Apartment Building Corner
For Sale
$625,000
700 Glascock Street, Raleigh, NC 27604
MULTI_FAMILY - Raleigh, NC
Property Size1,777 SF
Lot Size0.22 Acres
Price / SF$351.72
Days on Market47
Property Features for 700 Glascock Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R-10
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 8, Bedroom 3, Bathroom 1, Basement, Bedroom 7, Bedroom 2, Bedroom 4, Bedroom 6, Bathroom 2, Bedroom 1, Bedroom 5
Basement
Unfinished, Crawl Space
Appliances
Electric Range, Refrigerator, Washer/Dryer
Subdivision
Capitol Heights
Lot features
Corner Lot
Elementary school
Wake - Conn Elementary
Middle school
Wake - Ligon Middle
High school
Wake - William G Enloe High
Standard status
Active
APN
171413230654000 0042639
Size
1,777 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo24 Capitol Hgts Sub Bm1945-00113
Tax Annual Amount
4259
Legal Description
Lo24 Capitol Hgts Sub Bm1945-00113
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Number of units
8
Flooring type
Vinyl, Wood, Tile
Roof type
Shingle
Listing Agency:
Compass -- Cary
(919) 769-1956
Listed By:
Lizzie Bender
(361) 876-1134
Added: Jun 16
Changed: Jul 31
Last Checked: Aug 1 at 1:06AM
MLS# 10174326
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.
Apartment building on a highly visible corner lot totaling approximately 0.22 acres, zoned R-10. The property is currently operated as an 8-room income-producing setup with flexible month-to-month occupancy agreements, and it includes basement space plus multiple bedrooms and bathrooms. The building is listed at 1,777 square feet and was built in 1950.
Recent improvements include a new roof in 2023, HVAC systems installed in 2019, and furnaces replaced in 2018 and 2019. Additional updates include a hot water heater installed in 2019, updated bathrooms and kitchen cabinetry in 2023, new windows installed in 2024 and 2025, new gutters in 2025, and fresh interior and exterior paint completed in 2025. Public water and public sewer service support the property, and there are approximately 10 off-street parking spaces.
Inside, the property includes electric and central air cooling, a heat pump for heating, and appliances such as an electric range, refrigerator, and washer/dryer. Flooring includes wood, tile, and vinyl.
Recent improvements include a new roof in 2023, HVAC systems installed in 2019, and furnaces replaced in 2018 and 2019. Additional updates include a hot water heater installed in 2019, updated bathrooms and kitchen cabinetry in 2023, new windows installed in 2024 and 2025, new gutters in 2025, and fresh interior and exterior paint completed in 2025. Public water and public sewer service support the property, and there are approximately 10 off-street parking spaces.
Inside, the property includes electric and central air cooling, a heat pump for heating, and appliances such as an electric range, refrigerator, and washer/dryer. Flooring includes wood, tile, and vinyl.
Key Highlights
- Corner‑lot apartment building on ~0.22 acres, zoned R‑10
- Currently operated as an 8‑room income‑producing property with month‑to‑month occupancy
- New roof in 2023, plus HVAC systems installed in 2019
Financial Insights For Apartment 5plus
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 | $35.2k | $19.80 |
| − Vacancy | −$2.3k | −$1.29 |
| EGI | $32.9k | $18.51 |
| − OpEx | −$14.8k | −$8.33 |
| NOI | $18.1k | $10.18 |
1,777 SF · lease $19.80/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$258.5K
$226.2K – $301.6K
NOI $18,094 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$488.4K
$427.3K – $569.8K
NOI $34,185 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,204
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building on a highly visible corner lot, zoned R-10, with public water and public sewer and recent exterior upgrades.
Where is this apartment building located?
The property is located at 700 Glascock Street Raleigh, NC.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Corner‑lot apartment building on ~0.22 acres, zoned R‑10; Currently operated as an 8‑room income‑producing property with month‑to‑month occupancy; New roof in 2023, plus HVAC systems installed in 2019
