$969,000
$6K PRICE DROP

509 Cape Ave Raleigh, NC 27601

Olde East Raleigh Neighborhood

Estimated payment $5,665/month

Total Views 6,583
6 Beds
4 Baths
2,513 Sq Ft
$386 Price per Sq Ft

Highlights

  • 0.29 Acre Lot
  • No HOA
  • Eat-In Kitchen
  • Joyner Elementary School Rated A-
  • Porch
  • 4-minute walk to Junious N. Sorrell Park

About This Home

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 Agent

Natalee Choby

Rich Realty Group License #231144 Listed on: 04/03/2026

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,809

Year Built

  • Built in 1940

Lot Details

  • 12,632 Sq Ft Lot
  • Lot Dimensions are 123x101x123x101
  • No Units Located Below
  • No Unit Above or Below
  • 1 Common Wall

Home Design

  • Entry on the 1st floor
  • Brick Veneer
  • Block Foundation
  • Shingle Roof

Interior Spaces

  • 2,513 Sq Ft Home
  • 1-Story Property
  • Ceiling Fan
  • Combination Kitchen and Dining Room
  • Washer and Dryer

Kitchen

  • Eat-In Kitchen
  • Electric Oven
  • Electric Range
  • Dishwasher

Flooring

  • Linoleum
  • Tile
  • Luxury Vinyl Tile

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 4 Full Bathrooms

Parking

  • 10 Parking Spaces
  • Common or Shared Parking
  • Gravel Driveway
  • On-Street Parking
  • 10 Open Parking Spaces
  • Off-Street Parking

Outdoor Features

  • Courtyard
  • Porch

Schools

  • Wake County Schools Elementary And Middle School

Utilities

  • Ductless Heating Or Cooling System
  • Multiple cooling system units
  • Cooling System Mounted In Outer Wall Opening
  • Heating Available
  • Water Heater

Listing and Financial Details

  • The owner pays for exterior maintenance, management, taxes
  • Assessor Parcel Number 170352951327000 0017724

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 4 Units

Building Details

  • 4 Leased Units
  • Electric Expense $100
  • Gross Income $5,790

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,809

Year Built

Built in 1940

Lot Details

0.29 Acres

Listing Details

  • Year Built: 1940
  • Prop. Type: Residential Income
  • Road Frontage Type: See Remarks
  • Road Frontage Type: City Street
  • Professional Management Expense: 347.0
  • Subdivision Name: Not in a Subdivision
  • Above Grade Finished Sq Ft: 2513.0
  • Entry Level: 1
  • Unit Levels: One
  • New Construction: No
  • DelayedMarketingYN: No
  • Lot Water Features:Lot Water Features: None
  • SourceMLSURL: https://sourcemls.org/api/v1/eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJTb3VyY2VTeXN0ZW1JRCI6Ik0wMDAwMDM4OSIsIkxpc3RpbmdJRCI6IjEwMTU3NDQxIiwiU3RhbmRhcmRTdGF0dXMiOiJBY3RpdmUiLCJNb2RpZmljYXRpb25UaW1lc3RhbXAiOiIyMDI2LTA3LTE3VDEzOjU5OjE1LjAwMFoiLCJMaWNlbnNlZUlEIjoib2F1dGgyXzI1ODcxIiwiTGljZW5zZWVOYW1lIjoiSG9tZXMgUHJvIn0.TGe2zvfpqZTPOVqCm6hFp2V_4qjBp8eiREgxWx8LjlI/badge
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Linoleum, Luxury Vinyl, Tile
  • Interior Amenities: Ceiling Fan(s), Eat-in Kitchen, Kitchen/Dining Room Combination
  • Private Spa: No
  • Appliances: Dryer, Dishwasher, Electric Oven, Electric Range, Oven, Refrigerator, Washer/Dryer, Water Heater
  • Basement YN: No
  • Full Bathrooms: 4
  • Total Bedrooms: 6
  • Stories: 1
  • Attic Features:Attic Features: None
  • Interior Features:Interior Features: Ceiling Fan(s), Eat-in Kitchen, Kitchen/Dining Room Combination

Exterior Features

  • Roof: Shingle
  • Exterior Features: Courtyard
  • Acres: 0.29
  • Disclosures: Lead Based Paint, Seller Disclosure
  • Home Warranty: No
  • Common Walls: 1 Common Wall, No One Above, No One Below
  • Construction Type: Block, Brick Veneer
  • Foundation Details: Block
  • Patio And Porch Features: Porch

Garage/Parking

  • Open Parking Spaces: 10.0
  • Open Parking: Yes
  • Parking Features: Common, Concrete, Gravel, Off Street, On Site, On Street
  • Total Parking Spaces: 10.0

Utilities

  • Utilities: Electricity Connected, Sewer Connected, Water Connected
  • Heating: Ductless, Electric
  • Cooling: Ductless, Electric, Multi Units, Wall Unit(s)
  • Cooling Y N: Yes
  • HeatingYN: Yes
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Association: No

Fee Information

  • Annual Water Sewer Expense: 50.0

Schools

  • Middle Or Junior School: Wake County Schools

Lot Info

  • Zoning: R-10
  • Lot Dimensions: 123x101x123x101
  • Lot Size Sq Ft: 12632.0
  • ResoLotSizeUnits: Acres
  • Parcel #: 170352951327000 0017724

Rental Info

  • Tenant Pays: All Utilities, Cable TV, Electricity, See Remarks, Sewer, Trash Collection, Telephone, Water
  • Lease Term: 12 Months
  • Owner Pays: Exterior Maintenance, Management, See Remarks, Taxes

Tax Info

  • Tax Annual Amount: 4809.22
  • Tax Year: 2025
  • Tax Map Number: 46

Multi Family

  • Number Of Units Total: 4
  • Electric Expense: 100.0
  • Annual Gross Income: 5790.0
  • Number Of Units Leased: 4
  • Number of Month to Month Units: 2
  • Total Actual Rent: 5890.0

MLS Schools

  • Elementary School: Wake County Schools

Map

Range of Values:

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Value Increase
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Percent Increase
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $4,809 $636,478 $348,000 $288,478
2024 $4,790 $542,280 $348,000 $194,280
2023 $4,250 $382,530 $201,250 $181,280
2022 $3,953 $382,530 $201,250 $181,280
2021 $3,802 $382,530 $201,250 $181,280
2020 $3,734 $382,530 $201,250 $181,280
2019 $2,855 $239,446 $160,000 $79,446
2018 $2,696 $239,446 $160,000 $79,446
2017 $2,571 $239,446 $160,000 $79,446
2016 $2,519 $239,446 $160,000 $79,446
2015 -- $189,836 $120,000 $69,836
2014 $1,944 $189,836 $120,000 $69,836
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
05/26/2026 05/26/26 Price Changed $969,000 -0.6% $386 / Sq Ft
04/03/2026 04/03/26 For Sale $975,000 -- $388 / Sq Ft
Source: Doorify MLS

Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Type Sale Price Title Company
Warranty Deed $200,000 None Available
Source: Public Records

Source: Doorify MLS

MLS Number: 10157441

Doorify MLS

APN: 1703.52-95-1327-000

North Carolina Wake County Raleigh 27601 Olde East Raleigh

509 Cape Ave, Raleigh, NC

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Doorify MLS Some IDX listings have been excluded from this IDX display. 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. Listings marked with an icon are provided courtesy of the Doorify MLS, Inc. of North Carolina, Internet Data Exchange Database. Closed (sold) listings may have been listed and/or sold by a real estate firm other than the firm(s) featured on this website. Closed data is not available until the sale of the property is recorded in the MLS. Home sale data is not an appraisal, CMA, competitive or comparative market analysis, or home valuation of any property. Copyright 2026 Doorify MLS, Inc. of North Carolina. All rights reserved.

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Listing Agent
Natalee Choby
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Rich Realty Group
(984) 214-8982
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