2824 Providence Road
About This Property
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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 |
|---|---|---|---|
| Mar 13, 2025 | Price Decreased |
$999,900
↓ $99K
(9%) | |
| Price Decreased | |||
| Jan 29, 2025 | Price Decreased |
$1,099,000
↓ $76K
(6.5%) | |
| Price Decreased | |||
| Dec 5, 2024 | Listed | $1,175,000 | |
| Listed | |||
| | |||
|
Exceptional Investment Opportunity: 3 Residential Units Just Minutes from Downtown Raleigh!
This property offers a steady stream of income with a duplex and an ADU (Accessory Dwelling Unit), both fully occupied by tenants with leases in place until 5/1/25. The duplex units feature spacious, open-concept living areas on the first floor. The kitchens are beautifully designed with large islands, stainless steel appliances (refrigerators included), ceramic tile subway backsplashes, and sleek quartz countertops. A convenient half bath for guests and a one-car garage complete the main floor.
Upstairs, each duplex unit offers three bedrooms, two full bathrooms, and a laundry closet in the hallway, with wood shelving in the closets for added storage. At the rear of the duplex is the ADU, which includes two bedrooms, one full bathroom, and a bright, open kitchen that flows into the living room with vaulted ceilings—creating a spacious and airy atmosphere.
All units boast luxurious upgrades, including tile showers, stylish tile backsplashes, quartz countertops, high-end appliances, and modern fixtures. This is a prime opportunity to secure a well-maintained, income-generating property in a sought-after location.
Additionally, you may qualify for up to $11,750 in lender credits with the use of our preferred lender. Don't miss out on this rare investment opportunity!
(Some photos have been virtually staged)
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| Aug 3, 2023 | Sold | ||
| Sold | |||
| Jul 24, 2023 | Listed by Rich Realty Group | $250,000 | |
| Listed by Rich Realty Group | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017