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
New construction
$4,950,000
4204 Reavis Rd, Raleigh, NC 27606
16beds
13,600sqft
Multi Family
Built in 2026
-- sqft lot
$4,678,500 Zestimate®
$364/sqft
$-- HOA
What's special
Modern finishesLow-maintenance constructionAttached garagesStainless steel appliances
- 22 days
- 592
- 45
Zillow last checked:
Listing updated:
Listed by:
Johnny Chappell 919-737-2247,
Compass -- Raleigh,
Maggie Sparling 919-406-4442,
Compass -- Raleigh
Source: Doorify MLS,MLS#: 10190772
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 16
- Bathrooms: 16
- Full bathrooms: 32
- 1/2 bathrooms: 8
Heating
- Heat Pump
Cooling
- Central Air
Appliances
- Included: Dryer, Disposal, Dishwasher, Free-Standing Electric Range, Freezer, Microwave, Range, Refrigerator, Stainless Steel Appliance(s), Washer, Washer/Dryer, Washer/Dryer Stacked, Water Heater
- Laundry: Inside, In Unit
Features
- Ceiling Fan(s), Eat-in Kitchen, High Ceilings, High Speed Internet, Kitchen Island, Open Floorplan, Primary Downstairs, Recessed Lighting, Kitchen/Dining Room Combination, Living/Dining Room Combination, Apartment/Suite, Bathtub/Shower Combination
- Flooring: Luxury Vinyl
Interior area
- Total structure area: 13,600
- Total interior livable area: 13,600 sqft
- Finished area above ground: 13,600
- Finished area below ground: 0
Property
Parking
- Total spaces: 32
- Parking features: Garage, Garage Door Opener, Lighted, Off Street, On Site, Paved, Private, Secured
- Garage spaces: 20
- Details: yes
Features
- Levels: Tri-Level
- Stories: 3
- Exterior features: Awning(s), Lighting, Private Entrance, Rain Gutters
Details
- Parcel number: 079417000987000 0014709
- Zoning: R-10
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Fiber Cement, Lap Siding
- Foundation: Slab
- Roof: Shingle
Condition
- New Construction
- New construction: Yes
- Year built: 2026
- Major remodel year: 2026
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Green energy
- Energy efficient items: Insulation, Thermostat
Community & HOA
Community
- Features: Curbs, Street Lights, Sidewalks
- Security: Smoke Detector(s)
- Subdivision: To Be Added
HOA
- Has HOA: No
Location
- Region: Raleigh
Financial & listing details
- Price per square foot: $364/sqft
- Tax assessed value: $430,218
- Annual tax amount: $2,272
- Date on market: 9/4/2026
- Listing agreement: Exclusive Right To Sell
- Listing terms: 1031 Exchange,Cash,Conventional
- Lease term: 12 Months
- Tenant pays: All Utilities
Estimated market value
$4,678,500
$4.44M - $4.91M
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 9/4/2026 | Listed for sale | $4,950,000+1012.4%$364/sqft |
Source:  Doorify MLS #10190772 Report a problem | ||
| 9/2/2026 | Listing removed | $3,395 |
Source: Zillow Rentals Report a problem | ||
| 7/9/2026 | Price change | $3,395-5.6% |
Source: Zillow Rentals Report a problem | ||
| 5/31/2026 | Price change | $3,595-1.5% |
Source: Zillow Rentals Report a problem | ||
| 5/19/2026 | Price change | $3,650-5.2% |
Source: Zillow Rentals Report a problem | ||
| 3/27/2026 | Price change | $3,850-3.8% |
Source: Zillow Rentals Report a problem | ||
| 3/12/2026 | Listed for rent | $4,000 |
Source: Zillow Rentals Report a problem | ||
| 12/2/2025 | Listing removed | $4,000 |
Source: Zillow Rentals Report a problem | ||
| 10/4/2025 | Listed for rent | $4,000-20% |
Source: Zillow Rentals Report a problem | ||
| 9/28/2025 | Listing removed | $5,000 |
Source: Zillow Rentals Report a problem | ||
| 9/9/2025 | Listed for rent | $5,000+170.3% |
Source: Zillow Rentals Report a problem | ||
| 4/20/2024 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 4/6/2024 | Listed for rent | $1,850 |
Source: Zillow Rentals Report a problem | ||
| 4/3/2024 | Sold | $445,000-10.1%$33/sqft |
Source: Doorify MLS #2541313 Report a problem | ||
| 2/20/2024 | Pending sale | $495,000$36/sqft |
Source: Doorify MLS #2541313 Report a problem | ||
| 11/9/2023 | Listed for sale | $495,000$36/sqft |
Source: Doorify MLS #2541313 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $3,772 +0.4% | $430,218 |
| 2024 | $3,756 +81.2% | $430,218 +128.4% |
| 2023 | $2,073 +7.6% | $188,340 |
| 2022 | $1,927 +4% | $188,340 |
| 2021 | $1,853 +1.8% | $188,340 |
| 2020 | $1,819 +9.1% | $188,340 +32.5% |
| 2019 | $1,667 | $142,144 |
| 2018 | $1,667 | $142,144 |
| 2017 | -- | $142,144 |
| 2016 | -- | $142,144 +4% |
| 2015 | -- | $136,717 |
| 2014 | -- | $136,717 |
| 2013 | -- | $136,717 |
| 2012 | -- | $136,717 |
| 2011 | -- | $136,717 |
| 2010 | -- | $136,717 |
| 2009 | -- | $136,717 |
| 2008 | -- | -- |
| 2007 | -- | -- |
| 2006 | -- | -- |
| 2005 | -- | -- |
| 2004 | -- | -- |
| 2003 | -- | -- |
| 2002 | -- | -- |
| 2001 | -- | -- |
Find assessor info on the county website
Monthly payment
Est. payment
