Leased
For Sale
$775,000
Pending
718 S State Street, Raleigh, NC 27601
Tenant-occupied multifamily property near Downtown Raleigh with established leases extending into 2027.
Property Size5,040 SF
Days on Market59
Property Features for 718 S State Street
General Information
Standard status
Pending
Size
5,040 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Gross Income
$68,040
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,125
Building Details
Building Size
5,040 SF
Year Built
2008
Tenancy
Multi
Listing Agency:
Northside Realty Inc.
Listed By:
Stephanie Anson · License #270558
(919) 335-3048
Source:
Dustinbennett
Added: Aug 10
Changed: Sep 29
Last Checked: Oct 5 at 10:26PM
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 Northside Realty Inc.
Investment Insights
Based on property information with market context.
Built in 2008, this triplex contains three residential units that are fully leased and currently tenant occupied. Existing leases extend into 2027, providing an established occupancy profile for a new owner. The property is located near Downtown Raleigh.
Tenant access is controlled through advance notice, with 24 hours required and 48 hours preferred. Listing photographs were taken before the current occupants moved in.
Tenant access is controlled through advance notice, with 24 hours required and 48 hours preferred. Listing photographs were taken before the current occupants moved in.
Key Highlights
- Three fully leased residential units
- Existing leases extend into 2027
- Built in 2008
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,600
Cap Rate
7.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,152,000
$1.2M
Cap Rate 7%
$822,857
$822.9K
Cap Rate 9%
$640,000
$640.0K
Market Conditions
NOI Build-Up for 5,040 SF
Gross rent
$87.7K $17.40/SF
− Vacancy
−$5.4K −$1.07/SF
EGI
$82.3K $16.33/SF
− OpEx
−$24.7K −$4.90/SF
NOI
$57.6K $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 Rate 5%
$1,152,000
Cap Rate 7%
$822,857
Cap Rate 9%
$640,000
Alternative Uses
Best Use
Multifamily LT 5
$822.9K
$720.0K – $960.0K
NOI $57,600 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$733.1K
$641.5K – $855.3K
NOI $51,318 @ 7.0% cap · market cap 6.62%
Theoretical Best
Specialty Retail
$1.39M
$1.21M – $1.62M
NOI $96,957 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
Business Placement
Demographics for 27601, NC
9,965
Population
4,874
Households
2
Avg Household Size
32
Median Age
49%
College-Educated
88%
High-School Grad
1.8 sq mi
ZIP Area
5,536
Density / Sq Mi
$70,433
Median Household Income
$51,443
Median Earnings
$1,499
Median Rent
$572,600
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Tenant-occupied multifamily property near Downtown Raleigh with established leases extending into 2027.
Where is this triplex located?
The property is located at 718 S State Street Raleigh, NC.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three fully leased residential units; Existing leases extend into 2027; Built in 2008
