Duplex with Deck and Central
For Sale
$465,000
417 Pearce Avenue, Wake Forest, NC 27587
Residential Income, Wake Forest, NC
Property Size2,750 SF
Lot Size0.48 Acres
Price / SF$169.09
Days on Market212
Property Features for 417 Pearce Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
UR
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 4, Bathroom 4, Bathroom 2, Bedroom 2
Parking features
Driveway, Open
Patio and Porch features
Deck
Interior features
Bathtub/Shower Combination, Open Floorplan
Appliances
Dishwasher, Electric Range
Subdivision
Not in a Subdivision
Lot features
Back Yard
Elementary school
Wake - Heritage Elementary
Middle school
Wake - Heritage Middle
High school
Wake - Wake Forest High School
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
Legal Description
Lo2 Pearce Avenue Exempt Bm2024-01880
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
Linoleum, Carpet
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Coldwell Banker Advantage · Coldwell Banker Real Estate
(919) 847-2222
Listed By:
Melissa Gordon
(919) 614-6878
Added: Jan 21
Changed: Aug 19
Last Checked: Aug 21 at 2:06AM
MLS# 10142424
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 duplex at 417 Pearce Avenue was built in 2006 and is set up with central air conditioning and a heat pump for heating. Interior features include an open floorplan, with vinyl siding and a shingle roof. The duplex is supported by public water and public sewer, and it includes a deck as well as open parking and driveway access.
The property is offered in conjunction with 425 Pearce Avenue (MLS# 10142426) and 421 Pearce Avenue (MLS# 10178234) as part of a multi-parcel downtown Wake Forest investment and/or redevelopment opportunity. The combined offering includes three parcels totaling approximately 1.67 acres, featuring two fully leased duplexes and one tenant-occupied single-family home, with zoning designated UR (Urban Residential). For the 417 Pearce Avenue duplex, the lot provides access to Pearce Avenue and currently shares a driveway with the neighboring duplex.
Each duplex is described as having spacious three-bedroom, two-full-bath units, arranged with two bedrooms on the main level and one upstairs, supporting a tenant-friendly layout for day-to-day living.
The property is offered in conjunction with 425 Pearce Avenue (MLS# 10142426) and 421 Pearce Avenue (MLS# 10178234) as part of a multi-parcel downtown Wake Forest investment and/or redevelopment opportunity. The combined offering includes three parcels totaling approximately 1.67 acres, featuring two fully leased duplexes and one tenant-occupied single-family home, with zoning designated UR (Urban Residential). For the 417 Pearce Avenue duplex, the lot provides access to Pearce Avenue and currently shares a driveway with the neighboring duplex.
Each duplex is described as having spacious three-bedroom, two-full-bath units, arranged with two bedrooms on the main level and one upstairs, supporting a tenant-friendly layout for day-to-day living.
Key Highlights
- Duplex built in 2006 with shingle roof and vinyl siding
- Zoned UR (Urban Residential) and served by public water and public sewer
- Central air plus heat pump heating
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
$31,753
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
6.83%
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%
$635,060
$635.1K
Cap Rate 7%
$453,614
$453.6K
Cap Rate 9%
$352,811
$352.8K
Market Conditions
NOI Build-Up for 2,750 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
$47.8K $17.40/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$45.4K $16.50/SF
− OpEx
−$13.6K −$4.95/SF
NOI
$31.8K $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%
$635,060
Cap Rate 7%
$453,614
Cap Rate 9%
$352,811
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Explore this area
Business Placement
Demographics for 27587, NC
76,647
Population
30,571
Households
2.5
Avg Household Size
40
Median Age
56%
College-Educated
96%
High-School Grad
105.1 sq mi
ZIP Area
729
Density / Sq Mi
$125,607
Median Household Income
$59,006
Median Earnings
$1,415
Median Rent
$452,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Zoned UR and built in 2006, this duplex offers public utilities, heat pump HVAC, and deck plus shared driveway access.
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: Duplex built in 2006 with shingle roof and vinyl siding; Zoned UR (Urban Residential) and served by public water and public sewer; Central air plus heat pump heating
