Two-Story Duplex with Redevelopment
For Sale
$625,000
3990 Wendell Boulevard, Wendell, NC 27591
Existing two-level duplex outside the historic district with Neighborhood Center zoning and month-to-month rental occupancy.
Property Size2,225 SF
Days on Market10
Property Features for 3990 Wendell Boulevard
General Information
Standard status
Active
Size
2,225 SF
Property subtype
Duplex
Zoning
Neighborhood Center
Land
Land Use
residential
Subdividable
Yes
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$3,026
Building Details
Building Size
2,225 SF
Year Built
1915
Buildings
1
Listing Agency:
LPT Realty, LLC
(919) 467-0707
Listed By:
Keith Bliss · License #206741
(919) 467-0707
Source:
Dustinbennett
Added: Aug 11
Changed: Aug 17
Last Checked: Aug 19 at 4:05PM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This 1915 duplex is configured with one residence on the main floor and a separate unit above. Both units are currently occupied under month-to-month rental arrangements, providing an existing income component. The property is located outside the historic district and carries Neighborhood Center zoning.
The site is positioned in downtown Wendell and is presented for residential redevelopment options, including single-family homes, attached residences, or townhomes. The stated concept allows for four single-family homesites, while another approach would create two single-family lots and retain the existing duplex. Any lots under that concept would require a minimum width of 20 feet. Additional uses are governed by the Town of Wendell Downtown Master Plan and its Neighborhood Center zoning table.
The site is positioned in downtown Wendell and is presented for residential redevelopment options, including single-family homes, attached residences, or townhomes. The stated concept allows for four single-family homesites, while another approach would create two single-family lots and retain the existing duplex. Any lots under that concept would require a minimum width of 20 feet. Additional uses are governed by the Town of Wendell Downtown Master Plan and its Neighborhood Center zoning table.
Key Highlights
- Duplex with a main‑floor unit and separate second‑floor unit
- Built in 1915 and located outside the historic district
- Neighborhood Center zoning under the Town of Wendell Downtown Master Plan
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
$25,691
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
4.11%
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%
$513,820
$513.8K
Cap Rate 7%
$367,014
$367.0K
Cap Rate 9%
$285,456
$285.5K
Market Conditions
NOI Build-Up for 2,225 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
$38.7K $17.40/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$36.7K $16.50/SF
− OpEx
−$11.0K −$4.95/SF
NOI
$25.7K $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%
$513,820
Cap Rate 7%
$367,014
Cap Rate 9%
$285,456
Alternative Uses
Best Use
Multifamily LT 5
$367.0K
$321.1K – $428.2K
NOI $25,691 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$325.4K
$284.7K – $379.6K
NOI $22,776 @ 7.0% cap · market cap 3.64%
Theoretical Best
Specialty Retail
$635.3K
$555.9K – $741.2K
NOI $44,471 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
424
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Existing two-level duplex outside the historic district with Neighborhood Center zoning and month-to-month rental occupancy.
Where is this duplex located?
The property is located at 3990 Wendell Boulevard Wendell, NC.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Duplex with a main‑floor unit and separate second‑floor unit; Built in 1915 and located outside the historic district; Neighborhood Center zoning under the Town of Wendell Downtown Master Plan
