Remodeled Duplex with Rear
New
For Sale
$380,000
5502 and 5504 Wrenn Drive, Denver, NC 28037
Two-bedroom residences offer separate driveways and flexible occupancy options.
Property Size1,560 SF
Price / SF$243.59
Days on Market5
Property Features for 5502 and 5504 Wrenn Drive
General Information
Standard status
Active
Size
1,560 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Amenities
rear deck
Size: 0.22, Size Units: Acres
Flooring: Tile, Vinyl
Man Level Garage: 0
Details: Heat Pump
Heating: Heat Pump
Description: Laundry Room
Days on Market: 1, Listing Price: 380000, Status: Active
Carport Spaces: 2
Elementary: Unspecified, Middle/Junior High: Unspecified, High School: Unspecified
Total Bathrooms: 4
Finished Area Above Grade: 1560, Area: 1560, Building Area: 1560, Construction Materials: Vinyl, Year Built: 1998, Construction Type: Site Built
City: Denver, State: NC, Zip: 28037, County: Lincoln, Subdivision: Wrenns Estate, Directions: NC-16 Bus N, turn right onto Canada Lane/Killian Street, turn right onto Drive.
Full Bathrooms: 2
Sewer: Septic Installed, Water Source: Well
Description: Yes
Auction Y/N: 0
Patio Features: Deck, Front Porch
Description: Electric Cooktop, Electric Range, Electric Water Heater, Refrigerator
Building Details
Building Size
1,560 SF
Year Built
1998
Buildings
1
Listing Agency:
RE/MAX Executive
(704) 707-6632
Listed By:
Angela Hoke
(704) 707-6632
Source:
Blackstreaminternational
Added: Aug 11
Changed: Aug 15
Last Checked: Aug 15 at 6:17AM
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 RE/MAX Executive
Investment Insights
Based on property information with market context.
This remodeled duplex was built in 1998 and contains two residential sides, each with two bedrooms and one full bathroom. The updated interiors provide refreshed living spaces, while a rear deck adds outdoor area for each residence. Separate driveways serve the units, with one paved driveway and one gravel driveway, creating dedicated access and parking arrangements for each side.
The two-unit configuration supports separate household use within one property. Its layout may accommodate an owner residing in one unit while the other is occupied independently, or continued use as a two-unit rental property, as supported by the existing configuration.
The two-unit configuration supports separate household use within one property. Its layout may accommodate an owner residing in one unit while the other is occupied independently, or continued use as a two-unit rental property, as supported by the existing configuration.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath per side
- Remodeled interiors with updated finishes
- Separate driveways for each unit
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
$18,087
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
4.76%
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%
$361,740
$361.7K
Cap Rate 7%
$258,386
$258.4K
Cap Rate 9%
$200,967
$201.0K
Market Conditions
NOI Build-Up for 1,560 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
$28.1K $18.00/SF
− Vacancy
−$2.2K −$1.44/SF
EGI
$25.8K $16.56/SF
− OpEx
−$7.8K −$4.97/SF
NOI
$18.1K $11.59/SF
Area
Lincoln County, NC
Vacancy
7.98%
Lease Rate
$18.00 /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%
$361,740
Cap Rate 7%
$258,386
Cap Rate 9%
$200,967
Alternative Uses
Best Use
Multifamily LT 5
$258.4K
$226.1K – $301.5K
NOI $18,087 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$235.8K
$206.3K – $275.1K
NOI $16,504 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$491.0K
$429.6K – $572.8K
NOI $34,370 @ 7.0% cap · market cap 9.04%
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
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 28037, NC
25,596
Population
11,930
Households
2.1
Avg Household Size
46
Median Age
46%
College-Educated
96%
High-School Grad
44.7 sq mi
ZIP Area
573
Density / Sq Mi
$109,779
Median Household Income
$54,345
Median Earnings
$1,126
Median Rent
$455,700
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-bedroom residences offer separate driveways and flexible occupancy options.
Where is this duplex located?
The property is located at 5502 and 5504 Wrenn Drive Denver, NC.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bath per side; Remodeled interiors with updated finishes; Separate driveways for each unit
