
Listed by
Stacey Delgado
(919) 239-0364
Source
Xome
Added: Jun 13 Updated: Jul 21 at 3:53AM Checked: Jul 21 at 3:53AM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
This OX-3 zoned corner property includes four units and is being sold as-is. The existing improvements require substantial rehabilitation, and the seller notes the condition creates flexibility for redevelopment, adaptive reuse, or conversion plans. The listing also references early plans for a potential four-unit townhome building, which are not yet city-approved. Prospective buyers are instructed to verify all intended uses with the City of Raleigh.
The property is situated along a heavily redeveloping urban corridor with strong proximity to Downtown Raleigh. The remarks indicate immediate adjacency to newly completed single-family and condominium development. The corridor is described as benefiting from recently completed New Bern Avenue Bus Rapid Transit infrastructure, along with continuing public and private investment intended to support transit-oriented growth.
The site is presented as a high-visibility infill opportunity with multiple redevelopment paths, subject to city approvals and buyer verification of intended uses.
The property is situated along a heavily redeveloping urban corridor with strong proximity to Downtown Raleigh. The remarks indicate immediate adjacency to newly completed single-family and condominium development. The corridor is described as benefiting from recently completed New Bern Avenue Bus Rapid Transit infrastructure, along with continuing public and private investment intended to support transit-oriented growth.
The site is presented as a high-visibility infill opportunity with multiple redevelopment paths, subject to city approvals and buyer verification of intended uses.
Key Highlights
- As‑is four‑unit corner property zoned OX‑3
- Located on New Bern Avenue near Downtown Raleigh
- Lot is rectangular and sits on a corner lot; dimensions 44 x 105 x 43 x 106
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.3k | $22.20 |
| − Vacancy | −$7.9k | −$3.73 |
| EGI | $39.3k | $18.47 |
| − OpEx | −$9.8k | −$4.62 |
| NOI | $29.5k | $13.85 |
2,129 SF · lease $22.20/SF/yr · vacancy 16.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$421.3K
$368.7K – $491.6K
NOI $29,493 @ 7.0% cap · market cap 6.94%
Second Best
Multifamily LT 5
$347.6K
$304.1K – $405.5K
NOI $24,331 @ 7.0% cap · market cap 5.72%
Theoretical Best
Specialty Retail
$585.1K
$512.0K – $682.6K
NOI $40,957 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - As-is four-unit corner property zoned OX-3, located on New Bern Avenue near Downtown Raleigh.
Where is this quadplex located?
The property is located at 615 New Bern Avenue Unit 615 Raleigh, NC.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: As‑is four‑unit corner property zoned OX‑3; Located on New Bern Avenue near Downtown Raleigh; Lot is rectangular and sits on a corner lot; dimensions 44 x 105 x 43 x 106
