Duplex with Two-Car
New
For Sale
$550,000
916 Dorothea Dr, Raleigh, NC 27603
Two one-bedroom apartments occupy a corner property with a wraparound porch and a large yard.
Property Size1,582 SF
Price / SF$347.66
Days on Market1
Property Features for 916 Dorothea Dr
General Information
Standard status
Active
Size
1,582 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
could use some updating
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
wraparound front porch
washer and dryer
Building Details
Year Built
1925
Buildings
1
Listed By:
Hope Tyler Home Team
(919) 332-5447
Source:
Hopetylerhometeam
Added: Oct 1
Last Checked: Oct 1 at 1:57PM
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 Hope Tyler Home Team
Investment Insights
Based on property information with market context.
Configured as a front-and-back duplex, the 1,582-square-foot building contains two one-bedroom apartments, each with a full bath, living room, eat-in kitchen, and washer and dryer. The property dates to 1925 and includes a two-car garage and wraparound front porch. Electrical and plumbing have been upgraded; the roof is five years old and the gas furnace is three years old. Kitchens and bathrooms function but would benefit from updating, and the property is being sold as is.
The duplex sits on a private corner lot in Historic Boylan Heights in downtown Raleigh, with a view of Dix Hill/Dix Park. The yard has room for expansion, and the building could be converted back to a single-family home.
The duplex sits on a private corner lot in Historic Boylan Heights in downtown Raleigh, with a view of Dix Hill/Dix Park. The yard has room for expansion, and the building could be converted back to a single-family home.
Key Highlights
- Two front‑and‑back apartments, each with one bedroom and one full bath
- 1,582 square feet; built in 1925
- Each unit includes a living room, eat‑in kitchen, washer and dryer
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
$17,007
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
3.09%
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%
$340,140
$340.1K
Cap Rate 7%
$242,957
$243.0K
Cap Rate 9%
$188,967
$189.0K
Market Conditions
NOI Build-Up for 1,582 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
$25.6K $16.20/SF
− Vacancy
−$1.3K −$0.84/SF
EGI
$24.3K $15.36/SF
− OpEx
−$7.3K −$4.61/SF
NOI
$17.0K $10.75/SF
Area
ZIP 27603
Vacancy
5.20%
Lease Rate
$16.20 /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%
$340,140
Cap Rate 7%
$242,957
Cap Rate 9%
$188,967
Alternative Uses
Best Use
Multifamily LT 5
$243.0K
$212.6K – $283.5K
NOI $17,007 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$210.8K
$184.4K – $245.9K
NOI $14,753 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$500.4K
$437.9K – $583.8K
NOI $35,029 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,136
Businesses Nearby
Explore this area
Business Placement
Demographics for 27603, NC
54,616
Population
24,030
Households
2.3
Avg Household Size
34
Median Age
48%
College-Educated
94%
High-School Grad
51.4 sq mi
ZIP Area
1,063
Density / Sq Mi
$87,939
Median Household Income
$51,856
Median Earnings
$1,496
Median Rent
$347,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom apartments occupy a corner property with a wraparound porch and a large yard.
Where is this duplex located?
The property is located at 916 Dorothea Dr Raleigh, NC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two front‑and‑back apartments, each with one bedroom and one full bath; 1,582 square feet; built in 1925; Each unit includes a living room, eat‑in kitchen, washer and dryer
