509 Cape Avenue

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$969,000
6 beds2,513 sqft$386/sqft
509 Cape Ave, Raleigh, NC 27601
Est: $5,326/moGet pre-approved

Description

Attention investors and builders! Two fully leased duplexes in the heart of Downtown Raleigh facing the grounds of Chavis Park! Four beautifully renovated and permitted units on large corner lot with plenty of parking on and off street with very little traffic. Individually metered for water and electric and long term tenants pay utilities (no gas). Two 1 bed/1bath and two 2 bed/1 bath. Unit 812 is furnished MTR. No HOA! This amazing location offers walkable downtown living while offering views of...Attention investors and builders! Two fully leased duplexes in the heart of Downtown Raleigh facing the grounds of Chavis Park! Four beautifully renovated and permitted units on large corner lot with plenty of parking on and off street with very little traffic. Individually metered for water and electric and long term tenants pay utilities (no gas). Two 1 bed/1bath and two 2 bed/1 bath. Unit 812 is furnished MTR. No HOA! This amazing location offers walkable downtown living while offering views of open park areas with walking trails and expansive green lawns! Easy access to 440/RDU, schools, hospitals and much more. Amazing location for Airbnb! Long term development potential.
LISTING UPDATED: 07/31/2026 01:10 PM

  1. Listed by Natalee Choby • Rich Realty Group

Property Details for 509 Cape Avenue

Status
Active
MLS #
10157441
Taxes
$4,809 / year
HOA Fees
-
Condo/Co-op Fees
-
Property Type
Multi Family
MLS Type
Residential Income / Quadruplex
Year Built
1940
Lot Size
0.29 AC / 12,632 SF
County
Wake County
View
Downtown, Park/Greenbelt, Skyline, Trees/Woods
View
Yes
Subdivision
Not in a Subdivision

Location

Listing Courtesy of Rich Realty Group
Add your commute

Building Information for 509 Cape Avenue

Stories1Residences4Year Built1940Building Size-Lot Size0.29 AC / 12,632 SF

Payment Calculator

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$5,326 per month

30 year fixed, 6.55% Interest

Principal and Interest

$4,925

Property Taxes

$401

HOA Dues

$0

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Property Information for 509 Cape Avenue

Summary
Location and General Information
  • Zoning: R-10
  • Directions: From East St. take Cape east towards Chavis Park. Property faces the Park.
  • Subdivision Name: Not in a Subdivision
  • Latitude: 35.76994
  • Longitude: -78.632094
  • Road Frontage Type: City Street
Taxes and HOA Information
  • Association: No
  • Tax Annual Amount: $4,809.22
  • City Limits Of: Raleigh
  • City Limits YN: Yes
  • Lot Number: 46-47
  • Restrictive Covenants YN: Yes
Contract Information
  • Comp Sale YN: No
  • Lease Expiration Date: 2026-08-31
  • Original MLS: Triangle MLS Inc
  • Property Leased YN: Yes
School Information
  • Elementary School: Wake County Schools
  • Middle Or Junior School: Wake County Schools
  • High School 2: Wake County Schools
Parking
  • Open Parking: Yes
  • Parking Features: Common, Concrete, Gravel, Off Street, On Site, On Street
  • Attached Garage: No
Property
Lot Information
  • Building Area Total: 2513.0
  • Lot Features: Cleared, Corner Lot, Near Public Transit, Views, See Remarks
  • Lot Size Dimensions: 123 x 101 x 123 x 101
  • Total Other Area Sq Ft: 0
  • Number Of Buildings: 2
  • Parcel Number: 170352951327000 0017724
  • Structure Type: Duplex, Multi Family
Property and Assessments
  • New Construction: No
  • Photos Count: 46
  • Above Grade Finished Area Source: Public Records
  • Below Grade Finished Area: 0.0
  • Below Grade Finished Area Units: Square Feet
  • Common Walls: 1 Common Wall, No One Above, No One Below
  • Senior Community: No
  • Property Condition: Updated/Remodeled
Utilities
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Sewer Connected, Water Connected
  • Water Source: Public
  • Water_Sewer: Public, Public Sewer, Electricity Connected, Sewer Connected, Water Connected
Interior and Exterior Features
Exterior Features
  • Construction Materials: Block, Brick Veneer
  • Exterior Features: Courtyard
  • Foundation Details: Block
  • Patio And Porch Features: Porch
  • Pool Private: No
  • Roof: Shingle
  • New Construction Type: Block, Brick Veneer, Duplex, Multi Family
Interior Features
  • Levels: One
  • Stories: 1
  • Fireplace Y N: No
  • Flooring: Linoleum, Vinyl, Tile
  • Cooling: Ductless, Electric, Multi Units, Wall Unit(s)
  • Cooling?: Yes
  • Heating: Ductless, Electric
  • Heating?: Yes
  • Appliances: Dishwasher, Dryer, Electric Oven, Electric Range, Oven, Refrigerator, Washer/Dryer, Water Heater
  • Laundry Features: In Hall, See Remarks
  • Interior Features: Ceiling Fan(s), Eat-in Kitchen, Kitchen/Dining Room Combination
  • Spa: No
  • Equipment Appliances: Dishwasher, Dryer, Electric Oven, Electric Range, Oven, Refrigerator, Washer/Dryer, Water Heater
  • Interior: Electricity Connected, Sewer Connected, Water Connected, Common, Concrete, Gravel, Off Street, On Site, On Street, Block, Brick Veneer, In Hall, See Remarks
  • Equipment: Dishwasher, Dryer, Electric Oven, Electric Range, Oven, Refrigerator, Washer/Dryer, Water Heater, In Hall, See Remarks, Common, Concrete, Gravel, Off Street, On Site, On Street
Multi Family
Unit Information
  • Total Units: 4
Agent
Sale and Listing
  • Property Type: Residential Income
  • Property Class Name: CrossProperty
Rental
Rental Information
  • Lease Term: 12 Months
  • TenantPays: All Utilities, Cable TV, Electricity, Sewer, Telephone, Trash Collection, Water, See Remarks
Units Information
Units Details
  • Number Of Units Month To Month: 2.0
Unit One
  • Unit One: Above Grade Finished Area: 720.0
  • Unit One: Actual Rent: 2000.0
  • Unit One: Baths Total: 1.0
  • Unit One: Beds Total: 2.0
  • Unit One: Below Grade Finished Area: 0.0
  • Unit One: Dishwasher: true
  • Unit One: Garage Attached YN: false
  • Unit One: Kitchen: true
  • Unit One: Levels: One
  • Unit One: Living Area: 720.0
  • Unit One: Living Room: true
  • Unit One: Other Above Ground Area: 0.0
  • Unit One: Other Below Ground Area: 0.0
  • Unit One: Patio: true
  • Unit One: Porch: true
  • Unit One: Range: true
  • Unit One: Refrigerator: true
  • Unit One: Unit Type Description: Duplex/End Unit-STR
  • Unit One: Unit Type Total Rent: 2000.0
  • Unit One: Unit Type: 2 Bedroom
  • Unit One: Units Total: 1.0
  • Unit One: WasherDryer Hookups: true
Unit Two
  • Unit Two: Above Grade Finished Area: 720.0
  • Unit Two: Actual Rent: 1600.0
  • Unit Two: Baths Total: 1.0
  • Unit Two: Beds Total: 2.0
  • Unit Two: Dishwasher: true
  • Unit Two: Garage Attached YN: false
  • Unit Two: Kitchen: true
  • Unit Two: Levels: One
  • Unit Two: Living Area: 720.0
  • Unit Two: Living Room: true
  • Unit Two: Other Above Ground Area: 0.0
  • Unit Two: Other Below Ground Area: 0.0
  • Unit Two: Patio: true
  • Unit Two: Porch: true
  • Unit Two: Range: true
  • Unit Two: Refrigerator: true
  • Unit Two: Unit Type Description: Duplex End Unit
  • Unit Two: Unit Type Pro Forma: 1895
  • Unit Two: Unit Type Total Rent: 1600.0
  • Unit Two: Unit Type: 2 Bedroom
  • Unit Two: Units Total: 1.0
  • Unit Two: WasherDryer Hookups: true
Unit Three
  • Unit Three: Above Grade Finished Area: 536.0
  • Unit Three: Actual Rent: 1095.0
  • Unit Three: Baths Total: 1.0
  • Unit Three: Beds Total: 1.0
  • Unit Three: Garage Attached YN: false
  • Unit Three: Kitchen: true
  • Unit Three: Levels: One
  • Unit Three: Living Area: 536.0
  • Unit Three: Living Room: true
  • Unit Three: Other Below Ground Area: 0.0
  • Unit Three: Patio: true
  • Unit Three: Porch: true
  • Unit Three: Range: true
  • Unit Three: Refrigerator: true
  • Unit Three: Unit Type Description: 1 bedroom
  • Unit Three: Unit Type Pro Forma: 1200
  • Unit Three: Unit Type Total Rent: 1095.0
  • Unit Three: Unit Type: 1 Bedroom
  • Unit Three: Units Total: 2.0
Unit Four
  • Unit Four: Actual Rent: 1095.0
  • Unit Four: Baths Total: 1.0
  • Unit Four: Beds Total: 1.0
  • Unit Four: Garage Attached YN: false
  • Unit Four: Kitchen: true
  • Unit Four: Levels: One
  • Unit Four: Living Area: 536.0
  • Unit Four: Living Room: true
  • Unit Four: Other Below Ground Area: 0.0
  • Unit Four: Porch: true
  • Unit Four: Range: true
  • Unit Four: Refrigerator: true
  • Unit Four: Unit Type Description: 1 bed
  • Unit Four: Unit Type Pro Forma: 1200
  • Unit Four: Unit Type Total Rent: 1095.0
  • Unit Four: Unit Type: 1 Bedroom
  • Unit Four: Units Total: 2.0

Property History for 509 Cape Avenue

DateEvent & SourcePriceAppreciation
May 26, 2026

Price Change

TRIANGLEMLS #10157441

$969,000—
Apr 3, 2026

Listed (Active)

TRIANGLEMLS #10157441

$975,000—
Mar 26, 2015

Sold (Public Record)

Public Record #490917368

$200,000—
DateEvent & SourcePrice
05/26/2026

Price Change

TRIANGLEMLS #10157441

$969,000
04/03/2026

Listed (Active)

TRIANGLEMLS #10157441

$975,000
03/26/2015

Sold (Public Record)

Public Record #490917368

$200,000

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

Public Records for 509 Cape Avenue

Taxable ValueLand$348,000Additions$288,478Total$636,478
Tax Record2025$4,809 ($401 / month)
Home Facts
Total Finished SqFt1,073 SqFtAbove Grade Finished SqFt1,073 SqFtStories1Lot Size12,632 SqFtStyleDuplexYear Built1940ZoningR-10CountyWAKEAPN1703.52-95-1327 0017724

Schools near 509 Cape Avenue

This home is within Wake County School District.
Rating
School
Type
Grades
Distance
Joyner Elementary
Public - PK to 5
Moore Square Magnet Middle School
Public - 6 to 8
Needham Broughton High
Public - 9 to 12
Wake Young Men's Leadership Academy
Public - 6 to 13
Rating
School
Distance
Joyner Elementary
PublicPK to 5

Moore Square Magnet Middle School
Public6 to 8

Needham Broughton High
Public9 to 12

Wake Young Men's Leadership Academy
Public6 to 13

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 509 Cape Avenue, Raleigh, NC 27601

509 Cape Avenue is a multi-family home for sale in Raleigh, NC 27601. This property was listed for sale on April 3, 2026 by Rich Realty Group, it's currently listed at $969,000. It has been on the market for a total of 122 days and was last sold on March 26, 2015. This listing's school district is Wake County School District. Nearby schools include Joyner Elementary, Moore Square Magnet Middle School and Needham Broughton High. 509 Cape Avenue is a 6-bed, 4-bath, 2,513 sqft multi-family home built in 1940.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim 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 seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Rich Realty Group

Listings marked with a Doorify MLS icon are provided courtesy of the Doorify MLS, of North Carolina, Internet Data Exchange Database. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. The listing broker shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers' personal, non-commercial use. Copyright 2024 Doorify MLS of North Carolina. All rights reserved.