Duplex with Private Fenced
For Sale
$799,000
804 Vardaman St, Raleigh, NC 27610
Two residences feature open layouts, contemporary kitchens, primary suites, and upstairs bedrooms.
Property Size2,418 SF
Price / SF$330.44
Days on Market15
Property Features for 804 Vardaman St
General Information
Standard status
Active
Size
2,418 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
stainless steel appliances
private fenced backyards
Building Details
Year Built
2022
Listing Agency:
Coldwell Banker HPW
(919) 539-6409
Listed By:
Michael Terbet, Ida Terbet · License #101494
Source:
Rubyhenderson
Added: Aug 17
Changed: Aug 27
Last Checked: Aug 30 at 8:39PM
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 Coldwell Banker HPW
Investment Insights
Based on property information with market context.
This 2,418-square-foot duplex, completed in 2022, contains two separate residences at 804 and 806 Vardaman St. Each unit is arranged across two levels with an open living and kitchen area, a first-floor primary suite with an en suite bathroom, two upstairs bedrooms, and an additional full bath. Interior finishes include stainless steel appliances, white shaker cabinetry, contemporary tile backsplashes, LVP flooring, updated lighting, and finished bathrooms. Both residences also include private fenced rear yards.
The property is in Raleigh, near Downtown Raleigh and the NCSU campus, with access to nearby dining, shopping, entertainment, and major highways. Its two-unit configuration and individual outdoor areas provide a clearly defined residential income property layout.
The property is in Raleigh, near Downtown Raleigh and the NCSU campus, with access to nearby dining, shopping, entertainment, and major highways. Its two-unit configuration and individual outdoor areas provide a clearly defined residential income property layout.
Key Highlights
- 2,418‑square‑foot duplex completed in 2022
- Two residences identified as 804 and 806 Vardaman St
- Each unit includes a first‑floor primary suite and two upstairs bedrooms
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
$27,920
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
3.49%
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%
$558,400
$558.4K
Cap Rate 7%
$398,857
$398.9K
Cap Rate 9%
$310,222
$310.2K
Market Conditions
NOI Build-Up for 2,418 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
$42.1K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$39.9K $16.50/SF
− OpEx
−$12.0K −$4.95/SF
NOI
$27.9K $11.55/SF
Area
ZIP 27610
Vacancy
5.20%
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%
$558,400
Cap Rate 7%
$398,857
Cap Rate 9%
$310,222
Alternative Uses
Best Use
Multifamily LT 5
$398.9K
$349.0K – $465.3K
NOI $27,920 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$358.1K
$313.4K – $417.8K
NOI $25,068 @ 7.0% cap · market cap 3.14%
Theoretical Best
Specialty Retail
$708.8K
$620.2K – $827.0K
NOI $49,617 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
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?
Duplex - Two residences feature open layouts, contemporary kitchens, primary suites, and upstairs bedrooms.
Where is this duplex located?
The property is located at 804 Vardaman St Raleigh, NC.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,418‑square‑foot duplex completed in 2022; Two residences identified as 804 and 806 Vardaman St; Each unit includes a first‑floor primary suite and two upstairs bedrooms
