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    Updated Duplex in Zebulon, NC Title is generated by Realmo AI

    716 Shepard School Road, Zebulon, NC 27597

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    Pending
    $340,000

    DUPLEX - Ranch - Zebulon, NC

    Type:Single Family Residence
    Property size:
    1,546 SF
    Lot size:
    0.24 Acres
    Added:
    Apr 22, 2026
    Days on Market:
    24
    Last Refresh:
    May 15 at 4:06 pm

    Property Features for 716 Shepard School Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Zoning
    OI
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Family Room, Bedroom 4, Bedroom 2
    Patio and Porch features
    Deck, Porch
    Interior features
    Bathtub/Shower Combination, Ceiling Fan(s), Kitchen Island, Laminate Counters, Smooth Ceilings, Walk-In Shower
    Standard status
    Pending
    APN
    270506375595000 0167059
    Size
    1,546 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Lo14 Fairfield Bm1987-01012
    Tax Annual Amount
    2910

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Forced Air, Heat Pump (Heating)
    Cooling system
    Heat Pump, Central Air
    Water source
    Public

    Building Details

    Year built
    1987
    Floors in Building
    1
    Flooring type
    Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Petra Thomas

    Listing agent Petra Thomas License #150392

    Listing office EXP Realty LLC 5200 Greens Dairy Rd Ste 106C, Raleigh, NC

    Listing date Apr 22, 2026

    MLS# 10161791 Listing URL

    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.

    HighLights

    • Fully renovated in 2022 with new kitchens, bathrooms, appliances, flooring, HVAC, paint, fixtures, decks, and porches.
    • Duplex offers income potential as a rental property or live in one unit and rent the other.
    • All appliances included in both units (refrigerator, washer & dryer).
    • Fenced backyard with white vinyl privacy fence.
    • Off‑street parking for 4 cars.
    • Convenient Zebulon location with easy access to amenities.

    Overview

    Located in Zebulon, NC, this updated duplex at 716 Shepard School Rd offers a versatile property suitable for both investors and owner-occupants. The property features two units, each with 2 bedrooms and 1 bath, providing a functional layout and income potential. Renovated in 2022, both units include new kitchens, appliances (refrigerator, washer & dryer included), LVP flooring, doors, bathrooms, HVAC systems and ductwork, interior paint, light fixtures, hardware, decks, and front porches. The property offers off-street parking for 4 cars. The backyard is fenced with a white vinyl privacy fence. The property is move-in ready with an open layout and updated finishes. The property is located in a growing area with access to nearby amenities. Identical units less than a mile away are renting for $1,300 per month. The lot size is 0.24 acres and the property size is 1546 square feet. The property is zoned OI.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $198.3K
    NOI $17,851 @ 9.00% cap · cautious / downside scenario
    Moderate
    $255.0K
    NOI $17,851 @ 7.00% cap · market / base-case scenario
    Aggressive
    $357.0K
    NOI $17,851 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $26.9k $17.40
    − Vacancy −$1.4k −$0.90
    EGI $25.5k $16.50
    − OpEx −$7.7k −$4.95
    NOI $17.9k $11.55
    1,546 SF · lease $17.40/SF/yr · vacancy 5.20% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $255.0K
    $223.1K – $297.5K (±1% cap)
    NOI $17,851 @ 7.0% cap · market cap 5.25%
    Second Best
    Apartment 5plus
    $226.1K
    $197.8K – $263.8K (±1% cap)
    NOI $15,826 @ 7.0% cap · market cap 4.65%
    Theoretical Best
    Specialty Retail
    $441.4K
    $386.3K – $515.0K (±1% cap)
    NOI $30,900 @ 7.0% cap · market cap 9.09%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Zebulon
    County
    Wake
    State
    North Carolina
    Longitude
    -78.313182
    Latitude
    35.829553

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    FAQs

    What type of property is this?
    Duplex - Updated duplex with income potential in Zebulon, North Carolina.
    Where is this duplex located?
    The property is located at 716 Shepard School Road Zebulon, NC.
    What is the asking price?
    The asking price for this property is $340,000.
    What are key features of this property?
    This property features: Fully renovated in 2022 with **new kitchens, bathrooms, appliances, flooring, HVAC, paint, fixtures, decks, and porches.**; Duplex offers income potential as a rental property or live in one unit and rent the other.; All appliances included in both units (refrigerator, washer & dryer).
    (919) 369-0496
    We can help!
    Listing Contact
    Petra Thomas
    Real Estate License ID: 150392
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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