Building Details

Year Built 1986

Listing Agency: Bliss & Oak Realty And Propert

Listed By: Tanya Lynn Laton · License #326349 Show Phone

Source: Bonniestrowd

Added: Aug 8 Changed: Oct 3 Last Checked: Oct 7 at 1:13PM

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Investment Insights

Based on property information with market context.

This 1,428-square-foot residential income townhouse was built in 1986 and is currently fully occupied. The two-level layout includes three bedrooms and 2.5 baths, with all bedrooms upstairs and a Jack-and-Jill bath serving the second and third bedrooms. A private fenced backyard adds outdoor space, while recent improvements include a new roof, updated LVP flooring and carpet, and a rebuilt chimney.

The property is located in North Raleigh near Wake Tech Community College, local shopping, WRAL Soccer Park, and the bus line. It has no HOA or yearly assessment fees. The former duplex was subdivided in 2025 for individual resale, and an attached three-bedroom, 2.5-bath townhome at 8031 Perry Creek is also available separately. Tenant occupancy is in place, providing an existing rental arrangement for the next owner.

Key Highlights

• Fully occupied 1,428 SF townhouse
• 3 bedrooms and 2.5 baths with all bedrooms upstairs
• New roof installed in 2024

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,618

Cap Rate

5.97%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$292,360 $292.4K

Cap Rate 7%

$208,829 $208.8K

Cap Rate 9%

$162,422 $162.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,428 SF

Gross rent

$28.3K $19.80/SF

− Vacancy

−$1.7K −$1.19/SF

EGI

$26.6K $18.61/SF

− OpEx

−$12.0K −$8.38/SF

NOI

$14.6K $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 Rate 5%

$292,360

Cap Rate 7%

$208,829

Cap Rate 9%

$162,422

Alternative Uses

Best Use

Apartment 5plus

$208.8K

$182.7K – $243.6K (±1% cap)

NOI $14,618 @ 7.0% cap · market cap 5.97%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$407.7K

$356.8K – $475.7K (±1% cap)

NOI $28,541 @ 7.0% cap · market cap 11.65%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Hair Salon (Bike/Boat/Book/etc) Store Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

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Frequently Asked Questions

What type of property is this?

Residential income property - Fully occupied townhouse with updated flooring, a private fenced backyard, and no HOA or annual assessment fees.

Where is this residential income property located?

The property is located at 8031 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: Fully occupied 1,428 SF townhouse; 3 bedrooms and 2.5 baths with all bedrooms upstairs; New roof installed in 2024