Duplex with Two Distinct
For Sale
$299,900
Pending
519 E Walnut Avenue, Wake Forest, NC 27587
Residential Income, Wake Forest, NC
Property Size1,912 SF
Lot Size0.27 Acres
Days on Market51
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
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Parking features
On Street
Fireplace
1
Subdivision
Not in a Subdivision
Standard status
Pending
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
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Flooring type
Hardwood, Vinyl
Building materials
Brick Veneer, Vinyl Siding
Roof type
Shingle
Listing Agency:
DINK Realty
(919) 255-3334
Listed By:
Neil Rowerdink · License #175385
(919) 815-3334
Added: Jul 29
Changed: Sep 13
Last Checked: Sep 17 at 12:06PM
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.
This 1,912-square-foot duplex, built in 1940, contains two distinct residential units. The larger unit offers three bedrooms, one full bathroom, a large living room, and a kitchen with dining space. The second unit includes one bedroom, one bathroom, a kitchen, and a living room. Interior finishes include hardwood and vinyl flooring, while heating is provided by forced air with natural gas and cooling by central air. A fireplace is also present.
The property occupies 0.27 acres in Wake Forest and is served by public water and public sewer. Construction includes brick veneer and vinyl siding, with a shingle roof. On-street parking is available, and the property is zoned UR. Its location provides proximity to downtown Wake Forest, including shops, restaurants, breweries, and a bowling alley with games; Joyner Park is a short drive away.
The property occupies 0.27 acres in Wake Forest and is served by public water and public sewer. Construction includes brick veneer and vinyl siding, with a shingle roof. On-street parking is available, and the property is zoned UR. Its location provides proximity to downtown Wake Forest, including shops, restaurants, breweries, and a bowling alley with games; Joyner Park is a short drive away.
Key Highlights
- Two‑unit duplex with 3‑bedroom and 1‑bedroom layouts
- 1,912 square feet on a 0.27‑acre lot
- Built in 1940 with brick veneer and vinyl siding
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
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Current Use
Lease Details
2
Residential units
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
Check the figures for this property
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 - Brick and vinyl-sided duplex with separate living, kitchen, and bedroom arrangements across both units.
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: Two‑unit duplex with 3‑bedroom and 1‑bedroom layouts; 1,912 square feet on a 0.27‑acre lot; Built in 1940 with brick veneer and vinyl siding
