17
Map
1016 Penncross Drive
About This Property
The kitchen has been updated with butcher block countertops and connects directly to the dining area, where sliding glass doors lead to the private outdoor space. The main-level primary suite includes vaulted ceilings and a walk-in closet, while two additional main-floor bedrooms and a fourth bedroom upstairs provide rare flexibility for guest space or a home office.
Outside, the large fenced backyard and patio offer a private setting that is difficult to find at this price point. The attached two-car garage provides essential storage and parking, adding to the home's effortless utility. Located with quick access to the beltline and I-64, this property removes the friction from a daily commute while keeping you connected to downtown Raleigh's shops and dining. If you've been waiting for a turnkey property that lets you move right in and get on with life, this is the one.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Aug 3, 2026 | Sold | ||
| Sold | |||
| Jun 28, 2026 | In contract | - | |
| In contract | |||
| May 27, 2026 | Price Decreased |
$310,000
↓ $10K
(3.1%) | |
| Price Decreased | |||
| May 6, 2026 | Listed by Kennedy Real Estate Group LLC | $320,000 | |
| Listed by Kennedy Real Estate Group LLC | |||
| Jan 15, 2010 | Sold | ||
| Sold | |||
Property Highlights
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Price/ft²
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About Southeast Raleigh
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017