Duplex with Two-Bedroom Front
For Sale
$292,500
502 N Cypress Street, Wendell, NC 27591
Residential, Wendell, NC
Property Size1,991 SF
Lot Size0.27 Acres
Price / SF$146.91
Days on Market100
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
Bathroom 1, Bedroom 1, Dining Room, Bathroom 2, Laundry Room, Basement, Bedroom 2, Laundry 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
Additional Details
Tenant in Place
Yes
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
Baseboard, Electric (Heating)
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
Buildings
1
Listing Agency:
Lovette Properties LLC
(919) 413-7664
Listed By:
Sandy Roberts · License #290904
(919) 740-3440
Added: Jul 23
Changed: Oct 26
Last Checked: Oct 30 at 12:06PM
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.
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Investment Insights
Based on property information with market context.
This 1,991-square-foot duplex on a 0.27-acre lot contains two separate residences. The front unit includes two bedrooms and one bathroom, while the rear unit offers one bedroom and one bathroom. Both units feature LVP flooring, and the rear residence has a two-space parking pad. The property also includes a deck, basement, laundry areas, and primary bedrooms on the main level.
Built in 1950 with a ranch design and wood siding, the property is served by public water and public sewer. Heating is provided by electric baseboard systems, with window-unit cooling. Located on N Cypress Street in Wendell, the duplex is positioned near the town’s downtown area, including breweries, coffee shops, and restaurants.
Built in 1950 with a ranch design and wood siding, the property is served by public water and public sewer. Heating is provided by electric baseboard systems, with window-unit cooling. Located on N Cypress Street in Wendell, the duplex is positioned near the town’s downtown area, including breweries, coffee shops, and restaurants.
Key Highlights
- 1,991‑square‑foot duplex on 0.27 acres
- Front residence has 2 bedrooms and 1 bathroom
- Rear residence has 1 bedroom, 1 bathroom, and a 2‑space parking pad
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,989
Cap Rate
7.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$459,780
$459.8K
Cap Rate 7%
$328,414
$328.4K
Cap Rate 9%
$255,433
$255.4K
Market Conditions
NOI Build-Up for 1,991 SF
Gross rent
$34.6K $17.40/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$32.8K $16.50/SF
− OpEx
−$9.9K −$4.95/SF
NOI
$23.0K $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 Rate 5%
$459,780
Cap Rate 7%
$328,414
Cap Rate 9%
$255,433
Alternative Uses
Best Use
Multifamily LT 5
$328.4K
$287.4K – $383.2K
NOI $22,989 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$291.2K
$254.8K – $339.7K
NOI $20,381 @ 7.0% cap · market cap 6.97%
Theoretical Best
Specialty Retail
$568.5K
$497.4K – $663.2K
NOI $39,794 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences provide a one-bedroom and two-bedroom configuration with updated flooring and off-street parking.
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 $292,500.
What are key features of this property?
This property features: 1,991‑square‑foot duplex on 0.27 acres; Front residence has 2 bedrooms and 1 bathroom; Rear residence has 1 bedroom, 1 bathroom, and a 2‑space parking pad
