Renovated Mixed-Use
For Sale
$895,000
242 W Academy Street, Wendell, NC 27591
Commercial Sale, Wendell, NC
Property Size3,632 SF
Lot Size0.45 Acres
Price / SF$246.42
Days on Market176
Property Features for 242 W Academy Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
NC
Subdivision
Not In Subdivision
Directions
Wendell Boulevard exit to Left on Academy
Standard status
Active
APN
0070924
Size
3,632 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lopt 242 W Academy Street
Legal Description
Lopt 242 W Academy Street
Utilities
Utilities
Electricity Available
Heating system
Electric (Heating), Natural Gas
Water source
Public
Amenities
conference table
kitchen and eating area
classroom
storage
Building Details
Year built
1915
Building materials
Wood Frame
Listing Agency:
Five County Realty
(919) 656-7446
Listed By:
Amanda Rivera · License #200524
(919) 656-7446
Added: Mar 6
Changed: Aug 24
Last Checked: Aug 29 at 4:06PM
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.
Investment Insights
Based on property information with market context.
This mixed-use property includes two renovated buildings totaling 3,632 square feet on 0.45 acres. The first is a 2,000-square-foot historic home built in 1915, currently used as a short-term rental residence. The second is a 1,632-square-foot single-tenant office and retail building with four office or deck spaces, a conference table, kitchen and eating area, classroom seating for 20, and storage.
The property fronts Wendell Blvd, Marshburn Rd, and Academy St, with separate addresses at 242 W Academy and 3169 Wendell Blvd. Each building has its own power and utilities. Natural gas and electric heating are available, along with public water and natural gas service. The property is located in Wendell, NC, in Wake County.
The property fronts Wendell Blvd, Marshburn Rd, and Academy St, with separate addresses at 242 W Academy and 3169 Wendell Blvd. Each building has its own power and utilities. Natural gas and electric heating are available, along with public water and natural gas service. The property is located in Wendell, NC, in Wake County.
Key Highlights
- Two renovated buildings totaling 3,632 square feet on 0.45 acres
- 2,000‑square‑foot historic home built in 1915
- 1,632‑square‑foot office and retail building with four office or deck spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$37,179
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$743,580
$743.6K
Cap Rate 7%
$531,129
$531.1K
Cap Rate 9%
$413,100
$413.1K
Market Conditions
NOI Build-Up for 3,632 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$71.9K $19.80/SF
− Vacancy
−$4.3K −$1.19/SF
EGI
$67.6K $18.61/SF
− OpEx
−$30.4K −$8.38/SF
NOI
$37.2K $10.24/SF
Area
Wake County, NC
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$743,580
Cap Rate 7%
$531,129
Cap Rate 9%
$413,100
Alternative Uses
Best Use
Apartment 5plus
$531.1K
$464.7K – $619.7K
NOI $37,179 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.04M
$907.4K – $1.21M
NOI $72,592 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 27591, NC
24,677
Population
10,109
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
88%
High-School Grad
66.6 sq mi
ZIP Area
371
Density / Sq Mi
$76,710
Median Household Income
$42,758
Median Earnings
$1,280
Median Rent
$288,100
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - Two renovated buildings combine a historic lodging residence with flexible office and retail space in downtown Wendell.
Where is this single family property located?
The property is located at 242 W Academy Street 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 renovated buildings totaling 3,632 square feet on 0.45 acres; 2,000‑square‑foot historic home built in 1915; 1,632‑square‑foot office and retail building with four office or deck spaces
