Leased Duplex Investment
128 Rainbow Court Cary, NC 27511
128 Rainbow Court, Cary, NC, 27511
$622,500
For Sale
$622,500
MULTI_FAMILY - Cary, NC
Property Size2,624 SF
Lot Size0.39 Acres
Price / SF$237.23
Days on Market16
Property Features for 128 Rainbow Court
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- TRP
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bathroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 5, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 3
- Standard status
- Active
- APN
- 0764814829
- Size
- 2,624 SF
- Lot size
- 0.39 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- Lo15 Rainbow Estates
- Tax Annual Amount
- 5251
Utilities
- Sewer type
- Public Sewer
- Heating system
- Central
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1973
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Linoleum, Carpet, Vinyl
- Building materials
- Brick, Wood Siding
- Roof type
- Shingle
Listing Agency
Compass -- Cary
(919) 769-1956
201 Fenton Gateway Dr. Ste 200, Raleigh, NC
Listed by
Annette Holt · License #231450
(919) 810-2203
Added: Jul 2 Checked: Jul 17 at 11:06 am
MLS# 10177740
Listing URL
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property consists of two duplex residences at 128 and 130 Rainbow Court, offering private entrances and dedicated parking for each unit. The duplex configuration supports two separate households while maintaining a single, manageable property footprint. Both units are currently leased, with leases in place through March 2027 and June 2027.
Located in Cary, the property is described as being just minutes from Downtown Cary and less than two miles from Downtown Cary Park. The surrounding area is noted for convenient access to restaurants, local breweries, shopping, entertainment, and community events, along with proximity to Fenton and WakeMed Soccer Park.
For investors or owner-operators seeking a current-income duplex, the established tenancy and lease terms through 2027 are positioned as key strengths for planning and stability. The property’s convenient access to major commuter routes, including US-1, I-40, and NC-540, also supports tenant appeal for renters connecting to nearby employment centers.
Located in Cary, the property is described as being just minutes from Downtown Cary and less than two miles from Downtown Cary Park. The surrounding area is noted for convenient access to restaurants, local breweries, shopping, entertainment, and community events, along with proximity to Fenton and WakeMed Soccer Park.
For investors or owner-operators seeking a current-income duplex, the established tenancy and lease terms through 2027 are positioned as key strengths for planning and stability. The property’s convenient access to major commuter routes, including US-1, I-40, and NC-540, also supports tenant appeal for renters connecting to nearby employment centers.
Key Highlights
- Two leased units at 128 & 130 Rainbow Court with leases through March 2027 and June 2027
- Duplex with two private entrances and dedicated parking for each residence
- Built in 1973 with central heating and central air
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.7k | $17.40 |
| − Vacancy | −$2.4k | −$0.91 |
| EGI | $43.3k | $16.49 |
| − OpEx | −$13.0k | −$4.95 |
| NOI | $30.3k | $11.54 |
2,624 SF · lease $17.40/SF/yr · vacancy 5.22% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$432.7K
$378.7K – $504.9K
NOI $30,292 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$397.5K
$347.8K – $463.7K
NOI $27,822 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$734.2K
$642.4K – $856.6K
NOI $51,394 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two leased units with private entrances and dedicated parking provide steady occupancy through 2027.
Where is this duplex located?
The property is located at 128 Rainbow Court Cary, NC.
What is the asking price?
The asking price for this property is $622,500.
What are key features of this property?
This property features: Two leased units at 128 & 130 Rainbow Court with leases through March 2027 and June 2027; Duplex with two private entrances and dedicated parking for each residence; Built in 1973 with central heating and central air
