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    The Largest CRE Database in the US with Over 1 Million Listings

    12329 Old Falls Of Neuse Rd Wake Forest, NC 27587

    Sponsored
    For Sale
    $925,000

    MULTI_FAMILY - Wake Forest, NC

    Type:Single Family Residence
    Property size:
    1,200 SF
    Lot size:
    1.01 Acres
    Days on Market:
    23
    Last Refresh:
    Feb 4 at 9:06 am

    Property Features for 12329 Old Falls Of Neuse Rd

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 3
    Bedrooms
    3
    Bathrooms
    2
    APN
    182004605922000 0064607
    Parking features
    Carport
    Size
    1,200 SF
    Lot size
    1.01 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air, Heat Pump
    Water source
    Well

    Building Details

    Year built
    1958
    Floors in Building
    1
    Number of units
    4
    Flooring type
    Carpet, Vinyl, Hardwood
    Building materials
    Aluminum Siding, Brick Veneer, Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Alice Ray
    Alice Ray

    RE/MAX Legacy (919) 819-4039

    Listing agent Alice Ray (919) 906-5794

    Listing date Jan 13, 2026

    MLS# 10133407 Listing URL

    Copyright © 2026 Doorify MLS of North Carolina. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Wake Forest Multifamily Investment Opportunity

    This listing presents an opportunity for investors with four properties for sale. Included are two homes situated on large lots, a single-wide mobile home on its own lot, and one vacant lot. The two homes and the mobile home are currently rented on a month-to-month lease basis. The properties are located across from Wakefield High School on Old Falls of Neuse Road in Wake Forest, specifically in Wake County, and are not subject to city taxes. The mobile home lot faces Old Falls of Neuse, while the vacant lot is located at 2005 River Hill Dr., and the other home is at 2013 River Hill Dr. There are storage buildings located on the lots. The acreage listed is for only one of the properties, and the property size of 1200 square feet and other information is only for one house.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.572477
    Latitude
    35.949873

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    FAQs

    What type of property is this?
    Single family property - Four properties available: houses, mobile home, and vacant lot.
    Where is this single family property located?
    The property is located at 12329 Old Falls Of Neuse Rd Wake Forest, NC.
    What is the asking price?
    The asking price for this property is $925,000.
    What are key features of this property?
    This property features: - Four properties included in one listing: two houses, one mobile home, and one vacant lot.; - Prime location across from Wakefield High School.; - Rental income potential from three properties currently on month-to-month leases.
    (919) 906-5794
    Request Owner's contact information
    12329 Old Falls Of Neuse Rd Wake Forest, NC 27587
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12329 Old Falls Of Neuse Rd Wake Forest, NC 27587
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    We can help!
    Listing Contact
    Alice Ray
    Alice Ray
    (919) 906-5794
    Learn more
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