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Eight@State | New Construction Investment 4204 Reavis Rd 8 Unit Apartment Building $4,950,000 ($618,750/Unit) 6% Cap Rate Raleigh, NC 27606
Investment Highlights
- New construction student housing community (8 townhomes / 32 beds)
- Walk/bike to NC State University with excellent access to Downtown Raleigh and major commuter routes
- Prime location within walking and biking distance to NC State University, offering excellent access to Downtown Raleigh and major commuter routes, inc
- 6.0% cap rate at current asking price based on ~$950/bed market rents
- Newly constructed student housing community featuring eight purpose-built 4-bedroom, 4.5-bath townhomes providing a total of 32 beds.
Executive Summary
Newly constructed student housing investment opportunity adjacent to NC State. Eight@State consists of eight purpose-built 4-bedroom, 4.5-bath townhomes (32 beds total) designed for strong student rental demand, with private bathrooms for every bedroom, attached garages, modern finishes, stainless steel appliances, in-unit washer/dryer, and low-maintenance construction.
The property is already 50% leased for the 2027-2028 academic year, including three student leases and one developer-leased model home, providing immediate leasing momentum while allowing investors to complete lease-up ahead of the school year.
Offered at $4,950,000, the asset is projected to achieve a 6.0% cap rate based on current market rental expectations of approximately $950 per bedroom per month. Located just minutes from NC State University with convenient access to Downtown Raleigh, I-440, shopping, dining, and public transit, Eight@State offers investors the opportunity to acquire a newly delivered, institutional-quality student housing asset with minimal deferred maintenance and significant long-term rental demand.34
The property is already 50% leased for the 2027-2028 academic year, including three student leases and one developer-leased model home, providing immediate leasing momentum while allowing investors to complete lease-up ahead of the school year.
Offered at $4,950,000, the asset is projected to achieve a 6.0% cap rate based on current market rental expectations of approximately $950 per bedroom per month. Located just minutes from NC State University with convenient access to Downtown Raleigh, I-440, shopping, dining, and public transit, Eight@State offers investors the opportunity to acquire a newly delivered, institutional-quality student housing asset with minimal deferred maintenance and significant long-term rental demand.34
Property Facts
| Price | $4,950,000 | Apartment Style | Townhome |
| Price Per Unit | $618,750 | Building Class | B |
| Sale Type | Investment | Building Size | 14,264 SF |
| Cap Rate | 6% | Average Occupancy | 50% |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2026 |
| Property Subtype | Apartment | Parking Ratio | 0.28/1,000 SF |
| Zoning | R-10 - Residential-10 | ||
| Price | $4,950,000 |
| Price Per Unit | $618,750 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Building Size | 14,264 SF |
| Average Occupancy | 50% |
| No. Stories | 3 |
| Year Built | 2026 |
| Parking Ratio | 0.28/1,000 SF |
| Zoning | R-10 - Residential-10 |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Family Room
- Freezer
- Island Kitchen
- Large Bedrooms
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+4.5 | 8 | $950.00 | 1,783 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 0794.17-00-0987-000 | Improvements Assessment | $180,218 |
| Land Assessment | $250,000 | Total Assessment | $430,218 |
Property Taxes
Parcel Number
0794.17-00-0987-000
Land Assessment
$250,000
Improvements Assessment
$180,218
Total Assessment
$430,218
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