Duplex with Two-Bedroom Front
For Sale
$292,500
502 N Cypress Street, Wendell, NC 27591
Residential, Wendell, NC
Property Size1,991 SF
Lot Size0.27 Acres
Price / SF$146.91
Days on Market54
Property Features for 502 N Cypress Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Dining Room, Laundry Room, Laundry Room, Bedroom 3, Basement, Bedroom 2
Parking
2
Parking features
Off Street
Patio and Porch features
Deck
Interior features
Primary Downstairs
Basement
Crawl Space
Subdivision
Not in a Subdivision
Elementary school
Wake - Wendell Elementary
Middle school
Wake - Wendell Middle
High school
Wake - East Wake High School
Standard status
Active
APN
1784616956
Size
1,991 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LO3 & PT LT 4 & 2 BL4
Tax Annual Amount
2476
Legal Description
LO3 & PT LT 4 & 2 BL4
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Flooring type
Carpet
Building materials
Wood Siding
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Lovette Properties LLC
(919) 413-7664
Listed By:
Sandy Roberts · License #290904
(919) 740-3440
Added: Jul 23
Changed: Sep 13
Last Checked: Sep 14 at 8:06AM
MLS# 10182471
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.
Investment Insights
Based on property information with market context.
This 1,991-square-foot duplex on a 0.27-acre lot contains two separate residences. The front unit includes two bedrooms and one bathroom, while the rear unit offers one bedroom and one bathroom. Both units feature LVP flooring, and the rear residence has a two-space parking pad. The property also includes a deck, basement, laundry areas, and primary bedrooms on the main level.
Built in 1950 with a ranch design and wood siding, the property is served by public water and public sewer. Heating is provided by electric baseboard systems, with window-unit cooling. Located on N Cypress Street in Wendell, the duplex is positioned near the town’s downtown area, including breweries, coffee shops, and restaurants.
Built in 1950 with a ranch design and wood siding, the property is served by public water and public sewer. Heating is provided by electric baseboard systems, with window-unit cooling. Located on N Cypress Street in Wendell, the duplex is positioned near the town’s downtown area, including breweries, coffee shops, and restaurants.
Key Highlights
- 1,991‑square‑foot duplex on 0.27 acres
- Front residence has 2 bedrooms and 1 bathroom
- Rear residence has 1 bedroom, 1 bathroom, and a 2‑space parking pad
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
$22,989
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
7.86%
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%
$459,780
$459.8K
Cap Rate 7%
$328,414
$328.4K
Cap Rate 9%
$255,433
$255.4K
Market Conditions
NOI Build-Up for 1,991 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
$34.6K $17.40/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$32.8K $16.50/SF
− OpEx
−$9.9K −$4.95/SF
NOI
$23.0K $11.55/SF
Area
Wake County, NC
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$459,780
Cap Rate 7%
$328,414
Cap Rate 9%
$255,433
Alternative Uses
Best Use
Multifamily LT 5
$328.4K
$287.4K – $383.2K
NOI $22,989 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$291.2K
$254.8K – $339.7K
NOI $20,381 @ 7.0% cap · market cap 6.97%
Theoretical Best
Specialty Retail
$568.5K
$497.4K – $663.2K
NOI $39,794 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
452
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences provide a one-bedroom and two-bedroom configuration with updated flooring and off-street parking.
Where is this duplex located?
The property is located at 502 N Cypress Street Wendell, NC.
What is the asking price?
The asking price for this property is $292,500.
What are key features of this property?
This property features: 1,991‑square‑foot duplex on 0.27 acres; Front residence has 2 bedrooms and 1 bathroom; Rear residence has 1 bedroom, 1 bathroom, and a 2‑space parking pad
