Three-Unit Multifamily
For Sale
$775,000
Pending
720 S State Street, Raleigh, NC 27601
Tenant-occupied Raleigh property with all residences leased under agreements extending into 2027.
Property Size5,040 SF
Days on Market55
Property Features for 720 S State Street
General Information
Standard status
Pending
Size
5,040 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
2 x 4BR/4BA, 1 x 3BR/4BA
Multifamily Units
3
Additional Details
Gross Income
$68,040
Taxes and HOA fees
Annual Taxes
$6,340
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 21
Changed: Oct 1
Last Checked: Oct 13 at 1:38AM
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 5,040-square-foot triplex contains three fully leased residences. The unit mix includes two four-bedroom, four-bath layouts and one three-bedroom, four-bath layout, providing a consistent multifamily configuration within a single property. Current occupancy is in place, with leases extending into 2027.
The property is located at 720 S State St in Raleigh, near Downtown Raleigh. Tenants are currently in place, and showings should be coordinated without disturbing occupants. The asset is offered as a three-unit residential income property with an established lease structure and a defined unit mix.
The property is located at 720 S State St in Raleigh, near Downtown Raleigh. Tenants are currently in place, and showings should be coordinated without disturbing occupants. The asset is offered as a three-unit residential income property with an established lease structure and a defined unit mix.
Key Highlights
- Three fully leased units with leases extending into 2027
- 5,040‑square‑foot triplex built in 2008
- Unit 101: 4BR/4BA
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.
How Realmo checks its estimates
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Triplex - Tenant-occupied Raleigh property with all residences leased under agreements extending into 2027.
Where is this triplex located?
The property is located at 720 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‑foot triplex built in 2008; Unit 101: 4BR/4BA
