R-6 Residential Development
For Sale
$1,300,000
Pending
655-659 Sunnybrook Road, Raleigh, NC 27610
MULTI_FAMILY - Raleigh, NC
Property Size4,143 SF
Lot Size2.50 Acres
Days on Market254
Property Features for 655-659 Sunnybrook Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-6
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Basement, Bedroom 2, Bedroom 1, Bathroom 3, Bathroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 1, Bedroom 5
Parking features
Driveway
Basement
Finished
Subdivision
Not in a Subdivision
Standard status
Pending
APN
1723347789, 1723347694
Size
4,143 SF
Lot size
2.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo1 Green NBC Health LLC Rcmb Bm2019-00954 Lo2 Green NBC Health LLC RCMB BM2019-00954
Tax Annual Amount
4866
Legal Description
Lo1 Green NBC Health LLC Rcmb Bm2019-00954 Lo2 Green NBC Health LLC RCMB BM2019-00954
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1952
Floors in Building
1
Number of units
1
Flooring type
Hardwood
Building materials
Brick
Roof type
Shingle
Listing Agency:
Compass -- Raleigh
(919) 726-6548
Listed By:
Brent Henson · License #172086
(919) 272-3152
Added: Dec 9, 2025
Changed: Aug 4
Last Checked: Aug 20 at 11:06PM
MLS# 10136548
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 2.5-acre residential development site is zoned R-6 and includes two currently rented houses, each with a basement. Public water and sewer are available to support future development. The property is also listed as land in MLS #10137510.
Located in Raleigh within the beltline and within the transit overlay district, the site is minutes from Wake Medical Hospital, 440, and Downtown Raleigh.
The existing improvements provide current income while the underlying value is positioned for redevelopment on the available land under the R-6 zoning designation.
Located in Raleigh within the beltline and within the transit overlay district, the site is minutes from Wake Medical Hospital, 440, and Downtown Raleigh.
The existing improvements provide current income while the underlying value is positioned for redevelopment on the available land under the R-6 zoning designation.
Key Highlights
- 2.5‑acre site zoned R‑6 within the beltline and transit overlay district
- Includes (2) rented houses on‑site, with each house having a basement
- Public water and sewer are available for the property
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
$47,838
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
3.68%
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%
$956,760
$956.8K
Cap Rate 7%
$683,400
$683.4K
Cap Rate 9%
$531,533
$531.5K
Market Conditions
NOI Build-Up for 4,143 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
$72.1K $17.40/SF
− Vacancy
−$3.7K −$0.90/SF
EGI
$68.3K $16.50/SF
− OpEx
−$20.5K −$4.95/SF
NOI
$47.8K $11.55/SF
Area
ZIP 27610
Vacancy
5.20%
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%
$956,760
Cap Rate 7%
$683,400
Cap Rate 9%
$531,533
Alternative Uses
Best Use
Multifamily LT 5
$683.4K
$598.0K – $797.3K
NOI $47,838 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$613.6K
$536.9K – $715.9K
NOI $42,952 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.42M
NOI $85,014 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
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?
Duplex - 2.5-acre site zoned R-6 with public water and sewer, currently improved with two rented basement houses.
Where is this duplex located?
The property is located at 655-659 Sunnybrook Road Raleigh, NC.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 2.5‑acre site zoned R‑6 within the beltline and transit overlay district; Includes (2) rented houses on‑site, with each house having a basement; Public water and sewer are available for the property
