627-629 Wait Ave, Wake Forest, NC 27587

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.