$544,000
●
House -
Off Market
1208 Lorimer Road
Raleigh, NC 27606
3 Beds
3 Baths,
1
Half Bath
1,660 Ft²
$3,063
Est. Monthly
3.75%
Cap Rate
About This Property
Welcome to 1208 Lorimer Road, a beautifully updated 3-bedroom,
3.5-bath ranch on a spacious 0.61-acre corner lot. Located just
minutes from I-440, NCSU, Cary, and Downtown Raleigh - with
convenient access to I-40 - this home combines space, style, and
convenience in one of Raleigh's most desirable areas.
Improvements include a new roof, insulation, and drywall, upgraded plumbing and electrical systems, fresh interior and exterior paint, a brand-new kitchen with cabinets, countertops, sink, and appliances, and fully renovated bathrooms with new cabinetry, showers, vanities, toilets, and tile. The home also features engineered hardwood flooring throughout, a new water heater, an added single-car garage, new landscaping, and a spacious rear deck for outdoor living.
This property offers a rare opportunity to own a fully remodeled home in a prime Raleigh location - equally suited as a primary residence or as an investment property with projected gross rental income of approximately $36,000 annually.
Improvements include a new roof, insulation, and drywall, upgraded plumbing and electrical systems, fresh interior and exterior paint, a brand-new kitchen with cabinets, countertops, sink, and appliances, and fully renovated bathrooms with new cabinetry, showers, vanities, toilets, and tile. The home also features engineered hardwood flooring throughout, a new water heater, an added single-car garage, new landscaping, and a spacious rear deck for outdoor living.
This property offers a rare opportunity to own a fully remodeled home in a prime Raleigh location - equally suited as a primary residence or as an investment property with projected gross rental income of approximately $36,000 annually.
Unit Size
1,660 Ft²
Days on Market
-
Land Size
0.61 acres
Price per sqft
$355
Property Type
House
Property Taxes
$170
HOA Dues
-
Year Built
1977
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Cap Rate
100% Occupancy
N/A (extreme outlier) 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.
Last updated: 11 months ago (TMLS #10112836)
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 3, 2025 | Sold | ||
| Sold | |||
| Oct 27, 2025 | In contract | - | |
| In contract | |||
| Oct 19, 2025 | Price Increased |
$589,000
↑ $50K
(9.3%) | |
| Price Increased | |||
| Oct 3, 2025 | Price Decreased |
$539,000
↓ $30K
(5.3%) | |
| Price Decreased | |||
| Sep 15, 2025 | Price Decreased |
$569,000
↓ $16K
(2.7%) | |
| Price Decreased | |||
Show More
Property Highlights
Garage
Air Conditioning
Fireplace
Building Info
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
About Southwest Raleigh
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Listed by: Jamie Dawson, ASPIRE REAL ESTATE AND DEVELOP
Last Updated: 11 months ago
Data Source: TMLS, MLS# 10112836
Last Updated: 11 months ago
Data Source: TMLS, MLS# 10112836
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