$287,450
●
Condo -
Off Market
1500 River Mill Drive #204
Wake Forest, NC 27587
1 Bed
1 Bath
694 Ft²
$1,990
Est. Monthly
$366
HOA / Fees
4.04%
Cap Rate
About This Property
LIVE, WALK & RELAX BESIDE THE NEUSE RIVER!! Rare opportunity to
experience the beautiful and historic 1854 RIVER MILL lifestyle!!
Amazing RIVER VIEWS!! One level living with no stairs from your car
to your front door! Bright open floor plan, massive granite walls,
original maple hardwood floors & soaring 10+ ceilings! Welcoming
Foyer with hardwood floor. Sunny Living room with stone wall,
hardwoods, huge windows & crown molding. Amazing Kitchen with
hardwoods, stainless steel appliances, tile backsplash, breakfast
bar. Large Bedroom with soaring ceiling, hardwoods, stone wall and
walk-in closet. Bathroom has hardwoods, furniture vanity.
Picturesque setting with community garden, walking trails, gazebo,
fishing, kayaking! Walk to Falls Lake and only minutes to shopping,
dining and more!! Lower taxes due to historic landmark designation!
Unit Size
694 Ft²
Days on Market
-
Land Size
-
Price per sqft
$432
Property Type
Condo
Property Taxes
$151
HOA Dues
$366
Year Built
-
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Cap Rate Calculator
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Cap Rate
100% Occupancy
N/A (extreme outlier) What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Last updated: 2 years ago (TMLS #10055408)
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 20, 2024 | Sold | ||
| Sold | |||
| Dec 11, 2024 | In contract | - | |
| In contract | |||
| Sep 29, 2024 | Listed by Howard Perry & Walston Realtor | $299,900 | |
| Listed by Howard Perry & Walston Realtor | |||
| Jan 2, 2023 | No longer available | - | |
| No longer available | |||
| Nov 15, 2022 | Price Decreased |
$309,900
↓ $15K
(4.6%) | |
| Price Decreased | |||
Show More
Property Highlights
Parking Available
Air Conditioning
Parking Details
Has Open Parking
Parking Features: On Site, Parking Lot
Open Parking Spaces: 2
Interior Details
Bedrooms: 1
Full Bathrooms: 1
Interior Features: Ceiling Fan(s), Eat-in Kitchen, Entrance Foyer, High Ceilings, Open Floorplan, Smooth Ceilings, Tile Counters, Walk-In Closet(s)
Appliances: Dishwasher, Disposal, Electric Range, Refrigerator, Stainless Steel Appliance(s)
Flooring Type: Hardwood
Laundry Features: Common Area
Common walls with other units/homes: 2+ Common Walls
Rooms: 4
Exterior Details
Has Property Attached
Square Footage: 694
Architectural Style: Local Historic Designation, Warehouse
Year Built: 1854
Above Grade Finished Area: 694Square Feet
Building Area Total: 694
Levels: One
Building Area Units: Square Feet
Construction Materials: Stone
Patio and Porch Features: None
Roof: Rubber
Foundation: Stone
Pool Features: None
Lot Features: Garden, Waterfront
Water Source: Public
Financial Details
Tax Annual Amount: $1,806
HOA/Condo/Coop Fee Includes: Maintenance Grounds, Maintenance Structure, Sewer, Storm Water Maintenance, Trash, Water
HOA/Condo/Coop Amenities: Landscaping, Laundry, Maintenance Grounds, Maintenance Structure, Management, Parking, Stream Year Round, Trash
HOA Fee: $366
HOA Fee Frequency: Monthly
Utilities Details
Cooling Type: Central Air
Heating Type: Electric
Sewer : Public Sewer
Community & neighborhood Details
Region: Wake Forest
Subdivision: River Mill Condos
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Past Sales
| Date | Unit | Beds | Baths | Sqft | Price | Closed | Listed By |
|---|---|---|---|---|---|---|---|
|
10/26/2026
|
2 Bed
|
2 Bath
|
901 ft²
|
$299,900
2 Bed
2 Bath
901 ft²
|
-
-
|
Angie Martin
Coldwell Banker HPW
| |
|
08/19/2025
|
2 Bed
|
2 Bath
|
913 ft²
|
$299,900
2 Bed
2 Bath
913 ft²
|
$289,000
-3.63%
10/17/2025
|
Frank DeRonja
DeRonja Real Estate
| |
|
06/18/2025
|
3 Bed
|
2 Bath
|
1210 ft²
|
$450,000
3 Bed
2 Bath
1210 ft²
|
$440,000
-2.22%
09/08/2025
|
Hugh Grist
Grist Realty Inc
| |
|
09/29/2024
|
1 Bed
|
1 Bath
|
694 ft²
|
$299,900
1 Bed
1 Bath
694 ft²
|
$287,450
-4.15%
12/20/2024
|
Kathy Beacham
Howard Perry & Walston Realtor
| |
|
06/04/2024
|
2 Bed
|
2.5 Bath
|
907 ft²
|
$325,000
2 Bed
2.5 Bath
907 ft²
|
-
-
|
Kathy Beacham
Howard Perry & Walston Realtor
| |
|
11/15/2023
|
2 Bed
|
2 Bath
|
876 ft²
|
$325,000
2 Bed
2 Bath
876 ft²
|
$325,000
12/08/2023
|
Lori Walls
Allen Tate/Raleigh-Falls Neuse
| |
|
11/02/2023
|
1 Bed
|
1 Bath
|
611 ft²
|
$289,000
1 Bed
1 Bath
611 ft²
|
$282,000
-2.42%
12/12/2023
|
James McDermott
Berkshire Hathaway HomeService
| |
|
09/14/2023
|
1 Bed
|
1 Bath
|
700 ft²
|
$299,900
1 Bed
1 Bath
700 ft²
|
$300,000
+0.03%
10/05/2023
|
Kathy Beacham
Howard Perry & Walston Realtor
| |
|
10/07/2022
|
1 Bed
|
1 Bath
|
659 ft²
|
$339,900
1 Bed
1 Bath
659 ft²
|
-
-
|
Matthew Peedin
Keller Williams Realty Cary
| |
|
06/03/2022
|
3 Bed
|
2 Bath
|
1323 ft²
|
$499,999
3 Bed
2 Bath
1323 ft²
|
-
-
|
Adam Grossman
AMG Realty LLC
| |
|
09/17/2021
|
1 Bed
|
1 Bath
|
648 ft²
|
$225,000
1 Bed
1 Bath
648 ft²
|
$251,500
+11.78%
10/29/2021
|
Kathy Beacham
Howard Perry & Walston Realtor
| |
|
01/18/2021
|
3 Bed
|
2 Bath
|
1205 ft²
|
$285,000
3 Bed
2 Bath
1205 ft²
|
$285,000
02/25/2021
|
Laura Howell
HomeTowne Realty
| |
|
10/13/2020
|
2 Bed
|
2 Bath
|
885 ft²
|
$225,000
2 Bed
2 Bath
885 ft²
|
$225,000
12/22/2020
|
Laura Howell
HomeTowne Realty
| |
|
05/21/2020
|
1 Bed
|
1 Bath
|
684 ft²
|
$190,000
1 Bed
1 Bath
684 ft²
|
$183,000
-3.68%
07/09/2020
|
Amanda Alves
Compass -- Raleigh
| |
|
02/06/2020
|
3 Bed
|
2 Bath
|
1215 ft²
|
$274,000
3 Bed
2 Bath
1215 ft²
|
$259,000
-5.47%
05/01/2020
|
Amy Brown
Berkshire Hathaway HomeService
| |
|
01/10/2020
|
2 Bed
|
3 Bath
|
900 ft²
|
$224,000
2 Bed
3 Bath
900 ft²
|
$217,000
-3.13%
04/20/2020
|
Erica McDowell
| |
|
06/28/2019
|
1 Bed
|
1 Bath
|
603 ft²
|
$175,000
1 Bed
1 Bath
603 ft²
|
$175,000
07/29/2019
|
Melissa Schambs
Berkshire Hathaway HomeService
| |
|
05/15/2019
|
3 Bed
|
2 Bath
|
1176 ft²
|
$225,000
3 Bed
2 Bath
1176 ft²
|
$215,000
-4.44%
07/29/2019
|
Susan Abshire
Coldwell Banker HPW
| |
|
01/22/2019
|
2 Bed
|
2 Bath
|
947 ft²
|
$220,000
2 Bed
2 Bath
947 ft²
|
$220,000
04/01/2019
|
Jennifer Lange
Howard Perry & Walston Realtor
| |
|
01/10/2019
|
1 Bed
|
1 Bath
|
685 ft²
|
$175,000
1 Bed
1 Bath
685 ft²
|
$175,000
05/31/2019
|
Jennifer Lange
Howard Perry & Walston Realtor
| |
|
08/23/2018
|
3 Bed
|
2 Bath
|
1215 ft²
|
$185,000
3 Bed
2 Bath
1215 ft²
|
$185,000
03/15/2019
|
Chip Edwards
Allen Tate/Raleigh-Glenwood
| |
|
07/30/2017
| |
2 Bed
|
1.5 Bath
|
943 ft²
|
-
2 Bed
1.5 Bath
943 ft²
|
-
-
|
-
|
|
07/19/2017
|
2 Bed
|
2 Bath
|
912 ft²
|
$215,000
2 Bed
2 Bath
912 ft²
|
$215,000
08/25/2017
|
Chip Edwards
Allen Tate/Raleigh-Glenwood
| |
|
07/17/2017
|
2 Bed
|
1 Bath
|
943 ft²
|
$170,000
2 Bed
1 Bath
943 ft²
|
$168,500
-0.88%
09/15/2017
|
Anita Oxford
Compass - Raleigh
| |
|
06/03/2015
|
1 Bed
|
1 Bath
|
675 ft²
|
$138,000
1 Bed
1 Bath
675 ft²
|
$131,500
-4.71%
08/11/2015
|
Chip Edwards
Allen Tate/Raleigh-Glenwood
|
Building Info
1500 River Mill Drive
1500 River Mill Drive, Wake Forest, NC 27587
- 2 Units for Sale
About Wake
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Listed by: Kathy Beacham, Howard Perry & Walston Realtor
Last Updated: 2 years ago
Data Source: TMLS, MLS# 10055408
Last Updated: 2 years ago
Data Source: TMLS, MLS# 10055408
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