Renovated Mixed-Use Downtown
For Sale
$895,000
242 W Academy Street, Wendell, NC 27591
MULTI_FAMILY - Wendell, NC
Property Size3,632 SF
Lot Size0.45 Acres
Price / SF$246.42
Days on Market147
Property Features for 242 W Academy Street
General Information
Property type
Residential Multi Family
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
Natural Gas Available
Heating system
Natural Gas, Electric (Heating)
Water source
Public
Building Details
Year built
1915
Listing Agency:
Five County Realty
(919) 656-7446
Listed By:
Amanda Rivera · License #200524
(919) 656-7446
Added: Mar 6
Changed: Jul 10
Last Checked: Jul 31 at 12:06AM
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 fully renovated buildings with separate addresses and separate power and utilities. The first building is a historic home with approximately 2,000 square feet, offered on VRBO as “Cottage on the Boulevard.” The second building is zoned as an office/retail single-tenant building with approximately 1,632 square feet and includes multiple office and deck spaces, a conference area, kitchen and eating area, a classroom that seats 20, and storage.
The property fronts three separate roads: Wendell Blvd, Marshburn Rd, and Academy St. Each building has its own address, including 242 W Academy and 3169 Wendell Blvd.
The first building is currently zoned residential, with the information provided noting it can be converted to commercial. The second building is listed as an office/retail single tenant space.
The property fronts three separate roads: Wendell Blvd, Marshburn Rd, and Academy St. Each building has its own address, including 242 W Academy and 3169 Wendell Blvd.
The first building is currently zoned residential, with the information provided noting it can be converted to commercial. The second building is listed as an office/retail single tenant space.
Key Highlights
- Fronts 3 separate roads in Downtown Wendell: Wendell Blvd, Marshburn Rd, and Academy St
- Multiple addresses/buildings: 242 W Academy and 3169 Wendell Blvd, each with separate power and utilities
- 2000 SF fully renovated historic home (VRBO): separate listing and has produced about $45k/year in rent over 8 years
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $89.3k | $24.60 |
| − Vacancy | −$15.0k | −$4.13 |
| EGI | $74.3k | $20.47 |
| − OpEx | −$18.6k | −$5.12 |
| NOI | $55.8k | $15.35 |
3,632 SF · lease $24.60/SF/yr · vacancy 16.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$796.5K
$696.9K – $929.2K
NOI $55,753 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$531.1K
$464.7K – $619.7K
NOI $37,179 @ 7.0% cap · market cap 4.15%
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
4
Office units
Turnkey business
Opportunity
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Two fully renovated buildings front three roads with separate addresses and utilities for flexible use.
Where is this short term rental 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: Fronts 3 separate roads in Downtown Wendell: Wendell Blvd, Marshburn Rd, and Academy St; Multiple addresses/buildings: 242 W Academy and 3169 Wendell Blvd, each with separate power and utilities; 2000 SF fully renovated historic home (VRBO): separate listing and has produced about $45k/year in rent over 8 years
