1005 Raleigh St

Elizabeth City, NC 27909

$2,695,827
Price
—
Beds
—
Baths
21,500 Sq. Ft.
$125 / Sq. Ft.
21,500
Sq. Ft.
$125
per Sq. Ft.
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Description

Unique investment opportunity to acquire a well-maintained, multi-family apartment complex at a 9% cap rate. NOI at full occupancy is $243,704.40. The complex consists of three properties: 1005 Raleigh Street (892309261179), 1110 Park Street (892309260112), and 0000 Park Street (892309261032). This portfolio includes 24 total units, each ranging approximately 800-900 sqft, with a combined building square footage of approximately 21,500 sqft. All units feature 2 bedrooms and 1 or 1.5 bathrooms. Several...Unique investment opportunity to acquire a well-maintained, multi-family apartment complex at a 9% cap rate. NOI at full occupancy is $243,704.40. The complex consists of three properties: 1005 Raleigh Street (892309261179), 1110 Park Street (892309260112), and 0000 Park Street (892309261032). This portfolio includes 24 total units, each ranging approximately 800-900 sqft, with a combined building square footage of approximately 21,500 sqft. All units feature 2 bedrooms and 1 or 1.5 bathrooms. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. 1110 Park Street consists of four quadplex buildings. 1005 Raleigh Street includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with only one vacant unit, actively marketed at $1,200/month. Current rents range from $1,000-$1,300 per month. At current occupancy, the property generates approximately $303,000 in gross annual income, with projected gross income of $317,400 at full occupancy based on current rental rates. Significant capital improvements have been completed since the current owners acquired the property in 2017, including, replacement of 3 roofs within the past 3-4 years, with 30-year architectural shingles., encapsulation of all quadplexes at 1110 Park Street, along with the addition of dehumidifiers, 14 HVAC units replaced (7 since 2017 and 7 additional units replaced in 2016 prior to acquisition) and ongoing interior upgrades, including new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment Zoning District, while the additional residual parcel, 0000 Park Street (Tract 3 in DB 1284, DP 477), is zoned, R-8 residential. The 6,902 sqft residual parcel is subject to a restrictive covenant prohibiting the construction of any building or structure for the lifetime of the previous owners and 21 years thereafter.
  1. Listed by Kellen Long • Rich Company
    P: (252)-562-8889 C: (252)-562-8889 kellen.long11@gmail.com

Property Details for 1005 Raleigh Street

Subdivision Name
N/A
Zoning
AD and R-8
LISTING UPDATED: 02/03/2026 01:09 PM

Property Details for 1005 Raleigh Street

StatusActive
MLS #100552609
Days on Market3
Taxes$14,956 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeCommercial Sale / Multi Family
Year Built1990
Lot Size2.86 AC / 124,668 SF
CountyPasquotank County

Location

Listing Courtesy of Rich Company
Add your commute

Building Information for 1005 Raleigh Street

Stories-Residences24Year Built1990Building Size-Lot Size2.86 AC / 124,668 SF

Payment Calculator

$14,385 per month

30 year fixed, 6.15% Interest

Principal and Interest

$13,139

Property Taxes

$1,246

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1005 Raleigh Street

Summary
Location and General Information
  • Island Or Mainland: Mainland
  • In City Limits: Yes
  • Cobra Zone: No
  • Location: Residential
  • Directions: Turn on Park Street from Southern Ave. and 1110 Park Street will be on your left as you approach the intersection of Park and Raleigh Street. To access the Raleigh Street property, turn left at the intersection of Raleigh and Park Street, and the driveway will be the third property on your left.
  • Latitude: 36
  • Longitude: -76
  • Road Frontage Type: City Street, State Road, 2 - 3 Lanes
Taxes and HOA
  • Tax Other Assessment Amount Frequency: N/A
  • Association: No
  • Parcel Number: 892309261179
  • Tax Block: DB 480, DP 957 and DB 514
  • Tax Book Number: DB 480, DP 957 and DB 514
  • Tax Legal Description: Raleigh Park Rentals, LLC
  • Tax Map Number: 892309261179
  • Tax Assessed Value: $1,236,000
  • Tax Year: 2026
Distance To
  • Distance To Airport By Road: 16+ Miles
  • Distance To County Highway By Road: 6 - 10 Miles
  • Distance To Interstate By Road: 16+ Miles
  • Distance To Port By Road: 16+ Miles
  • Distance To Rail By Road: Less than 5 Miles
  • Distance To State Highway By Road: 6 - 10 Miles
Parking
  • Garage Lock Type: N/A
  • Attached Garage: No
  • Parking Total: 46.0
  • Parking Features: Parking Lot, Asphalt, Off Street, On Site, Paved
Property
Lot Information
  • Building Area Total: 21500.0
  • Lot Size Acres: 2.86
  • Lot Size Area: 2.86
  • Lot Size Square Feet: 124668.0
  • Lot Size Dimensions: Irregular
  • Lot Size Units: Acres
  • Structure Type: Wood Frame
Property and Assessments
  • Deed Book: 1284
  • Deed Page: 472.0
  • Floor Plans Count: 2
  • Floor Plans Change Timestamp: 02-03-2026 12:52:02 PM
  • Current Use: Residential, Multi-Family
  • New Construction: No
  • Possession: Close Of Escrow, Subject To Tenant Rights, At Closing
  • Property Sub Type: Multi Family
  • Property Type: Commercial Sale
  • Year Built: 1990
  • Permitted Use: Public
Utilities
  • Sewer Provider: Municipal Sewer
  • Utilities: Electricity Connected, Sewer Connected2, Water Connected3
  • Water Source: Public
Interior and Exterior Features
Exterior Features
  • Exterior Finish: Brick, Vinyl Siding, Cedar
  • Construction Materials: Cedar, Brick, Vinyl Siding
  • Foundation Details: Block, Slab
  • Roof: Shingle
Interior Features
  • Bathrooms Total Source: MLS
  • Bathrooms Total Notational: 0.0
  • Heating System Fuel Source: Electric
  • Water Heater: Electric
  • Bathrooms Total Integer: 0
  • Basement: None
  • Cooling: Central Air
  • Cooling: Yes
  • Flooring: Carpet, Vinyl
  • Heating: Yes
  • Heating: Electric, Forced Air, Heat Pump
Multi Family
Multi Family Information
  • Number Of Units Total: 24
Income & Expenses
  • Gross Income: $303,000
  • Insurance Expense: $27,000.00
  • Net Operating Income: $230,744
Agent
Sale and Listing
  • Sold Exclusive: No
Rental
Rent Information
  • Existing Lease Type: Gross

Property History for 1005 Raleigh Street

DateEvent & SourcePriceAppreciation
Feb 3, 2026

Listed (Active)

NCRMLS #100552609

$2,695,827—
DateEvent & SourcePrice
02/03/2026

Listed (Active)

NCRMLS #100552609

$2,695,827

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 1005 Raleigh Street

This home is within Elizabeth City-Pasquotank Public School District.
Rating
School
Type
Grades
Distance
J C Sawyer Elementary
Public - K to 5
River Road Middle
Public - 6 to 8
Northeastern High
Public - 9 to 12
H L Trigg Community School
Public - 6 to 12
Rating
School
Distance
J C Sawyer Elementary
PublicK to 5

River Road Middle
Public6 to 8

Northeastern High
Public9 to 12

H L Trigg Community School
Public6 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 1005 Raleigh Street, Elizabeth City, NC 27909

1005 Raleigh Street is a multi-family home for sale in Elizabeth City, NC 27909. This property was listed for sale on February 3, 2026 by Rich Company, it's currently listed at $2,695,827. This listing's school district is Elizabeth City-Pasquotank Public School District. Nearby schools include J C Sawyer Elementary, River Road Middle and Northeastern High. 1005 Raleigh Street is a 0-bed, 0-bath, 21,500 sqft multi-family home built in 1990.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Rich Company

The data relating to real estate on this web site comes in part from the Internet Data Exchange program of Hive MLS, and is updated as of 02/03/2026 01:09 PM. All information is deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Compass shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. © 2026 Hive MLS