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    242 W Academy St Wendell, NC 27591

    Sponsored
    For Sale
    $895,000

    COMMERCIAL - Wendell, NC

    Property size:
    3,632 SF
    Lot size:
    0.45 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 17 at 8:06 am

    Property Features for 242 W Academy St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MIXED
    APN
    0070924
    Parking
    10
    Exterior features
    Private Yard
    Fencing
    Chain Link
    Appliances
    Dishwasher, Dryer
    Size
    3,632 SF
    Lot size
    0.45 Acres

    Utilities

    Cooling system
    Central Air, Gas (Cooling)

    Building Details

    Year built
    1915
    Floors in Building
    1
    Flooring type
    Carpet, Tile, Hardwood
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Amanda Rivera
    Amanda Rivera

    NorthGroup Real Estate LLC (704) 412-2804

    Listing agent Amanda Rivera (919) 656-7446

    Listing date Feb 17, 2026

    MLS# 10146902

    Copyright © 2026 Doorify 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

    Overview

    Downtown Wendell Mixed-Use Investment Opportunity

    This mixed-use property is located in downtown Wendell and fronts Wendell Boulevard, Marshburn Road, and Academy Street. It comprises two buildings: a 2,000-square-foot fully renovated historic home and a 1,632-square-foot office/retail building. The historic home, currently operated as "Cottage on the Boulevard" on VRBO and Airbnb, generates approximately $45,000 annually. While currently zoned residential, it can be converted to commercial use. The office/retail building features four office/deck spaces, a conference table, a kitchen and eating area, a classroom that seats 20, and storage. The buildings are separated by 6-8 feet and could be combined to create a 4,000-square-foot space. The brick building currently generates rental revenue but could be used or rented as a full-time retail or office building. The property benefits from a tax reduction due to its age and is within walking distance of downtown Wendell, offering high visibility due to its location on three main road interchanges. The property is situated on a 0.45-acre lot. The property has separate addresses for each building (242 W Academy and 3169 Wendell Blvd) and each has separate power and utilities.
    Location Intelligence

    Current Use by Public Records

    Office space

    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
    -78.374011
    Latitude
    35.786311

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    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use property with retail/office building and renovated historic home.
    Where is this mixed-use property located?
    The property is located at 242 W Academy St 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 utilities and addresses, offering diverse income potential.; - **Successful VRBO rental ('Cottage on the Boulevard') with a proven 5-year rental history generating approximately $45k annually.**; - Prime location on three main roads (Wendell Blvd, Marshburn Rd, and Academy St) within walking distance of downtown Wendell, providing high visibility.
    (704) 412-2804
    Request Owner's contact information
    242 W Academy St Wendell, NC 27591
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    Wendell, NC 27591
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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
    242 W Academy St Wendell, NC 27591
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    We can help!
    Listing Contact
    Amanda Rivera
    Amanda Rivera
    Real Estate License ID: 200524
    (704) 412-2804 (919) 656-7446
    Learn more
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