Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    242 W Academy St, Unit 000 Wendell, NC 27591

    View on Map
    Sponsored
    For Sale
    $895,000

    MULTI_FAMILY - Wendell, NC

    Property size:
    3,632 SF
    Lot size:
    0.45 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 7 at 4:06 am

    Property Features for 242 W Academy St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    NC
    APN
    0070924
    Size
    3,632 SF
    Lot size
    0.45 Acres

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Natural Gas, Electric (Heating)
    Water source
    Public

    Building Details

    Year built
    1915

    We can help!

    Listing Contact
    Amanda Rivera
    Amanda Rivera

    Five County Realty (919) 656-7446

    Listing agent Amanda Rivera (919) 656-7446 License #200524

    Listing date Mar 7, 2026

    MLS# 100558791

    Copyright © 2026 Hive MLS. 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

    Downtown Wendell Mixed-Use Investment

    This unique mixed-use property is located in Downtown Wendell and fronts three separate roads: Wendell Blvd, Marshburn Rd, and Academy St. The property includes two buildings, each with separate addresses (242 W Academy and 3169 Wendell Blvd) and separate power and utilities. One building is a 2000 square foot fully renovated historic home, currently operating as "Cottage on the Boulevard" on VRBO. This residential building has a history of approximately 8 years of successful rent roll on VRBO and Airbnb, generating around $45,000 per year. While currently zoned residential, it can be converted to commercial use. The second building is a 1632 square foot office/retail single tenant building. This building has also been fully renovated and features 4 office/deck spaces, a conference table, a kitchen and eating area, a classroom that seats 20, and storage. It generates an additional $25,000 in rent per year. The lot size is 0.45 acres. The property is located in Wake County, North Carolina, with a zoning designation of NC.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Wendell
    County
    Wake
    State
    North Carolina
    Longitude
    -78.374019
    Latitude
    35.786316

    Nearby Similar for Sale

    • Contact for pricing
      82,000 SF

      Class A Flex Buildings

      Two Class A flex buildings totaling 82,000 SF for lease.
      606 Old Battle Bridge Rd, Wendell, NC 27591
      View Details
    • Contact for pricing
      21,200 SF

      Wendell Warehouse with Office Space

      21,200 SF warehouse with office space and easy access.
      601 Cook St, Wendell, NC 27591
      View Details
    • Contact for pricing
      1,520 SF

      Historic Wendell Barbershop Opportunity

      Iconic barbershop in revitalizing downtown Wendell with rental income potential.
      18 N Main St, Wendell, NC 27591
      View Details
    • $750,000
      1.00 Acre

      Wendell Commercial Property - Huge Potential

      Prime location, versatile building, investment opportunity.
      4901 Wendell Blvd, Wendell, NC 27591
      View Details
    • $1,100,000
      16.78 Acres

      Wendell Commercial Land Investment Opportunity

      16.78 Acres, Prime Commercial Location
      716 Old Battle Bridge Rd, Wendell, NC 27591
      View Details
    • Contact for pricing
      1,619 SF

      New Townhome in Wendell Heart

      Affordable 2-story townhome with upgraded features, ready this Summer.
      344 Church St, Wendell, NC 27591
      View Details
    • Contact for pricing
      1,598 SF

      Wendell Townhome with Upgraded Features

      Low-maintenance townhome in Wendell with upgraded features, ready this summer.
      354 Church St, Wendell, NC 27591
      View Details
    • Contact for pricing
      1,825 SF

      New Home in Wendell, NC

      Three-bedroom home with modern amenities in a vibrant community.
      870 Old Tarboro Rd, Wendell, NC 27591
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use property in downtown Wendell with income potential.
    Where is this mixed-use property located?
    The property is located at 242 W Academy St, Unit 000 Wendell, NC.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: - Two fully renovated buildings with separate addresses and utilities.; - Proven income-generating property with $45k/year from residential rental and $25k/year from commercial rental.; - Prime downtown location fronting three separate roads.
    (704) 412-2804
    Request Owner's contact information
    242 W Academy St, Unit 000 Wendell, NC 27591
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    242 W Academy St, Unit 000
    Wendell, NC 27591
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    242 W Academy St, Unit 000 Wendell, NC 27591
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Amanda Rivera
    Amanda Rivera
    Real Estate License ID: 200524
    (704) 412-2804 (919) 656-7446
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!