613-615 WAIT AVE – WAKE FOREST DUPLEX

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Price:

$425,000

Status:

Sold

Address:

613 Wait Ave, Wake Forest, NC 27587, USA

Overview:

SOLD 9/25/2023 FOR $450,000
$225,000 per unit

This duplex at 613/615 Wait Ave, is located in close proximity to downtown Wake Forest and the campus of Southeastern Baptist Theological Seminary. 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. Both units at the property are currently occupied and are on month-to-month leases. Current rents are well below market but could be increased significantly with light value-add improvements as the units have been well-maintained. Current ownership has made recent improvements to the property that include the following: new roof (2019), new water heaters (2019), new windows (2019), and new rear decks (2021). The property has polybutylene plumbing. This offering presents an opportunity for an investor to acquire a well maintained duplex with significant income upside in a highly-sought after location.

Link to Tax Records

Unit Information

Unit	Type	Size	Lease	Rent
613	2BD/2.5BA (TH)	1,260 SF	MONTH-TO-MONTH	$1,000
615	2BD/2.5BA (TH)	1,260 SF	MONTH-TO-MONTH (NTV 9/1/23)	$1,000
TOTAL		2,520 SF		$2,000

Property Information

PIN	1841701960	Tax Value	$223,038 (WAKE COUNTY TAX REASSESSMENT IN 2024)
Taxes	$2,631.70 (2023 TAX BILL)	Lot Size	.646 ACRES
Year Built	1985	Exterior	BRICK, VINYL
Floors	CARPET, TILE	Foundation	CRAWL
HVAC	CENTRAL A/C, GAS FORCED HEAT	Owner Financing	NONE
Utilities	TENANTS PAY UTILITIES	Appliances	RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTIONS
Legal Description	LO6 ASSOCIATES BLDJ&J TRB BM1985-00485	Zoning	GR5

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Agent Information

Thomas T Furlow