Rented Duplex Investment
For Sale
$297,500
502 N Cypress Street, Wendell, NC 27591
DUPLEX - Ranch - Wendell, NC
Property Size1,991 SF
Lot Size0.27 Acres
Price / SF$149.42
Days on Market8
Property Features for 502 N Cypress Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bathroom 2, Bathroom 1, Bedroom 1, Laundry Room, Laundry Room, Dining Room, Bedroom 3
Parking
2
Parking features
Off Street
Patio and Porch features
Deck
Interior features
Primary Downstairs
Basement
Crawl Space
Subdivision
Not in a Subdivision
Elementary school
Wake - Wendell Elementary
Middle school
Wake - Wendell Middle
High school
Wake - East Wake High School
Standard status
Active
APN
1784616956
Size
1,991 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LO3 & PT LT 4 & 2 BL4
Tax Annual Amount
2476
Legal Description
LO3 & PT LT 4 & 2 BL4
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Flooring type
Carpet
Building materials
Wood Siding
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Lovette Properties LLC
(919) 413-7664
Listed By:
Sandy Roberts
(919) 740-3440
Added: Jul 23
Changed: Jul 30
Last Checked: Jul 30 at 9:06PM
MLS# 10182471
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 ranch duplex is in great shape with both units currently rented. Unit B (backside) is a 1-bedroom, 1-bath layout with LVP flooring and a two-space parking pad. Unit A (front) is a 2-bedroom, 1-bath layout with new LVP flooring.
The property is located on N Cypress Street in Wendell, NC. Public remarks note it is within walking distance of downtown Wendell amenities, with Wendell Falls nearby.
The building consists of two residential units configured as separate, distinct living spaces, each finished with LVP flooring. The current rent status and the reported turnkey condition support ready-to-operate residential income use.
The property is located on N Cypress Street in Wendell, NC. Public remarks note it is within walking distance of downtown Wendell amenities, with Wendell Falls nearby.
The building consists of two residential units configured as separate, distinct living spaces, each finished with LVP flooring. The current rent status and the reported turnkey condition support ready-to-operate residential income use.
Key Highlights
- Duplex built in 1950 in ranch style with wood siding and shingle roof
- Both sides currently rented: Unit B 1 bed/1 bath (rented 8/26) and Unit A 2 bed/1 bath (rented 3/27)
- Unit B (backside) includes a 2‑space parking pad and LVP flooring
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 | $34.6k | $17.40 |
| − Vacancy | −$1.8k | −$0.90 |
| EGI | $32.8k | $16.50 |
| − OpEx | −$9.9k | −$4.95 |
| NOI | $23.0k | $11.55 |
1,991 SF · lease $17.40/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$328.4K
$287.4K – $383.2K
NOI $22,989 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$291.2K
$254.8K – $339.7K
NOI $20,381 @ 7.0% cap · market cap 6.85%
Theoretical Best
Specialty Retail
$568.5K
$497.4K – $663.2K
NOI $39,794 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Explore this area
Business Placement
Demographics for 27591, NC
24,677
Population
10,109
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
88%
High-School Grad
66.6 sq mi
ZIP Area
371
Density / Sq Mi
$76,710
Median Household Income
$42,758
Median Earnings
$1,280
Median Rent
$288,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit ranch duplex with both sides rented, offering 1-bedroom and 2-bedroom residential income units.
Where is this duplex located?
The property is located at 502 N Cypress Street Wendell, NC.
What is the asking price?
The asking price for this property is $297,500.
What are key features of this property?
This property features: Duplex built in 1950 in ranch style with wood siding and shingle roof; Both sides currently rented: Unit B 1 bed/1 bath (rented 8/26) and Unit A 2 bed/1 bath (rented 3/27); Unit B (backside) includes a 2‑space parking pad and LVP flooring
