850 Athens Drive, Raleigh, NC 27606
- Added:
- May 15, 2026
- Days on Market:
- 51
- Last Refresh:
- Jul 4 at 7:06 am
Property Features for 850 Athens Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-6
- Bedrooms
- 8
- Bathrooms
- 3
- Rooms
- Bathroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 6, Bedroom 8, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 7
- Appliances
- Electric Water Heater, Microwave, Range, Refrigerator, Stainless Steel Appliance(s)
- Standard status
- Pending
- APN
- 078306279698000 0010286
- Size
- 2,727 SF
- Lot size
- 0.55 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 78 Thru 81 Fairview Hills
- Tax Annual Amount
- 3768
Utilities
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating), Radiant, Radiant Floor
- Cooling system
- Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1965
- Floors in Building
- 1
- Flooring type
- Tile, Hardwood
- Building materials
- Brick
- Roof type
- Shingle
- Architectural style
- Other
Listing agent George Patrick III (919) 278-7420
Listing office Berkshire Hathaway HomeService 3700 Computer Drive Ste.100, Raleigh, NC (919) 782-6641
Listing date May 15, 2026
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.
HighLights
- Brick 3‑unit apartment building on a 0.55‑acre lot zoned R6
- Unit mix: two 3BR/1BA units and one 2BR/1BA unit; 2BR unit is empty for showings
- Rent details: 850 unit rents for $1350 (expires 1/31/2027); 854 unit rents for $1260 (expires 8/31/2026)
- Year built 1965 with shingle roof, electric water heater, and public water and public sewer
- Heating includes radiant floor/radiant electric; cooling includes window unit(s)
- Appliances include refrigerator, range, microwave, and stainless steel appliance(s; flooring includes tile and hardwood
Overview
The property is located at 850 Athens Drive in Raleigh, Wake County, NC 27606, and sits on a 0.55-acre lot zoned R-6. The listing notes the building is near downtown Raleigh and NC State University.
This setup can fit buyers seeking a small multifamily with in-place leases and an available unit for touring and possible occupancy. The current configuration supports an owner-operator or investor strategy focused on maintaining the existing units while pursuing updates. The remarks also reference potential redevelopment or light renovation of existing units, as well as building an ADU, subject to city approval and land use requirements.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.4k | $17.40 |
| − Vacancy | −$2.9k | −$1.07 |
| EGI | $44.5k | $16.33 |
| − OpEx | −$13.4k | −$4.90 |
| NOI | $31.2k | $11.43 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Raleigh
- County
- Wake
- State
- North Carolina
- Longitude
- -78.720181
- Latitude
- 35.77659
