3-Bed Duplex with Tenant
425 Pearce Avenue, Wake Forest, NC 27587
MULTI_FAMILY - Wake Forest, NC
Property size:
2,721 SFLot size:
0.91 AcresPrice / SF:
$181/SF- Added:
- Jan 21, 2026
- Days on Market:
- 166
- Last Refresh:
- Jul 6 at 3:06 pm
Property Features for 425 Pearce Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- UR
- Bedrooms
- 6
- Bathrooms
- 4
- Rooms
- Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 3
- Parking features
- Open, Driveway
- Patio and Porch features
- Patio, Porch
- Interior features
- Ceiling Fan(s), Laminate Counters, Open Floorplan
- Appliances
- Dishwasher, Electric Range, Free-Standing Electric Range, Range
- Standard status
- Active
- 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
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
- Hardwood, Carpet, Linoleum, Vinyl, Wood
- 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# 10142426
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
- Residential investment offering in Downtown Wake Forest includes three parcels totaling ~1.67 acres
- Two fully leased duplexes plus one tenant‑occupied single‑family home for immediate rental income
- Duplex units are 3‑bedroom, 2‑full‑bath layouts with two bedrooms on the main level and one upstairs
- Nearly 1‑acre lot provides access to Pearce Avenue and currently shares a driveway with the neighboring duplex
- One duplex unit has been updated with new flooring, cabinets, countertops, appliances, and paint
- Zoned UR (Urban Residential); utilities include public water and public sewer
Overview
This property includes a duplex with spacious 3-bedroom, 2-full-bath units. The unit layout places two bedrooms on the main level with an additional bedroom upstairs. Both duplex units are described as fully leased. Recent improvements include updates to one unit with new flooring, cabinets, countertops, appliances, and fresh paint. The parcel size is listed at approximately 0.91 acres, and the property provides access to Pearce Avenue, currently sharing a driveway with the neighboring duplex.
The property is zoned UR (Urban Residential). It is also offered in conjunction with 417 Pearce Avenue and 421 Pearce Avenue, with the overall package describing three parcels totaling approximately 1.67 acres. In that combined offering, the portfolio includes two fully leased duplexes and one tenant-occupied single-family home.
For investors or owner-operators, the mix of fully leased duplex units and the UR zoning designation supports a practical residential income strategy with redevelopment or expansion considerations. The configuration—3-bedroom, 2-bath homes within a duplex setting—can appeal to tenants looking for additional space, while the shared-driveway site arrangement supports day-to-day accessibility.
The property is zoned UR (Urban Residential). It is also offered in conjunction with 417 Pearce Avenue and 421 Pearce Avenue, with the overall package describing three parcels totaling approximately 1.67 acres. In that combined offering, the portfolio includes two fully leased duplexes and one tenant-occupied single-family home.
For investors or owner-operators, the mix of fully leased duplex units and the UR zoning designation supports a practical residential income strategy with redevelopment or expansion considerations. The configuration—3-bedroom, 2-bath homes within a duplex setting—can appeal to tenants looking for additional space, while the shared-driveway site arrangement supports day-to-day accessibility.
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 | $47.3k | $17.40 |
| − Vacancy | −$2.5k | −$0.90 |
| EGI | $44.9k | $16.50 |
| − OpEx | −$13.5k | −$4.95 |
| NOI | $31.4k | $11.55 |
2,721 SF · lease $17.40/SF/yr · vacancy 5.20% · expense 30.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Precision Window Cleaning ...
General Contractor
Location Insight
- Map
- Local Demand
- City
- Wake Forest
- County
- Wake
- State
- North Carolina
- Longitude
- -78.504853
- Latitude
- 35.979013
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two fully leased duplex units with refreshed interiors offer residential income on a parcel with Pearce Avenue access.
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: Residential investment offering in Downtown Wake Forest includes three parcels totaling ~1.67 acres; Two fully leased duplexes plus one tenant‑occupied single‑family home for immediate rental income; Duplex units are 3‑bedroom, 2‑full‑bath layouts with two bedrooms on the main level and one upstairs
