Duplex with
New
For Sale
$299,900
519 E Walnut Avenue, Wake Forest, NC 27587
MULTI_FAMILY - Wake Forest, NC
Property Size1,912 SF
Lot Size0.27 Acres
Price / SF$156.85
Days on Market4
Property Features for 519 E Walnut Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
UR
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking features
On Street
Fireplace
1
Subdivision
Not in a Subdivision
Standard status
Active
APN
184115722741000 0025003
Size
1,912 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lo30 Simmons Ld
Tax Annual Amount
1961
Legal Description
Lo30 Simmons Ld
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Hardwood
Building materials
Brick Veneer, Vinyl Siding
Roof type
Shingle
Listing Agency:
DINK Realty
(919) 255-3334
Listed By:
Neil Rowerdink · License #175385
(919) 255-3334
Added: Jul 29
Changed: Aug 1
Last Checked: Aug 1 at 3:06PM
MLS# 10183856
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.
Duplex property at 519 E Walnut Avenue in Wake Forest, North Carolina, built in 1940 and totaling 1,912 square feet on a 0.27-acre lot. The building features brick veneer and vinyl siding, with flooring that includes vinyl and hardwood. Heating is natural gas forced air, and cooling is provided by central air. The property has a shingle roof, public water, and public sewer, plus on-street parking. A fireplace is also included.
The duplex offers two separate units. Unit 1 includes three bedrooms and one full bath, along with a large living room and a spacious kitchen/dining room. Unit 2 has one bedroom and one bathroom, with a kitchen and living room.
Zoned UR, the property is described as close to downtown Wake Forest and nearby recreation, with Joyner Park noted as a short drive away.
The duplex offers two separate units. Unit 1 includes three bedrooms and one full bath, along with a large living room and a spacious kitchen/dining room. Unit 2 has one bedroom and one bathroom, with a kitchen and living room.
Zoned UR, the property is described as close to downtown Wake Forest and nearby recreation, with Joyner Park noted as a short drive away.
Key Highlights
- 0.27‑acre lot and 1,912 SF duplex built in 1940
- Unit 1: three bedrooms, one full bath, large living room, kitchen/dining room
- Unit 2: one bedroom, one bathroom, kitchen and living room
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 | $33.3k | $17.40 |
| − Vacancy | −$1.7k | −$0.90 |
| EGI | $31.5k | $16.50 |
| − OpEx | −$9.5k | −$4.95 |
| NOI | $22.1k | $11.55 |
1,912 SF · lease $17.40/SF/yr · vacancy 5.20% · expense 30.00%
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
678
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
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 duplex with central air, on-street parking, and a fireplace set on a 0.27-acre lot.
Where is this duplex located?
The property is located at 519 E Walnut Avenue 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: 0.27‑acre lot and 1,912 SF duplex built in 1940; Unit 1: three bedrooms, one full bath, large living room, kitchen/dining room; Unit 2: one bedroom, one bathroom, kitchen and living room
