Leased Single-Family Income
421 Pearce Avenue, Wake Forest, NC 27587
New
MULTI_FAMILY - Wake Forest, NC
Type:Single Family Residence
Property size:
1,482 SFLot size:
0.28 AcresPrice / SF:
$118/SF- Added:
- Jul 6, 2026
- Days on Market:
- 1
- Last Refresh:
- Jul 6 at 5:06 pm
Property Features for 421 Pearce Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Single Family Residence
- Zoning
- UR
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bedroom 3, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1
- Parking features
- Open
- Standard status
- Active
- APN
- 184119612589000 0036997
- Size
- 1,482 SF
- Lot size
- 0.28 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- Lo1 Brookview Sub Bm2001-00333
- Tax Annual Amount
- 1657
Utilities
- Sewer type
- Public Sewer
- Heating system
- Space Heater
- Cooling system
- Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1901
- Floors in Building
- 1
- Number of units
- 1
- Flooring type
- Wood
- Building materials
- Vinyl Siding
- Roof type
- Metal
Listing agent Melissa Gordon (919) 614-6878
Listing office Coldwell Banker Advantage 6020 Creedmoor Road, Raleigh, NC (919) 847-2222
Listing date Jul 6, 2026
MLS# 10178234
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
- Single‑family home with 3 bedrooms and 2 bathrooms; sold AS‑IS
- Part of a downtown Wake Forest investment package: 3 parcels totaling approx. 1.67 acres
- Package includes two fully leased duplexes and one tenant‑occupied single‑family home for immediate rental income
- Zoned UR (Urban Residential) for investment and redevelopment/expansion potential
- Built in 1901 with vinyl siding, wood flooring, and a metal roof
- Utilities/services: public water and public sewer; heating by space heater and cooling via window unit(s)
Overview
This offering includes a single-family home totaling 1,482 square feet, situated on a 0.28-acre lot. The property is currently tenant-occupied and is being sold AS-IS. For planning purposes, the home fronts Pearce Avenue and is positioned as an income-producing asset today, with the option for future redevelopment considerations consistent with its Urban Residential zoning designation.
While the broader transaction is described as part of an investment and/or redevelopment package offered alongside additional nearby properties, this specific listing reflects the single-family parcel at 421 Pearce Avenue. The zoning is UR (Urban Residential), and the location is characterized in the remarks as being in downtown Wake Forest, within a few blocks of the downtown district and nearby community amenities.
For buyers seeking an income-producing residential asset with redevelopment flexibility, this tenant-occupied home can fit investor portfolios where maintaining current occupancy is important, or it can serve as a future-focused hold-and-redevelop strategy aligned with UR zoning. The fronting street orientation and independent parcel configuration may also appeal to buyers evaluating options without relying on the adjacent parcels, subject to their due diligence and redevelopment plans.
While the broader transaction is described as part of an investment and/or redevelopment package offered alongside additional nearby properties, this specific listing reflects the single-family parcel at 421 Pearce Avenue. The zoning is UR (Urban Residential), and the location is characterized in the remarks as being in downtown Wake Forest, within a few blocks of the downtown district and nearby community amenities.
For buyers seeking an income-producing residential asset with redevelopment flexibility, this tenant-occupied home can fit investor portfolios where maintaining current occupancy is important, or it can serve as a future-focused hold-and-redevelop strategy aligned with UR zoning. The fronting street orientation and independent parcel configuration may also appeal to buyers evaluating options without relying on the adjacent parcels, subject to their due diligence and redevelopment plans.
Local Financial Insights For Apartment 5plus
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 | $29.3k | $19.80 |
| − Vacancy | −$1.8k | −$1.19 |
| EGI | $27.6k | $18.61 |
| − OpEx | −$12.4k | −$8.38 |
| NOI | $15.2k | $10.24 |
1,482 SF · lease $19.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$216.7K
$189.6K – $252.9K
NOI $15,171 @ 7.0% cap · market cap 8.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$423.1K
$370.3K – $493.7K
NOI $29,620 @ 7.0% cap · market cap 16.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
Location Insight
- Map
- Local Demand
- City
- Wake Forest
- County
- Wake
- State
- North Carolina
- Longitude
- -78.505569
- Latitude
- 35.97891
Nearby Similar for Sale
FAQs
What type of property is this?
Single family property - Leased single-family home zoned UR, offered as-is for investors or owner-users seeking downtown redevelopment flexibility.
Where is this single family property located?
The property is located at 421 Pearce Avenue Wake Forest, NC.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Single‑family home with 3 bedrooms and 2 bathrooms; sold AS‑IS; Part of a downtown Wake Forest investment package: 3 parcels totaling approx. 1.67 acres; Package includes two fully leased duplexes and one tenant‑occupied single‑family home for immediate rental income
