Renovated Four-Unit
New
For Sale
$1,200,000
708 Hawes Court, Raleigh, NC 27608
Residential Income, Raleigh, NC
Property Size4,166 SF
Price / SF$288.05
Days on Market2
Property Features for 708 Hawes Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
6
Full bathrooms
4
Half bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 2, Bathroom 6, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 7, Dining Room, Bathroom 3, Bathroom 5, Bedroom 3, Bathroom 8, Basement, Bedroom 2
Parking features
Assigned, Parking Lot
Patio and Porch features
Patio
Interior features
Bathtub/Shower Combination, Eat-in Kitchen, Kitchen/Dining Room Combination, Living/Dining Room Combination, Quartz Counters, Recessed Lighting, Smooth Ceilings
Fencing
Privacy
Basement
Crawl Space
Subdivision
Park and Oak at Five Points Condominium
Standard status
Active
APN
Parent Parc 1705917942
Size
4,166 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
Unit A,B,C,D Building 708 Out of Parent Parcel 1705917942
HOA Fee
$1,209 Monthly
Legal Description
Unit A,B,C,D Building 708 Out of Parent Parcel 1705917942
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1968
Floors in Building
2
Number of units
4
Flooring type
Hardwood, Vinyl, Tile
Building materials
Brick, Wood Siding
Roof type
Shingle
Listing Agency:
Choice Residential Real Estate
(919) 720-4991
Listed By:
Ashley Denny
(336) 918-3216
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 9:06PM
MLS# 10192318
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 4,166-square-foot quadplex at 708 Hawes Court contains four townhome-style condominium units offered together. The building was constructed in 1968 and has undergone renovation, with all four units currently leased. Interior features include quartz counters, hardwood, vinyl and tile flooring, recessed lighting, eat-in kitchens, combined kitchen and dining areas, and combined living and dining areas. Each unit also includes a patio, while the property has brick and wood siding, a shingle roof, forced-air heating, central air, public water, and public sewer.
The property is in Raleigh’s Five Points area, near neighborhood restaurants, shopping, parks, and greenways. Parking includes assigned spaces and a parking lot, with privacy fencing serving the property.
The property is in Raleigh’s Five Points area, near neighborhood restaurants, shopping, parks, and greenways. Parking includes assigned spaces and a parking lot, with privacy fencing serving the property.
Key Highlights
- Four‑unit condominium building offered as one package
- 4,166 square feet with all four units currently leased
- Renovated townhome‑style units with quartz counters and recessed lighting
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
$47,611
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
3.97%
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%
$952,220
$952.2K
Cap Rate 7%
$680,157
$680.2K
Cap Rate 9%
$529,011
$529.0K
Market Conditions
NOI Build-Up for 4,166 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
$72.5K $17.40/SF
− Vacancy
−$4.5K −$1.07/SF
EGI
$68.0K $16.33/SF
− OpEx
−$20.4K −$4.90/SF
NOI
$47.6K $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%
$952,220
Cap Rate 7%
$680,157
Cap Rate 9%
$529,011
Alternative Uses
Best Use
Multifamily LT 5
$680.2K
$595.1K – $793.5K
NOI $47,611 @ 7.0% cap · market cap 3.97%
Second Best
Apartment 5plus
$606.0K
$530.2K – $707.0K
NOI $42,419 @ 7.0% cap · market cap 3.53%
Theoretical Best
Specialty Retail
$1.14M
$1.00M – $1.34M
NOI $80,143 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
976
Businesses Nearby
Explore this area
Business Placement
Demographics for 27608, NC
12,018
Population
5,589
Households
2.2
Avg Household Size
40
Median Age
82%
College-Educated
98%
High-School Grad
3.5 sq mi
ZIP Area
3,434
Density / Sq Mi
$155,433
Median Household Income
$89,190
Median Earnings
$1,487
Median Rent
$911,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Townhome-style condominium units are renovated, leased, and supported by assigned parking and shared lot parking.
Where is this quadplex located?
The property is located at 708 Hawes Court Raleigh, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four‑unit condominium building offered as one package; 4,166 square feet with all four units currently leased; Renovated townhome‑style units with quartz counters and recessed lighting
