Occupied Duplex on Fenced
For Sale
$419,900
100 Madrid Ct, Garner, NC 27529
Two residential units offer separate utilities, central air, appliances, and washer/dryer connections.
Property Size2,388 SF
Lot Size0.29 Acres
Price / SF$175.84
Days on Market62
Property Features for 100 Madrid Ct
General Information
Standard status
Active
Size
2,388 SF
Lot size
0.29 Acres
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Amenities
central air
washer/dryer hookups
fenced lot
Building Details
Year Built
1981
Buildings
1
Tenancy
Multi
Listing Agency:
CHK Realty
(919) 924-5555
Listed By:
CC Bennett
Source:
Tcrnc
Added: Jul 1
Changed: Aug 30
Last Checked: Aug 25 at 5:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CHK Realty
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,388 square feet, with each side arranged as a three-bedroom, one-and-a-half-bath home. Both units include living areas, full kitchens with refrigerators, ranges, and dishwashers, central air, and dedicated washer/dryer hookups. Luxury vinyl plank flooring runs through the first floor of each unit. The roof was completed in 2020, and the HVAC systems are approximately five years old.
The improvements sit on a 0.29-acre fenced corner lot. Each household pays its own water, sewer, and electric service, along with yard maintenance. The property has no HOA fees and is fully occupied. It is located near Timber Drive and Aversboro Road, within walking distance of Lowes Foods and ALDI. Garner Towne Square and White Oak Crossing are nearby, while US-70 and I-40 provide routes toward downtown Raleigh.
The improvements sit on a 0.29-acre fenced corner lot. Each household pays its own water, sewer, and electric service, along with yard maintenance. The property has no HOA fees and is fully occupied. It is located near Timber Drive and Aversboro Road, within walking distance of Lowes Foods and ALDI. Garner Towne Square and White Oak Crossing are nearby, while US-70 and I-40 provide routes toward downtown Raleigh.
Key Highlights
- Fully occupied duplex with two 3‑bedroom, 1.5‑bath units
- 2,388 square feet on a 0.29‑acre fenced corner lot
- Roof completed in 2020; HVAC systems approximately 5 years old
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
$27,573
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
6.57%
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%
$551,460
$551.5K
Cap Rate 7%
$393,900
$393.9K
Cap Rate 9%
$306,367
$306.4K
Market Conditions
NOI Build-Up for 2,388 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
$41.6K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$39.4K $16.50/SF
− OpEx
−$11.8K −$4.95/SF
NOI
$27.6K $11.55/SF
Area
Wake County, NC
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$551,460
Cap Rate 7%
$393,900
Cap Rate 9%
$306,367
Alternative Uses
Best Use
Multifamily LT 5
$393.9K
$344.7K – $459.6K
NOI $27,573 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$349.2K
$305.6K – $407.4K
NOI $24,445 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$681.8K
$596.6K – $795.5K
NOI $47,728 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
335
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate utilities, central air, appliances, and washer/dryer connections.
Where is this duplex located?
The property is located at 100 Madrid Ct Garner, NC.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Fully occupied duplex with two 3‑bedroom, 1.5‑bath units; 2,388 square feet on a 0.29‑acre fenced corner lot; Roof completed in 2020; HVAC systems approximately 5 years old
