NEW CONSTRUCTION

For sale

$4,950,000

Est. $26,946/mo —

•

13,600

sq ft

4204 Reavis Rd, Raleigh, NC 27606

About this home

Newly constructed student housing investment opportunity adjacent to NC State. Eight@State consists of eight purpose-built 4-bedroom, 4.5-bath townhomes (32 beds total) designed for strong student rental demand, with private bathrooms for every bedroom, attached garages, modern finishes, stainless steel appliances, in-unit washer/dryer, and low-maintenance construction. The property is already 50% leased for the 2026-2027 academic year, including three student leases and one developer-leased model home, providing immediate leasing momentum while allowing investors to complete lease-up ahead of the school year. Offered at $4,950,000, the asset is projected to achieve a 6.0% cap rate based on current market rental expectations of approximately $950 per bedroom per month. Located just minutes from NC State University with convenient access to Downtown Raleigh, I-440, shopping, dining, and public transit, Eight@State offers investors the opportunity to acquire a newly delivered, institutional-quality student housing asset with minimal deferred maintenance and significant long-term rental demand. 34

CondoProperty Type

2026Year Built

$364Price/Sq.Ft.

20 garage spacesParking

Listed by Johnny Chappell • Compass -- Raleigh

Listed by Maggie Sparling • Compass -- Raleigh

Listing updated: Sep 4, 2026 at 10:40am

Redfin checked: 2 minutes ago

•Source:TMLS #10190772

Payment calculator

$26,946 per month

Principal and interest$26,014

Property taxes

$189

HOA dues

Home insurance

$743

Utilities

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Open houses

No upcoming open houses.

Nearby open houses (10)

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Around this home

Schools

K - 12
Preschool & daycare

Combs Elementary

Public PreK-5 • Assigned • 0.8mi

9/10

Centennial Campus Middle

Public 6-8 • Assigned • 1.9mi

2/10

Athens Drive High

Public 9-12 • Assigned • 1.5mi

8/10

Provided by GreatSchools

About West

Raleigh

West Raleigh, located between NC State University and Pullen Park, is a residential and campus-adjacent Raleigh neighborhood with mid-century ranch streetscapes and a steady hum of student energy. The character concentrates along Hillsborough Street at the intersection with Ashe Avenue, where late-night bites, coffee counters, and indie storefronts keep the sidewalks active. Cup A Joe anchors the caffeine ritual, while Players' Retreat and the historic Rialto Theatre add long-running local flavor. Brick bungalows and postwar homes mix with newer apartments near campus edges. Greenway links and pocket parks thread toward downtown and the university. The pace shifts from quiet side streets to game-day crowds around Carter-Finley and PNC Arena.

Provided by Walk Score and Local Logic

Market insights

4204 Reavis Rd · $4,950,000

DAYS ON MARKET

The average home goes pending in 69 days.

SALE-TO-LIST

Most homes are selling 2% below list price.

LIST PRICE

Median list price in this area is $334,422. (93% lower than this home)

PRICE DROP

27% of homes in this area have had a price drop in the past month.

Property details

Interior
Exterior
Finance

Kitchen

Bathroom

Bedroom

Living

Interior features
Apartment / suite layout
Bathtub/shower combinations
Ceiling fans
Eat-in kitchens
High ceilings
High-speed internet
Kitchen islands
Kitchen/dining room combinations
Living/dining room combinations
Open floorplans
Primary bedrooms on main level
Recessed lighting

Bedrooms
32 total bedrooms

Bathrooms
32 full bathrooms
8 half bathrooms

Kitchen
Dishwasher
Disposal
Free-standing electric range
Range
Microwave
Refrigerator
Freezer
Stainless steel appliances
Kitchen island

Laundry & utility
In-unit laundry (inside)
Washer
Dryer
Washer/Dryer combination and stacked washer/dryer
Water heater

Flooring
Luxury vinyl flooring

Heating & cooling
Heat pump heating
Central air conditioning
Programmable thermostat

Sale and tax history for 4204 Reavis Rd

Sale History
Tax History

Date

Event

Price

TMLS #10190772

Sep 4, 2026

Listed

$4,950,000

$364/sq ft

RENTALBEAST #3

Oct 14, 2025

Rental Removed

$5,000

$0/sq ft

Sep 12, 2025

Listed for Rent

$5,000

$0/sq ft

TMLS #10082094

Apr 29, 2025

Sold

$800,000

$59/sq ft

Mar 13, 2025

Contingent

—

Mar 4, 2025

Listed

$800,000

$59/sq ft

APPFOLIO #2

Apr 23, 2024

Rental Removed

$1,850

$0/sq ft

Apr 12, 2024

Listed for Rent

$1,850

$0/sq ft

APPFOLIO #1

Apr 10, 2024

Rental Removed

$1,850

$0/sq ft

Apr 5, 2024

Listed for Rent

$1,850

$0/sq ft

TMLS #2541313

Apr 3, 2024

Sold

$445,000

$33/sq ft

Feb 19, 2024

Pending

—

Nov 8, 2023

Listed

$495,000

$36/sq ft

+57

Location, Location, Location! Beautifully remodeled all brick ranch. Hardwood floors in living room, hallway and bedrooms. Tile in kitchen and baths. Granite counter tops. Black appliances. Double ovens. Huge . 45 acre private wooded lot. Back covered porch. Great for family gatherings, cookouts and a garden. Great schools. Walking distance to fine dining, shopping and entertainment. Move in ready!

Year

Property tax

Land + Additions

Assessment*

2025

$3,772 (+0.4%)

$250,000 + $180,218

$430,218

2024

$3,756 (+81.2%)

$250,000 + $180,218

$430,218

2023

$2,073 (+7.6%)

$250,000 + $175,938

$425,938

2022

$1,927 (+4.0%)

$90,000 + $98,340

$188,340

2021

$1,853 (+1.8%)

$90,000 + $98,340

$188,340

2020

$1,819 (+9.1%)

$90,000 + $98,340

$188,340

2019

$1,667 (+6.0%)

$90,000 + $98,340

$188,340

2018

$1,573 (+5.0%)

$75,000 + $67,144

$142,144

2017

$1,499 (+2.1%)

$75,000 + $67,144

$142,144

2016

$1,468 (+2.3%)

$75,000 + $67,144

$142,144

2015

$1,435 (+5.4%)

$75,000 + $67,144

$142,144

2014

$1,362 (+7.0%)

$66,000 + $70,717

$136,717

2013

$1,273

$66,000 + $70,717

$136,717

2012

$1,273 (+1.0%)

$66,000 + $70,717

$136,717

2011

$1,261

$66,000 + $70,717

$136,717

Public record

Public record
Zoning
Permits

Beds

—

Baths

Stories

Lot width

—

Lot depth

—

Lot size

0.45 Acres

Year renovated

1992

Finished Sq. Ft.

1,092

Unfinished Sq. Ft.

—

Total Sq. Ft.

1,092

Year built

1952

Style

Single Family Residential

County

Wake County

APN

0794.17 00 0987 000

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Aug 10, 2026.

R-10

SRPOD

Residential-10 District

R-10 allows single-unit living in a detached house, or tiny house, and twounit living in an attached house or townhouse or tiny house with a minimum lot size of 4,000 sq ft. Multi-unit living is also allowed in a townhouse or apartment. Smaller minimum lot sizes are permitted as part of a compact development.; Smaller lot sizes as part of a conservation development or cottage court are allowed in exchange for preserving common open space. Smaller lot sizes as part of a conservation development or cottage court are allowed in exchange for preserving common open space.; Dimensional standards, maximum density, and allowed uses may be modified for the R- 10 district within the TOD overlay to enable transitoriented development.; R-10 allows single-unit living in a detached house, or tiny house and two-unit living in an attached house or tiny house with a minimum lot size of 4,000 sq ft. Multi-unit living is also allowed in a townhouse.; Smaller minimum lot sizes are permitted as part of a compact development.; Additional building types, and smaller lot sizes as part of a conservation development or cottage court are allowed in exchange for preservingcommon open space.; Dimensional standards, maximum density, allowed building types, and allowed uses may be modified for the R-6 district within the TOD overlay or Frequent Transit Areas identified in the City’s Comprehensive Plan to enable transit oriented development.

Zone overlays

Special Residential Parking Overlay District

Permitted uses

Include but are not limited to:

Housing-Single unit
Housing-Multiple units
Infrastructure
Public service-Other
Recreation-Other
Park & open space

Feb 18, 2027 • Active

Residential sub

Construct a three-story multifamily residential building consisting of eight condo-style townhomes.

New construction

Feb 18, 2027 • Active

New townhouse

Construct a three-story multifamily residential building consisting of eight condo-style townhomes.

New construction

Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

1/10 Fire Factor

Unlikely to be in a wildfire in next 30 years

6/10 Heat Factor

7 days above 104° expected this year, 16 days in 30 years

6/10 Wind Factor

58% chance of strong winds in next 30 years

3/10 Air Factor

2 unhealthy days expected this year, 2 days in 30 years

Provided by First Street

Historical weather

Raleigh, NC • 27606

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

In this area, properties receive around 8.9 hours in June and 5.1 hours in December, which is comparable to the U.S. average for solar exposure.

8.9 hrs

5.1 hrs

JuneDecember

Provided by Shadowmap

Redfin Estimate for 4204 Reavis Rd

$4,627,489

$323K under list price of $4.95M

Nearby comparable homes

The Redfin Estimate uses 6 recent nearby sales, priced between $685K to $2.5M.

SOLD JUN 24, 2026
$685,000 Last sold price
4 beds3.5 baths2,489 sq ft
4412 Spiedie Ct, Raleigh, NC 27606
$89/sq ft
10 years older
SOLD JUL 13, 2026
$2,500,000 Last sold price
5 beds6 baths7,238 sq ft
3201 Churchill Rd, Raleigh, NC 27607
$19/sq ft
11 years older
finished basement
SOLD FEB 18, 2026
$2,550,000 Last sold price
5 beds5 baths6,008 sq ft
1323 Ridge Rd, Raleigh, NC 27607
$60/sq ft
5 years older
finished basement
SOLD JUL 1, 2026
$1,050,000 Last sold price
5 beds3 baths2,500 sq ft
703 Harris St, Raleigh, NC 27607
$56/sq ft
77 years older
SOLD JUL 13, 2026
$1,425,000 Last sold price
5 beds4 baths3,741 sq ft
2618 Grant Ave, Raleigh, NC 27608
$17/sq ft
78 years older
basement
SOLD JUL 9, 2026
$837,500 Last sold price
4 beds2.5 baths2,570 sq ft
4001 Brothwell Ct, Raleigh, NC 27606
$38/sq ft
53 years older

Rental earnings

Est. $2,059 per month, based on comparable rentals

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