Leased Triplex Near
New
For Sale
$775,000
718 S State Street, Raleigh, NC 27601
MULTI_FAMILY - Raleigh, NC
Property Size5,040 SF
Lot Size0.17 Acres
Price / SF$153.77
Days on Market6
Property Features for 718 S State Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-10
Bedrooms
11
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 7, Bathroom 3, Bathroom 6, Bedroom 1, Bathroom 2, Bathroom 5, Bedroom 3, Bathroom 4, Bedroom 4, Bathroom 10, Bedroom 7, Bedroom 2, Bedroom 9, Bathroom 11, Bathroom 1, Bedroom 11, Bathroom 12, Bedroom 5, Bathroom 8, Bedroom 8, Bathroom 9, Bedroom 6, Bedroom 10
Parking features
Parking Lot
Interior features
Bathtub/Shower Combination, Open Floorplan
Appliances
Electric Range, Refrigerator
Subdivision
Watsons Lands
Elementary school
Wake - Hunter Elementary
Middle school
Wake - Ligon Middle
High school
Wake - William G Enloe High
Standard status
Active
APN
171309152891000 0013721
Size
5,040 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo170 Watson Land Bm1885-34
Tax Annual Amount
7125
Legal Description
Lo170 Watson Land Bm1885-34
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2008
Number of units
3
Flooring type
Vinyl
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Northside Realty Inc.
(919) 784-0101
Listed By:
Stephanie Anson · License #3086504
(919) 335-3048
Added: Aug 10
Changed: Aug 14
Last Checked: Aug 15 at 9:06AM
MLS# 10186311
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 5,040-square-foot triplex contains three fully leased units and is currently tenant occupied. Built in 2008, the property sits on 0.17 acres and features open floorplans, vinyl flooring, vinyl siding, shingle roofing, central air, and forced-air heating. Unit amenities include electric ranges, refrigerators, and bathtub/shower combinations.
The property is located at 718 S State Street in Raleigh, near Downtown Raleigh. R-10 zoning applies, with public water and public sewer serving the site. A parking lot provides on-site parking, while tenant access is managed with 24-hour notice required and 48 hours preferred. Existing leases extend into 2027.
The property is located at 718 S State Street in Raleigh, near Downtown Raleigh. R-10 zoning applies, with public water and public sewer serving the site. A parking lot provides on-site parking, while tenant access is managed with 24-hour notice required and 48 hours preferred. Existing leases extend into 2027.
Key Highlights
- Three fully leased units with leases extending into 2027
- 5,040 square feet on a 0.17‑acre lot
- Built in 2008 with vinyl siding and shingle roof
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
$57,600
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
7.43%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
887
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied residences offer established leasing with tenants committed through 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 units with leases extending into 2027; 5,040 square feet on a 0.17‑acre lot; Built in 2008 with vinyl siding and shingle roof
