Multi-Family Redevelopment
417 Pearce Avenue, Wake Forest, NC 27587
MULTI_FAMILY - Wake Forest, NC
Property size:
2,750 SFLot size:
0.48 AcresPrice / SF:
$169/SF- Added:
- Jan 21, 2026
- Days on Market:
- 166
- Last Refresh:
- Jul 6 at 3:06 pm
Property Features for 417 Pearce Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- UR
- Bedrooms
- 6
- Bathrooms
- 4
- Rooms
- Bedroom 5, Bedroom 6, Bedroom 1, Bathroom 4, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4
- Parking features
- Open, Driveway
- Patio and Porch features
- Deck
- Interior features
- Bathtub/Shower Combination, Open Floorplan
- Appliances
- Dishwasher, Electric Range
- Standard status
- Active
- APN
- 184119612689000 0325144
- Size
- 2,750 SF
- Lot size
- 0.48 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- Lo2 Pearce Avenue Exempt Bm2024-01880
- Tax Annual Amount
- 3821
Utilities
- Sewer type
- Public Sewer
- Heating system
- Heat Pump (Heating)
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 2006
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Carpet, Linoleum
- Building materials
- Vinyl Siding
- Roof type
- Shingle
Listing agent Melissa Gordon (919) 614-6878
Listing office Coldwell Banker Advantage 6020 Creedmoor Road, Raleigh, NC (919) 847-2222
Listing date Jan 21, 2026
MLS# 10142424
Listing URL
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.
HighLights
- Offered with 425 Pearce Ave (MLS# 10142426) and 421 Pearce Ave (MLS# 10178234) for a combined purchase price of $1,135,000
- Three parcels totaling approximately 1.67 acres with two fully leased duplexes and one tenant‑occupied single‑family home
- Duplex units offer 3 bedrooms and 2 full bathrooms, with two bedrooms on the main level and one upstairs
- Almost 1/2‑acre lot with access to Pearce Avenue and a shared driveway with the neighboring duplex
- Zoned UR (urban residential) to support redevelopment and expansion opportunities
- 2006 construction with heat pump HVAC, central air, public water, and public sewer; vinyl siding and shingle roof
Overview
This for-sale offering includes multiple residential buildings across three parcels totaling approximately 1.67 acres. The portfolio consists of two fully leased duplexes and one tenant-occupied single-family home, creating an income-producing setup for an investor or operator. Each duplex provides spacious 3-bedroom, 2-full-bath units, with two bedrooms on the main level and one upstairs.
The properties are zoned UR (Urban Residential) and include a generous lot associated with one duplex at approximately 0.48 acres. Access is provided to Pearce Avenue, and the duplex property currently shares a driveway with the neighboring duplex. The seller also notes the location is close to dining, shopping, and local amenities.
From a tenant and buyer standpoint, the duplex unit layouts offer a versatile family-style configuration, while the mixed portfolio of duplexes and a single-family home can support a straightforward operating model under UR zoning. The combination of existing leases and UR zoning provides a practical foundation for owners considering redevelopment or expansion plans within a downtown Wake Forest setting.
The properties are zoned UR (Urban Residential) and include a generous lot associated with one duplex at approximately 0.48 acres. Access is provided to Pearce Avenue, and the duplex property currently shares a driveway with the neighboring duplex. The seller also notes the location is close to dining, shopping, and local amenities.
From a tenant and buyer standpoint, the duplex unit layouts offer a versatile family-style configuration, while the mixed portfolio of duplexes and a single-family home can support a straightforward operating model under UR zoning. The combination of existing leases and UR zoning provides a practical foundation for owners considering redevelopment or expansion plans within a downtown Wake Forest setting.
Local Financial Insights For Multifamily LT 5
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 | $47.8k | $17.40 |
| − Vacancy | −$2.5k | −$0.90 |
| EGI | $45.4k | $16.50 |
| − OpEx | −$13.6k | −$4.95 |
| NOI | $31.8k | $11.55 |
2,750 SF · lease $17.40/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$453.6K
$396.9K – $529.2K
NOI $31,753 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$402.2K
$351.9K – $469.2K
NOI $28,151 @ 7.0% cap · market cap 6.05%
Theoretical Best
Specialty Retail
$785.2K
$687.1K – $916.1K
NOI $54,964 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Likona Lawnkare & Landskaping
Landscaping
Location Insight
- Map
- Local Demand
- City
- Wake Forest
- County
- Wake
- State
- North Carolina
- Longitude
- -78.50559
- Latitude
- 35.979204
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two fully leased duplexes and a tenant-occupied home offer current income with Urban Residential zoning flexibility.
Where is this duplex located?
The property is located at 417 Pearce Avenue Wake Forest, NC.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Offered with 425 Pearce Ave (MLS# 10142426) and 421 Pearce Ave (MLS# 10178234) for a combined purchase price of $1,135,000; Three parcels totaling approximately 1.67 acres with two fully leased duplexes and one tenant‑occupied single‑family home; Duplex units offer 3 bedrooms and 2 full bathrooms, with two bedrooms on the main level and one upstairs
