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$895,000

Beds
3
Baths
2.5
sq ft
2,031

242 West Academy Street, Wendell, NC 27591

242 West Academy Street

Wendell, NC 27591

  • 168 days on market
    • Price drop $55,000↓
Own a unique part of Downtown Wendell. This property fronts 3 separate roads: Wendell Blvd, Marshburn Rd, and Academy St. It has a separate address for each building (242 W Academy and 3169 Wendell Blvd) and each has separate power and utilities. The first building is a 2000 sq ft fully renovated historic home, currently offered on VRBO as ''Cottage on the Boulevard''. With 5 years of successful rent roll on VRBO and Airbnb, this property brings in around 45k a year. It is currently zoned residential, but can be converted to commercial. The second building is zoned as an office/retail single tenant building that is 1632 sf. This building has also been fully renovated with 4 office/deck spaces, conference table, kitchen and eating area, a classroom that seats 20, and storage . The parking lot is behind this brick building so it does not restrict the parking of the rental house or guests which use the driveway on Academy St. These two buildings are only separated by 6-8 feet so they can not be divided or sold separately. They could easily be combined to create a 4000 sf building, or used as is. The brick building currently generates rental revenue, but could be used or rented out as a full time retail or office building. The property is not in the historic district, but benefits from a tax reduction from the age of the property. It is within walking distance of downtown Wendell and has high visibility due to its location on three of the main road interchanges. Showings will need to be arranged around guests as this is a very popular and successful VRBO rental. Own a unique part of Downtown Wendell. This property fronts 3 separate roads: Wendell Blvd, Marshburn Rd, and Academy St. It has a separate address for each building (242 W Academy and 3169 Wendell Blvd) and each has separate power and utilities. The first building is a 2000 sq ft fully renovated historic home, currently offered on VRBO as ''Cottage on the Boulevard''. With 5 years of successful rent roll on VRBO and Airbnb, this property brings in around 45k a year. It is currently zoned residential, but can be converted to commercial. The second building is zoned as an office/retail single tenant building that is 1632 sf. This building has also been fully renovated with 4 office/deck spaces, conference table, kitchen and eating area, a classroom that seats 20, and storage . The parking lot is behind this brick building so it does not restrict the parking of the rental house or guests which use the driveway on Academy St. These two buildings are only separated by 6-8 feet so they can not be divided or sold separately. They could easily be combined to create a 4000 sf building, or used as is. The brick building currently generates rental revenue, but could be used or rented out as a full time retail or office building. The property is not in the historic district, but benefits from a tax reduction from the age of the property. It is within walking distance of downtown Wendell and has high visibility due to its location on three of the main road interchanges. Showings will need to be arranged around guests as this is a very popular and successful VRBO rental.

Details

Property type

Ranch

Est. home value

$320,138

Property condition

Updated/Remodeled

Lot size

0.49 acres

Price per sq ft

$441

Year built

1915

Annual property taxes

$2,350

Price History

10/11/2024
TriangleMLS

TriangleMLS #10030631

Price change
$895,000
-5.79%
05/21/2024
TriangleMLS

TriangleMLS #10030631

Listed
$950,000

Schools & Community

Elementary school: 

Wake - Wendell

Middle school: 

Wake - Wendell

High school: 

Wake - East Wake

Community features: 

Sidewalks

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$624,066
Asking price
$895,000
Closing costs (~8% of asking)
-$71,600
Est. remaining loan balance
-$199,334
Cash to seller
$624,066

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

T2 Financial Llc

Loan start date

September 2021

Original loan amount

$214,000

Est. remaining balance

$199,334

Interest rate

2.8%

Loan type

New Conventional, 30 year

Seller

Amanda Graves Rivera

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

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Status: Active

Tomo last checked: 11/05/2024 at 5:45 AM

Listing updated: 10/20/2024 at 1:16 PM

Listed by: Amanda G Rivera, NorthGroup Real Estate, Inc. Phone #: (704) 412-2804

MLS: TriangleMLS #10030631

TriangleMLS logo

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