Occupied Residential Income
For Sale
$245,000
8029 Perry Creek Rd, Raleigh, NC 27616
Townhouse unit with two primary suites, recent improvements, and a fenced rear yard, offered separately from the attached residence.
Property Size1,371 SF
Price / SF$178.70
Days on Market24
Property Features for 8029 Perry Creek Rd
General Information
Standard status
Active
Size
1,371 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,322
Amenities
private fenced backyard
Listing Agency:
Bliss & Oak Realty And Propert
(919) 369-1540
Listed By:
Tanya Lynn Laton · License #326349
(919) 369-1540
Source:
Exprealty
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 20 at 11:34AM
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 Bliss & Oak Realty And Propert
Investment Insights
Based on property information with market context.
This residential income property is a 1,371-square-foot townhouse with three bedrooms and two full bathrooms. The layout includes a primary suite on the first floor and a second primary suite upstairs with a walk-in closet and private full bath. Recent improvements include a 2024 roof, 2025 electric water heater, updated LVP flooring and carpet, and stainless steel appliances. A privately fenced backyard completes the unit. The residence is fully occupied and has no HOA or annual assessment fees.
The property is located near Wake Tech Community College, local shopping, WRAL Soccer Park, and bus service in North Raleigh. The attached 8031 Perry Creek townhome is also available separately, providing a second nearby residential income property within the former duplex structure that was subdivided for individual resale in 2025.
The property is located near Wake Tech Community College, local shopping, WRAL Soccer Park, and bus service in North Raleigh. The attached 8031 Perry Creek townhome is also available separately, providing a second nearby residential income property within the former duplex structure that was subdivided for individual resale in 2025.
Key Highlights
- 1,371‑square‑foot townhouse with 3 bedrooms and 2 full bathrooms
- First‑floor primary suite plus an upstairs primary suite with walk‑in closet and full bath
- 2024 roof and 2025 electric water heater
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
$14,034
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
5.73%
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%
$280,680
$280.7K
Cap Rate 7%
$200,486
$200.5K
Cap Rate 9%
$155,933
$155.9K
Market Conditions
NOI Build-Up for 1,371 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
$27.1K $19.80/SF
− Vacancy
−$1.6K −$1.19/SF
EGI
$25.5K $18.61/SF
− OpEx
−$11.5K −$8.38/SF
NOI
$14.0K $10.24/SF
Area
ZIP 27616
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$280,680
Cap Rate 7%
$200,486
Cap Rate 9%
$155,933
Alternative Uses
Best Use
Apartment 5plus
$200.5K
$175.4K – $233.9K
NOI $14,034 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$391.5K
$342.5K – $456.7K
NOI $27,402 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 27616, NC
56,941
Population
24,282
Households
2.3
Avg Household Size
34
Median Age
43%
College-Educated
91%
High-School Grad
22.5 sq mi
ZIP Area
2,531
Density / Sq Mi
$81,534
Median Household Income
$41,601
Median Earnings
$1,514
Median Rent
$314,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Townhouse unit with two primary suites, recent improvements, and a fenced rear yard, offered separately from the attached residence.
Where is this residential income property located?
The property is located at 8029 Perry Creek Rd Raleigh, NC.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 1,371‑square‑foot townhouse with 3 bedrooms and 2 full bathrooms; First‑floor primary suite plus an upstairs primary suite with walk‑in closet and full bath; 2024 roof and 2025 electric water heater
