Wake Forest, NC 27587,627-629 Wait Avenue
Listed by Deaton Investment Real Estate
Bought with NorthGroup Real Estate, Inc.

$452,000

Est. payment /mo

$399,000

13.3%
Est.Price: ?

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627-629 Wait Avenue Wake Forest, NC 27587

SOLD DATE : 08/18/2023

Key Details

Sold Price $452,000

Property Type Multi-Family

Sub Type Duplex

Listing Status Sold

Purchase Type For Sale

Subdivision Not In A Subdivision

MLS Listing ID 2522536

Sold Date 08/18/23

Originating Board Triangle MLS

Year Built 1985

Annual Tax Amount $25,256

Property Description

This duplex at 627/629 Wait Ave, is located in close proximity to downtown Wake Forest and the campus of Southeastern Baptist Theological Seminary. The property is fully-leased with $2,300 in gross monthly rent. Current rents are below market but could be increased significantly with strategic improvements. Post-renovation market rents are estimated to be $1,800 per unit. Built in 1985, the two-story design features two identical townhome-style floorplans. Each unit has two-bedrooms, two-and-a-half-bathrooms, and its own garage. Utilities are individually metered and are paid by the residents. The neighboring duplex, 621/623 Wait Ave, is owned by the same owner and is also up for sale. These two duplexes can be bought individually or as a package. Both of these duplexes present a excellent value-add opportunity in a highly-desirable location.

Location

State NC

County Wake

Direction Heading north on Franklin St, turn right onto Wait Ave and property will be on the left.

Rooms

Basement Crawl Space

Interior

Heating Forced Air, Natural Gas

Cooling Central Air

Flooring Carpet, Vinyl

Exterior

View Y/N Yes

Garage No

Private Pool No

Building

Faces Heading north on Franklin St, turn right onto Wait Ave and property will be on the left.

Sewer Public Sewer

Water Public

Structure Type Vinyl Siding

New Construction No

Schools

Elementary Schools Wake County Schools

Middle Schools Wake County Schools

High Schools Wake County Schools

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Doorify MLS / Triangle MLS

LaKesha Faison

Agent | License ID: 323997

+1(910) 372-1845

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