Commercial Land with Existing
For Sale
$450,000
6209 Litchford Road, Raleigh, NC 27615
Commercial Sale, Raleigh, NC
Property Size1,242 SF
Lot Size0.72 Acres
Price / SF$362.32
Days on Market173
Property Features for 6209 Litchford Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OX-3
Standard status
Active
APN
1716.08-89-7785.000
Size
1,242 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOC PROP CLARA SUB BLDFERGUS BM1984-573
Tax Annual Amount
2479
Legal Description
LOC PROP CLARA SUB BLDFERGUS BM1984-573
Building Details
Year built
1935
Floors in Building
1
Building materials
Vinyl Siding
Listing Agency:
eXp Realty, LLC - C
(888) 584-9431
Listed By:
Rania Atiyeh-Tanner · License #298850
(919) 369-0980
Added: Mar 26
Changed: Aug 28
Last Checked: Sep 14 at 7:06AM
MLS# 10161428
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 0.72-acre commercial land parcel includes a 1,242-square-foot structure built in 1935. The existing building has vinyl siding and may be repurposed for office use or renovated as part of a mixed-use plan. The site is flat and usable, with road frontage that supports access and exposure.
Zoned OX-3, the property is positioned near major roads, retail, and ongoing development in Raleigh. The combination of developable land and an existing improvement provides flexibility for future planning, subject to applicable approvals.
Zoned OX-3, the property is positioned near major roads, retail, and ongoing development in Raleigh. The combination of developable land and an existing improvement provides flexibility for future planning, subject to applicable approvals.
Key Highlights
- 0.72‑acre commercial land parcel
- OX‑3 zoning
- Existing 1,242‑square‑foot structure built in 1935
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
$15,930
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
3.54%
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%
$318,600
$318.6K
Cap Rate 7%
$227,571
$227.6K
Cap Rate 9%
$177,000
$177.0K
Market Conditions
NOI Build-Up for 1,242 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
$29.1K $23.40/SF
− Vacancy
−$3.6K −$2.88/SF
EGI
$25.5K $20.52/SF
− OpEx
−$9.6K −$7.70/SF
NOI
$15.9K $12.83/SF
Area
ZIP 27615
Vacancy
12.30%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
37.50%
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%
$318,600
Cap Rate 7%
$227,571
Cap Rate 9%
$177,000
Alternative Uses
Best Use
Mixed Use
$227.6K
$199.1K – $265.5K
NOI $15,930 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$335.9K
$294.0K – $391.9K
NOI $23,516 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
816
Businesses Nearby
Explore this area
Business Placement
Demographics for 27615, NC
43,010
Population
20,681
Households
2.1
Avg Household Size
43
Median Age
64%
College-Educated
97%
High-School Grad
18.9 sq mi
ZIP Area
2,276
Density / Sq Mi
$107,051
Median Household Income
$60,661
Median Earnings
$1,533
Median Rent
$441,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Commercial land - OX-3-zoned property includes an existing structure with office or mixed-use repositioning potential.
Where is this commercial land located?
The property is located at 6209 Litchford Road Raleigh, NC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 0.72‑acre commercial land parcel; OX‑3 zoning; Existing 1,242‑square‑foot structure built in 1935
