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 Market24
Property Features for 519 E Walnut Ave
General Information
Standard status
Active
Size
1,912 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,961
Listing Agency:
DINK Realty
(919) 255-3334
Listed By:
Neil Rowerdink · License #175385
(919) 255-3334
Source:
Exprealty
Added: Jul 29
Changed: Aug 21
Last Checked: Aug 21 at 5:51AM
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 = 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
$22,077
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
7.36%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
