627 New Road
About This Property
Nestled on a quiet street in one of Raleigh's most sought-after downtown-adjacent neighborhoods, this 3-bedroom, (with flex room/office) 3-bath stunner offers elegant spaces, abundant natural light, and thoughtful versatility that's hard to find this close to the city.
Step inside to find warm oak and bamboo hardwoods, crown molding throughout, and a beautifully reimagined floor plan designed for today's lifestyle. The downstairs bedroom - currently styled as a chic home office - offers private access to a full Jack & Jill bath and could easily become a guest suite or creative studio.
This home was completely rebuilt from the foundation up in 2006 which is evident in the truly expansive primary suite, complete with a separate sitting area, soaring cathedral ceilings, recessed lighting, a massive walk-in closet, and a spa-inspired bathroom featuring a jetted tub, double vanity, and separate shower. These spaces are rare for the area and price point.
The sun-soaked kitchen features granite countertops, abundant cabinetry, and fingerprint-resistant stainless steel appliances. Gather with friends and family in the large rear living room with fireplace - or convert the space into a flexible fourth bedroom if needed.
Step outside to enjoy your professionally landscaped yard, newly sodded with drought-resistant Zeon Zoysia (2024), a pre-wired backyard shed, and a private back deck perfect for relaxing or entertaining.
All of this, a brief stroll from Dock 1053, Neuse River Brewing, East End Bistro, Roanoke Park, High Park Village, McNeil Point, Iron Works, and more.
This is urban elegance with soul - where lifestyle, location, and livability come together.
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Cap Rate Calculator
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 |
|---|---|---|---|
| Dec 3, 2025 | Sold | ||
| Sold | |||
| Oct 21, 2025 | In contract | - | |
| In contract | |||
| Aug 29, 2025 | Price Decreased |
$829,000
↓ $21K
(2.5%) | |
| Price Decreased | |||
| Aug 21, 2025 | Listed by Cornerstone Properties | $849,900 | |
| Listed by Cornerstone Properties | |||
| Jul 24, 2025 | Price Decreased |
$850,000
↓ $14K
(1.6%) | |
| Price Decreased | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017