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725 W Morgan St 3 Unit Apartment Building $1,150,000 ($383,333/Unit) Raleigh, NC 27603
Investment Highlights
- Gravel parking in rear of building with a perpetual 9' easement through neighboring property.
- Currently configured as three residential units, offering immediate rental income potential
- Unused rear portion of the site offers future development potential
- Prime location near Glenwood South, Boylan Heights, Downtown Raleigh, and Dorothea Dix Park
- Flexible zoning supports office and residential mixed-use uses
Executive Summary
725 W. Morgan Street offers a rare opportunity to acquire an income-producing asset in the heart of Downtown Raleigh with substantial redevelopment potential. The approximately 3,234 SF building on 0.16 acres is currently configured as a multifamily property, providing immediate cash flow while allowing future flexibility for office, mixed-use, or redevelopment strategies.
Property Facts
| Price | $1,150,000 | Apartment Style | Single-Family Home |
| Price Per Unit | $383,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Sale Condition | Redevelopment Project | Building Size | 3,234 SF |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Parking Ratio | 1.86/1,000 SF |
| Zoning | OX-4 | ||
| Price | $1,150,000 |
| Price Per Unit | $383,333 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,234 SF |
| No. Stories | 2 |
| Year Built | 1920 |
| Parking Ratio | 1.86/1,000 SF |
| Zoning | OX-4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | - | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 1703.06-38-3827-000 | Improvements Assessment | $57,013 |
| Land Assessment | $912,373 | Total Assessment | $969,386 |
Property Taxes
Parcel Number
1703.06-38-3827-000
Land Assessment
$912,373
Improvements Assessment
$57,013
Total Assessment
$969,386
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