Two-Unit Duplex with
For Sale
$297,500
502 N Cypress Street, Wendell, NC 27591
Well-maintained income property with distinct two- and one-bedroom units near downtown Wendell amenities.
Property Size1,991 SF
Days on Market24
Property Features for 502 N Cypress Street
General Information
Standard status
Active
Size
1,991 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,476
Building Details
Building Size
1,991 SF
Year Built
1950
Buildings
1
Listing Agency:
Lovette Properties LLC
(919) 740-3440
Listed By:
Sandy Roberts · License #290904
(919) 740-3440
Source:
Dustinbennett
Added: Jul 23
Changed: Aug 14
Last Checked: Aug 15 at 12:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lovette Properties LLC
Investment Insights
Based on property information with market context.
Built in 1950, this duplex contains two separately configured residences. The front unit offers two bedrooms and one bathroom with new LVP flooring. The rear unit includes one bedroom, one bathroom, LVP flooring, and a two-space parking pad. Both units are described as well-maintained, and each is currently rented, with lease dates noted as 8/26 and 3/27.
The property is located at 502 N Cypress Street in Wendell, with walkable access to downtown breweries, coffee shops, and restaurants. Wendell Falls is also identified as being nearby. The combination of two unit layouts, updated flooring, and existing tenancy provides a clear residential income configuration.
The property is located at 502 N Cypress Street in Wendell, with walkable access to downtown breweries, coffee shops, and restaurants. Wendell Falls is also identified as being nearby. The combination of two unit layouts, updated flooring, and existing tenancy provides a clear residential income configuration.
Key Highlights
- Two‑unit duplex at 502 N Cypress Street, Wendell, NC 27591
- Front unit has 2 bedrooms and 1 bathroom
- Rear unit has 1 bedroom and 1 bathroom
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
$22,989
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
7.73%
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%
$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
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
$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 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%
$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 7.73%
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
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 - Well-maintained income property with distinct two- and one-bedroom units near downtown Wendell amenities.
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: Two‑unit duplex at 502 N Cypress Street, Wendell, NC 27591; Front unit has 2 bedrooms and 1 bathroom; Rear unit has 1 bedroom and 1 bathroom
