Duplex with Two Unit
For Sale
$299,900
519 E Walnut Ave, Wake Forest, NC 27587
Two-unit residential income property with separate living areas, kitchens, and bedrooms suited to distinct household layouts.
Property Size1,912 SF
Price / SF$156.85
Days on Market48
Property Features for 519 E Walnut Ave
General Information
Standard status
Active
Size
1,912 SF
Property subtype
Multi-Family
Building Details
Year Built
1940
Listing Agency:
DINK Realty
Listed By:
Neil Rowerdink · License #175385
(919) 815-3334
Source:
Tcrnc
Added: Aug 20
Changed: Oct 3
Last Checked: Oct 5 at 10:36PM
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 DINK Realty
Investment Insights
Based on property information with market context.
Located at 519 E Walnut Ave in Wake Forest, this 1,912-square-foot duplex contains two separately configured residences. The first unit offers three bedrooms, one full bathroom, a large living room, and a kitchen with dining space. The second includes one bedroom, one bathroom, a kitchen, and a living room.
The property is near downtown Wake Forest, where shops, restaurants, breweries, a bowling alley, and other games and entertainment are located. Joyner Park is also a short drive away. The differing unit layouts provide a clear two-residence configuration within the property.
The property is near downtown Wake Forest, where shops, restaurants, breweries, a bowling alley, and other games and entertainment are located. Joyner Park is also a short drive away. The differing unit layouts provide a clear two-residence configuration within the property.
Key Highlights
- 1,912‑square‑foot duplex at 519 E Walnut Ave, Wake Forest, NC
- Unit 1 includes 3 bedrooms and 1 full bath
- Unit 1 features a large living room and kitchen/dining room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,077
Cap Rate
7.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$441,540
$441.5K
Cap Rate 7%
$315,386
$315.4K
Cap Rate 9%
$245,300
$245.3K
Market Conditions
NOI Build-Up for 1,912 SF
Gross rent
$33.3K $17.40/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$31.5K $16.50/SF
− OpEx
−$9.5K −$4.95/SF
NOI
$22.1K $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%
$441,540
Cap Rate 7%
$315,386
Cap Rate 9%
$245,300
Alternative Uses
Best Use
Multifamily LT 5
$315.4K
$276.0K – $368.0K
NOI $22,077 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$279.6K
$244.7K – $326.2K
NOI $19,572 @ 7.0% cap · market cap 6.53%
Theoretical Best
Specialty Retail
$545.9K
$477.7K – $636.9K
NOI $38,215 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
749
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential income property with separate living areas, kitchens, and bedrooms suited to distinct household layouts.
Where is this duplex located?
The property is located at 519 E Walnut Ave Wake Forest, NC.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,912‑square‑foot duplex at 519 E Walnut Ave, Wake Forest, NC; Unit 1 includes 3 bedrooms and 1 full bath; Unit 1 features a large living room and kitchen/dining room
