Tenants get the lifestyle
Quartz kitchens, refreshed baths, off-street parking, and three private front doors — a 2024 renovation of a classic 1960 brick ranch into homes people want to live in.
For sale · Cash investors welcome · N&M Realty
4816 Whitehall Ave, Raleigh, NC 27604
Why buy Raleigh Whitehall? Three homes. One address. Real income.
Here’s the pitch: a renovated brick ranch split into The House, The Apartment, and The Studio — about ten minutes from Downtown Raleigh and WakeMed — with rents and NOI you can actually see. Lifestyle for tenants, math for you.
Asking price $549,900
Seller purchased around $433,500 and put in renovations (>$100k stated). Ask matches the last MLS list price (MLS 10136403).
Same ask as prior MLS listing at $549,900 (listed Dec 2025, cut twice, pulled unsold May 2026). Listed by Top Dog Real Estate LLC · N&M Realty.
You get the income story
Dual NOI paths (~$43,678 if you self-manage / ~$33.4k with a PM), unit YTD rents, and 265 nights booked Jan–Oct 2026 — owner-reported numbers ready for your spreadsheet.
Built for a clean cash close
As-is to qualified buyers who move with proof of funds. Asking price $549,900.
Three units, three ways to earn
A family-sized house, a steady one-bed, and a flexible studio — July list rents vs 2026 YTD averages (Jan–Oct). Unaudited; verify the rent roll.
The House
3 bed / 2 bath · ~1,200 sf
Step into the anchor home: open kitchen with quartz counters, wood-burning fireplace, in-unit laundry — largest footprint and strongest rent line.
2026 YTD avg ≈$2,259/mo
July list $2,500/mo
The Apartment
1 bed / 1 bath · ~500 sf
A bright, self-contained one-bed with modern bath finishes — the steadiest rent line across the open-book period.
2026 YTD avg $2,000/mo
July list $2,000/mo
The Studio
Studio · ~433 sf, furnished
An efficient furnished studio built for flexible mid- or short-term stays — confirm permit status before underwriting STR.
2026 YTD avg ≈$1,809/mo
July list $1,860/mo
| Unit | Layout | July list | 2026 YTD avg |
|---|---|---|---|
| The House | 3 bed / 2 bath · ~1,200 sf | $2,500/mo | ≈$2,259/mo |
| The Apartment | 1 bed / 1 bath · ~500 sf | $2,000/mo | $2,000/mo |
| The Studio | Studio · ~433 sf, furnished | $1,860/mo | ≈$1,809/mo |
The House
- Layout
- 3 bed / 2 bath · ~1,200 sf
- July list
- $2,500/mo
- 2026 YTD avg
- ≈$2,259/mo
The Apartment
- Layout
- 1 bed / 1 bath · ~500 sf
- July list
- $2,000/mo
- 2026 YTD avg
- $2,000/mo
The Studio
- Layout
- Studio · ~433 sf, furnished
- July list
- $1,860/mo
- 2026 YTD avg
- ≈$1,809/mo
Studio positioned for mid-term or short-term stays. STR permit status: confirm. Do not assume all units include furniture.
Let’s talk numbers
Here’s what you’ll show a partner or lender: months of actual unit-level data. Run it yourself or keep a property manager — both paths are below.
Dual NOI — underwrite both
Self-manage (sheet pro-forma)
≈$43,678
Zeros PM fees (~$10.3k/yr)
With PM (2026 run-rate)
≈$33,400
Annualized if PM continues
Cap rate shown only after Jon locks the ask. Owner-reported; buyer verifies.
| Period | Total revenue | NOI | Notes |
|---|---|---|---|
| 2024 actual | $75,584 | $39,824 | Full year |
| 2025 actual | $76,425 | $39,835 | Full year |
| 2026 YTD Jan–Oct | $62,915 | $27,797 | Includes PM fees |
| 2026 annualize (×12/10) | ≈$75,498 | ≈$33,400 with PM | Ops run-rate if PM continues |
| 2026 sheet pro-forma | $75,498 | $43,678 | Zeros PM fees (~$10.3k/yr) |
2024 actual
- Total revenue
- $75,584
- NOI
- $39,824
- Notes
- Full year
2025 actual
- Total revenue
- $76,425
- NOI
- $39,835
- Notes
- Full year
2026 YTD Jan–Oct
- Total revenue
- $62,915
- NOI
- $27,797
- Notes
- Includes PM fees
2026 annualize (×12/10)
- Total revenue
- ≈$75,498
- NOI
- ≈$33,400 with PM
- Notes
- Ops run-rate if PM continues
2026 sheet pro-forma
- Total revenue
- $75,498
- NOI
- $43,678
- Notes
- Zeros PM fees (~$10.3k/yr)
Monthly total revenue run-rate about $6–7k (rent plus cleaning). Buyer verifies rent roll and T-12.
Occupancy & nights
| Metric | Historical | Yearly | Monthly (Oct 2026) |
|---|---|---|---|
| Occupancy (sheet) | 93.4% | 88.3% | 96.7% |
| Avg rent / night (sheet) | $244.83 | $229.88 | $210.34 |
Occupancy (sheet)
- Historical
- 93.4%
- Yearly
- 88.3%
- Monthly (Oct 2026)
- 96.7%
Avg rent / night (sheet)
- Historical
- $244.83
- Yearly
- $229.88
- Monthly (Oct 2026)
- $210.34
2026 nights booked (Jan–Oct): 265. Revenue includes short- and mid-term stays as well as longer occupancy.
Comparable sales available to qualified buyers on request.
Take a look inside
- Built / renovated
- 1960 brick ranch · renovated 2024 into three self-contained units
- Size
- About 2,133 sq ft
- Beds / baths
- 5 / 4 as currently configured — buyer verifies permitted bedroom count
- Lot
- Confirm — public listings ~0.60 ac; prior materials showed 0.34 ac
- Utilities
- Private well and septic
- Parking
- Off-street for about 4–5 cars
- Zoning
- Confirm on Wake County iMAPS
- Purchase (sheet)
- $433,500 — public records ~$443,500; confirm
Good to know before you offer
As-is cash sale — please read
- Septic: Existing permit does not cover all bedrooms in use — confirm with Wake County Environmental Health.
- Triplex paperwork incomplete: Three-unit configuration and short- or mid-term use may not be fully permitted; buyer verifies zoning and allowable use.
- As-is / cash only: Sold AS-IS, WHERE-IS. No repairs, no warranties. Cash + proof of funds; no financing contingency.
- Buyer verifies: Income, expenses, occupancy, septic, well, zoning, permits, title — unaudited; independent diligence required.
Request info
Draft — not live for public posts
Serious cash buyers: schedule a viewing or request the full packet. Cash offers welcome. Showings by appointment only — do not disturb occupants.
- Phone
- [BUYER PHONE TBD]
- [BUYER EMAIL TBD]
- Showings
- By appointment only
- Offers
- Cash + proof of funds required