Residential Income Property with Pond
For Sale
$700,000
39 Old Grove Lane, Apex, NC 27502
Residential, Apex, NC
Property Size3,098 SF
Lot Size0.11 Acres
Price / SF$225.95
Days on Market20
Property Features for 39 Old Grove Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
PUD-C
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Laundry Room, Bedroom 3, Bedroom 2, Bathroom 2, Family Room, Bathroom 3, Dining Room, Bonus Room, Bedroom 1, Bedroom 4, Bathroom 1
Parking
4
Parking features
Garage, Driveway
Window features
Blinds
Patio and Porch features
Porch, Patio
Interior features
Bathtub/Shower Combination, Bookcases, Built-in Features, Ceiling Fan(s), Coffered Ceiling(s), Crown Molding, Double Vanity, Eat-in Kitchen, Granite Counters, In-Law Floorplan, Natural Woodwork, Open Floorplan, Pantry, Primary Downstairs, Recessed Lighting, Room Over Garage, Second Primary Bedroom, Smooth Ceilings, Storage, Walk-In Closet(s), Walk-In Shower, Water Closet
Fireplace
1
Appliances
Dishwasher, Gas Cooktop, Microwave, Oven, Stainless Steel Appliance(s)
Subdivision
The Groves
Lot features
Back Yard, Few Trees, Landscaped
Elementary school
Wake - Apex Elementary
Middle school
Wake - Apex Middle
High school
Wake - Apex High
Standard status
Active
APN
075217000105000 0367699
Size
3,098 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo98 The Groves II Ph13 Bm2008-00049
Tax Annual Amount
5064
HOA Fee
$275 Monthly
Legal Description
Lo98 The Groves II Ph13 Bm2008-00049
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
pool
trails
Building Details
Year built
2009
Floors in Building
1
Flooring type
Hardwood, Tile - Ceramic, Carpet
Building materials
Brick, Fiber Cement
Roof type
Shingle
Architectural style
Craftsman
Additional Structures
Storage
Listing Agency:
Coldwell Banker Advantage · Coldwell Banker Real Estate
(919) 467-5111
Listed By:
Taralyn Farrell · License #278617
(919) 454-3614
Added: Aug 12
Changed: Aug 30
Last Checked: Aug 31 at 2:06PM
MLS# 10185754
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 attached Craftsman residence offers 3,098 square feet across two levels, with a layout designed around main-level living. The first floor includes a primary suite, a second bedroom suite with a full bath, hardwood flooring, an updated kitchen with granite counters, stainless steel appliances, a gas cooktop, and a walk-in pantry. A family room fireplace, built-in cabinetry, crown molding, and wainscoting add architectural character. Upstairs are two additional bedrooms, a full bath, an oversized bonus room, and a flexible room suited to office or craft use. The home was built in 2009 and includes a garage with an epoxy-coated floor, central heating and cooling, public water, and public sewer.
Set on a 0.11-acre lot at the end of a cul-de-sac, the property looks toward wooded foliage and a pond. Outdoor areas include a screened porch, patio, and backyard, while community features include lawn care, a pool, and neighborhood trails. The home is near Seagroves Farm Park, Downtown Apex, HunterStreet Park, Apex Community Park, Pleasant Park, Ting Park, and the Apex Community and Senior Centers.
Set on a 0.11-acre lot at the end of a cul-de-sac, the property looks toward wooded foliage and a pond. Outdoor areas include a screened porch, patio, and backyard, while community features include lawn care, a pool, and neighborhood trails. The home is near Seagroves Farm Park, Downtown Apex, HunterStreet Park, Apex Community Park, Pleasant Park, Ting Park, and the Apex Community and Senior Centers.
Key Highlights
- 3,098‑square‑foot attached residence on a 0.11‑acre lot
- Two main‑level bedroom suites, including a primary suite and an additional full‑bath suite
- Updated kitchen with granite counters, stainless steel appliances, gas cooktop, and walk‑in pantry
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
$31,713
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
4.53%
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%
$634,260
$634.3K
Cap Rate 7%
$453,043
$453.0K
Cap Rate 9%
$352,367
$352.4K
Market Conditions
NOI Build-Up for 3,098 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
$61.3K $19.80/SF
− Vacancy
−$3.7K −$1.19/SF
EGI
$57.7K $18.61/SF
− OpEx
−$25.9K −$8.38/SF
NOI
$31.7K $10.24/SF
Area
Wake County, NC
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$634,260
Cap Rate 7%
$453,043
Cap Rate 9%
$352,367
Alternative Uses
Best Use
Apartment 5plus
$453.0K
$396.4K – $528.6K
NOI $31,713 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$884.6K
$774.0K – $1.03M
NOI $61,919 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
Explore this area
Business Placement
Demographics for 27502, NC
45,725
Population
17,607
Households
2.6
Avg Household Size
37
Median Age
66%
College-Educated
97%
High-School Grad
28.3 sq mi
ZIP Area
1,616
Density / Sq Mi
$137,088
Median Household Income
$73,848
Median Earnings
$1,786
Median Rent
$491,900
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Attached Craftsman home with two main-level bedroom suites, flexible upper-level rooms, and included lawn care.
Where is this residential income property located?
The property is located at 39 Old Grove Lane Apex, NC.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 3,098‑square‑foot attached residence on a 0.11‑acre lot; Two main‑level bedroom suites, including a primary suite and an additional full‑bath suite; Updated kitchen with granite counters, stainless steel appliances, gas cooktop, and walk‑in pantry
