Five-Unit Apartment
For Sale
$775,000
613 Bellhaven Street, Garner, NC 27529
Residential Income, Garner, NC
Property Size4,624 SF
Lot Size0.55 Acres
Price / SF$167.60
Days on Market209
Property Features for 613 Bellhaven Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
MF-A
Bedrooms
10
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 10, Bedroom 1, Bedroom 9, Bathroom 3, Bathroom 4, Bedroom 8, Bathroom 1, Bedroom 4, Bedroom 7, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 5
Parking features
Parking Lot
Subdivision
Weston
Standard status
Active
APN
171115547419000 0138466
Size
4,624 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo1 Prop W A Weston Bm1984-1942
Tax Annual Amount
4130
Legal Description
Lo1 Prop W A Weston Bm1984-1942
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1943
Floors in Building
1
Number of units
5
Flooring type
Tile, Carpet
Building materials
Vinyl Siding
Roof type
Flat
Listing Agency:
Real Triangle Properties LLC
(919) 380-7325
Listed By:
Purvi Thakar
(919) 656-5843
Added: Mar 5
Changed: Sep 13
Last Checked: Sep 30 at 5:06PM
MLS# 10150499
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 five-unit apartment property contains 4,624 square feet on a 0.55-acre parcel and was built in 1943. Two units have been renovated, while three are prepared for immediate occupancy. The building features vinyl siding, tile and carpet flooring, forced-air heat, a flat roof, and a dedicated parking lot. Public water and public sewer serve the property, which is designated MF-A zoning and offered in as-is condition.
The property is located behind the Garner Performing Arts Center, approximately 3 miles from the Amazon warehouse in Garner and 7 minutes from shopping and dining. It also provides access to downtown Garner and Raleigh. Unit identifiers include 615 A & B, 609 A & B, 617, and 613.
The property is located behind the Garner Performing Arts Center, approximately 3 miles from the Amazon warehouse in Garner and 7 minutes from shopping and dining. It also provides access to downtown Garner and Raleigh. Unit identifiers include 615 A & B, 609 A & B, 617, and 613.
Key Highlights
- Five‑unit apartment property with 4,624 square feet
- Two units renovated; three units ready for immediate occupancy
- 0.55‑acre site with a dedicated parking lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,334
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$946,680
$946.7K
Cap Rate 7%
$676,200
$676.2K
Cap Rate 9%
$525,933
$525.9K
Market Conditions
NOI Build-Up for 4,624 SF
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.
Gross rent
$91.6K $19.80/SF
− Vacancy
−$5.5K −$1.19/SF
EGI
$86.1K $18.61/SF
− OpEx
−$38.7K −$8.38/SF
NOI
$47.3K $10.24/SF
Area
Wake County, NC
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$946,680
Cap Rate 7%
$676,200
Cap Rate 9%
$525,933
Alternative Uses
Best Use
Apartment 5plus
$676.2K
$591.7K – $788.9K
NOI $47,334 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.32M
$1.16M – $1.54M
NOI $92,419 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 27529, NC
54,250
Population
22,089
Households
2.5
Avg Household Size
39
Median Age
41%
College-Educated
93%
High-School Grad
57.7 sq mi
ZIP Area
940
Density / Sq Mi
$86,426
Median Household Income
$47,686
Median Earnings
$1,379
Median Rent
$325,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with two renovated units, three ready for occupancy, and public water and sewer service.
Where is this apartment building located?
The property is located at 613 Bellhaven Street Garner, NC.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Five‑unit apartment property with 4,624 square feet; Two units renovated; three units ready for immediate occupancy; 0.55‑acre site with a dedicated parking lot
