Duplex with Updated
For Sale
$495,000
Pending
425 Pearce Avenue, Wake Forest, NC 27587
Residential Income, Wake Forest, NC
Property Size2,721 SF
Lot Size0.91 Acres
Days on Market257
Property Features for 425 Pearce Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
UR
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 1, Bedroom 5, Bathroom 3
Parking features
Open, Driveway
Patio and Porch features
Porch, Patio
Interior features
Ceiling Fan(s), Laminate Counters, Open Floorplan
Appliances
Dishwasher, Electric Range, Free-Standing Electric Range, Range
Subdivision
Not in a Subdivision
Elementary school
Wake - Heritage Elementary
Middle school
Wake - Heritage Middle
High school
Wake - Wake Forest High School
Standard status
Pending
APN
184119614694000 0325145
Size
2,721 SF
Lot size
0.91 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo3 Todd Fields & Joe Seigler Bm2001-00333
Tax Annual Amount
4146
Legal Description
Lo3 Todd Fields & Joe Seigler Bm2001-00333
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump, Central Air
Water source
Public
Building Details
Year built
2003
Floors in Building
2
Number of units
2
Flooring type
Wood, Vinyl, Carpet, Hardwood, Linoleum
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: Oct 1
Last Checked: Oct 5 at 3:06AM
MLS# 10142426
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 2003 duplex contains two 3-bedroom, 2-full-bath units within 2,721 square feet. Each unit places two bedrooms on the main level and one bedroom upstairs, with open floorplans, laminate counters, patios, and porches. One unit has received updates including new flooring, cabinets, countertops, appliances, and paint. Heat pump systems provide heating and cooling, while vinyl siding and a shingle roof complete the exterior. Both units are fully leased.
The property occupies 0.91 acres in downtown Wake Forest and is zoned UR (Urban Residential). Access is provided from Pearce Avenue, with the driveway currently shared with the neighboring duplex. Public water and public sewer serve the property, and open driveway parking is available.
The property occupies 0.91 acres in downtown Wake Forest and is zoned UR (Urban Residential). Access is provided from Pearce Avenue, with the driveway currently shared with the neighboring duplex. Public water and public sewer serve the property, and open driveway parking is available.
Key Highlights
- Two fully leased 3‑bedroom, 2‑full‑bath units
- 2,721 square feet on a 0.91‑acre lot
- One unit updated with flooring, cabinets, countertops, appliances, and paint
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
$31,418
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
6.35%
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%
$628,360
$628.4K
Cap Rate 7%
$448,829
$448.8K
Cap Rate 9%
$349,089
$349.1K
Market Conditions
NOI Build-Up for 2,721 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
$47.3K $17.40/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$44.9K $16.50/SF
− OpEx
−$13.5K −$4.95/SF
NOI
$31.4K $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%
$628,360
Cap Rate 7%
$448,829
Cap Rate 9%
$349,089
Alternative Uses
Best Use
Multifamily LT 5
$448.8K
$392.7K – $523.6K
NOI $31,418 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$397.9K
$348.2K – $464.2K
NOI $27,854 @ 7.0% cap · market cap 5.63%
Theoretical Best
Specialty Retail
$776.9K
$679.8K – $906.4K
NOI $54,384 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
766
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - One unit includes refreshed flooring, cabinetry, countertops, appliances, and interior paint.
Where is this duplex located?
The property is located at 425 Pearce Avenue Wake Forest, NC.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two fully leased 3‑bedroom, 2‑full‑bath units; 2,721 square feet on a 0.91‑acre lot; One unit updated with flooring, cabinets, countertops, appliances, and paint
