Downtown Mixed-Use
New
For Sale
$469,000
15 W 3rd, Wendell, NC 27591
Corner-lot building with multiple spaces, three entrances, and DMX Downtown Mixed Use zoning.
Property Size2,560 SF
Price / SF$183.20
Days on Market4
Property Features for 15 W 3rd
General Information
Standard status
Active
Size
2,560 SF
Property subtype
Commercial
Zoning
DMX
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$3,229
Amenities
Central air
Central Air Cooling
Central Heating
City Lot
Combination Flooring
Corner
Rectangular Lot
Building Details
Year Built
1912
Tenancy
Multi
Listing Agency:
WHITETAIL PROPERTIES, LLC
(704) 473-3833
Listed By:
TRACIE MARIE HICKS · License #304721
(919) 868-7592
Source:
Corcoran
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 20 at 2:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of WHITETAIL PROPERTIES, LLC
Investment Insights
Based on property information with market context.
Built in 1912, this approximately 2,560-square-foot mixed-use building occupies a corner location at 15 W 3rd Street in downtown Wendell. The interior is arranged into multiple spaces and includes two entrances along the front facade plus a separate side entrance. Three existing tenants occupy the property, which is being sold as-is and requires renovation or repositioning.
The property is zoned DMX, Downtown Mixed Use, with potential commercial and mixed-use applications subject to Town of Wendell approval. Its setting beside Wendell Square places the building near public parking, local shops, restaurants, and community events. The downtown location and multi-entrance configuration provide a flexible framework for continued occupancy or future redevelopment, subject to verification of zoning, permitted uses, condition, parking, and lease information.
The property is zoned DMX, Downtown Mixed Use, with potential commercial and mixed-use applications subject to Town of Wendell approval. Its setting beside Wendell Square places the building near public parking, local shops, restaurants, and community events. The downtown location and multi-entrance configuration provide a flexible framework for continued occupancy or future redevelopment, subject to verification of zoning, permitted uses, condition, parking, and lease information.
Key Highlights
- Approximately 2,560 square feet of mixed‑use building area
- Corner location beside Wendell Square at 15 W 3rd Street
- DMX, Downtown Mixed Use zoning
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
$35,328
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
7.53%
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%
$706,560
$706.6K
Cap Rate 7%
$504,686
$504.7K
Cap Rate 9%
$392,533
$392.5K
Market Conditions
NOI Build-Up for 2,560 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
$61.4K $24.00/SF
− Vacancy
−$4.9K −$1.92/SF
EGI
$56.5K $22.08/SF
− OpEx
−$21.2K −$8.28/SF
NOI
$35.3K $13.80/SF
Area
Wake County, NC
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$706,560
Cap Rate 7%
$504,686
Cap Rate 9%
$392,533
Alternative Uses
Best Use
Retail
$648.9K
$567.8K – $757.1K
NOI $45,423 @ 7.0% cap · market cap 9.69%
Second Best
Mixed Use
$504.7K
$441.6K – $588.8K
NOI $35,328 @ 7.0% cap · market cap 7.53%
Theoretical Best
Specialty Retail
$730.9K
$639.6K – $852.8K
NOI $51,166 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
415
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
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner-lot building with multiple spaces, three entrances, and DMX Downtown Mixed Use zoning.
Where is this mixed-use property located?
The property is located at 15 W 3rd Wendell, NC.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Approximately 2,560 square feet of mixed‑use building area; Corner location beside Wendell Square at 15 W 3rd Street; DMX, Downtown Mixed Use zoning
