Renovated Mixed-Use
For Sale
$895,000
242 W Academy St Unit 000, Wendell, NC 27591
Two renovated buildings combine short-term rental use with office and retail functionality.
Property Size1,632 SF
Price / SF$246.42
Days on Market57
Property Features for 242 W Academy St Unit 000
General Information
Standard status
Active
Size
1,632 SF
Zoning
office/retail
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$25,000
Office Units
1
Amenities
conference table
kitchen
eating area
classroom
storage
Building Details
Year Built
1915
Buildings
1
Building Size
1,632 SF
Tenancy
Single
Listing Agency:
Five County Realty
Listed By:
Amanda Rivera · License #200524
(704) 412-2804
Source:
Bradberrygarnerrealestate
Added: Aug 22
Changed: Oct 9
Last Checked: Oct 16 at 10:39AM
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 Five County Realty
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Investment Insights
Based on property information with market context.
This mixed-use property includes two renovated buildings with separate addresses, utility services, and power connections. The first is a 2,000-square-foot historic home built in 1915 and operated as a short-term rental. 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 has an established short-term rental history and additional office and retail rental use.
The buildings front Wendell Blvd, Marshburn Rd, and Academy St in Downtown Wendell. The home is currently zoned residential with commercial conversion noted as an option, while the second building carries office and retail zoning. Separate addresses are identified at 242 W Academy and 3169 Wendell Blvd.
The buildings front Wendell Blvd, Marshburn Rd, and Academy St in Downtown Wendell. The home is currently zoned residential with commercial conversion noted as an option, while the second building carries office and retail zoning. Separate addresses are identified at 242 W Academy and 3169 Wendell Blvd.
Key Highlights
- Two renovated buildings totaling 3,632 square feet
- Historic 2,000‑square‑foot home built in 1915
- 1,632‑square‑foot office and retail building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,444
Cap Rate
7.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,288,880
$1.3M
Cap Rate 7%
$920,629
$920.6K
Cap Rate 9%
$716,044
$716.0K
Market Conditions
NOI Build-Up for 3,632 SF
Gross rent
$98.1K $27.00/SF
− Vacancy
−$6.0K −$1.65/SF
EGI
$92.1K $25.35/SF
− OpEx
−$27.6K −$7.60/SF
NOI
$64.4K $17.74/SF
Area
Wake County, NC
Vacancy
6.12%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,288,880
Cap Rate 7%
$920,629
Cap Rate 9%
$716,044
Alternative Uses
Best Use
Retail
$920.6K
$805.6K – $1.07M
NOI $64,444 @ 7.0% cap · market cap 7.20%
Second Best
Office B
$796.5K
$696.9K – $929.2K
NOI $55,753 @ 7.0% cap · market cap 6.23%
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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two renovated buildings combine short-term rental use with office and retail functionality.
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 renovated buildings totaling 3,632 square feet; Historic 2,000‑square‑foot home built in 1915; 1,632‑square‑foot office and retail building
