Fully Occupied
For Sale
$419,900
Pending
100 Madrid Court, Garner, NC 27529
Residential Income, Garner, NC
Property Size2,388 SF
Lot Size0.29 Acres
Days on Market96
Property Features for 100 Madrid Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MF-A
Bedrooms
6
Bathrooms
3
Full bathrooms
30
Half bathrooms
2
Rooms
Bathroom 20, Bathroom 5, Bathroom 10, Bathroom 30, Bathroom 11, Bathroom 29, Bathroom 2, Bathroom 25, Bedroom 5, Bathroom 21, Bedroom 6, Bathroom 14, Bathroom 26, Bathroom 27, Bathroom 6, Bathroom 9, Bathroom 3, Bathroom 24, Bathroom 23, Bathroom 15, Bathroom 7, Bathroom 1, Bathroom 28, Bathroom 19, Bathroom 8, Bedroom 2, Bathroom 22, Bathroom 12, Bedroom 3, Bathroom 17, Bathroom 4, Bathroom 18, Bathroom 13, Bedroom 4, Bedroom 1, Bathroom 16
Parking features
Driveway
Interior features
Laminate Counters
Exterior features
Rain Gutters
Appliances
Dishwasher, Electric Range, Free-Standing Electric Range, Free-Standing Range, Free-Standing Refrigerator, Range, Range Hood, Refrigerator
Subdivision
Heather Hill Villas
Elementary school
Wake - Aversboro Elementary
Middle school
Wake - East Garner Middle
High school
Wake - Garner High
Standard status
Pending
APN
171014340814000 0097391
Size
2,388 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo2 Heather Hill Villas Rev Ph1
Tax Annual Amount
3585
Legal Description
Lo2 Heather Hill Villas Rev Ph1
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1981
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet, Laminate
Building materials
Brick, Frame, Vertical Siding
Roof type
Shingle
Listing Agency:
CHK Realty
(919) 345-6370
Listed By:
CC Bennett
(919) 924-5555
Added: Jun 5
Changed: Sep 2
Last Checked: Sep 8 at 6:06AM
MLS# 10172157
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 two-unit residential property provides 2,388 square feet across a pair of three-bedroom layouts, each with 1.5 bathrooms, living areas, kitchens, central air, and washer/dryer hookups. Appliances include refrigerators, electric ranges, range hoods, and dishwashers. The roof was completed in 2020, HVAC systems are around 5 years old, and LVP flooring extends across the first floors. Brick, frame, and vertical siding comprise the exterior, with a shingle roof, rain gutters, driveway parking, and a fenced 0.29-acre lot.
Both units are fully occupied, with residents responsible for their own water, sewer, and electric service as well as yard maintenance. The property is zoned MF-A and has public water and public sewer. Located at 100 Madrid Court in Garner, the duplex sits near Timber Drive and Aversboro Road, within a half-mile walk of Lowes Foods and ALDI. Garner Towne Square, White Oak Crossing, US-70, and I-40 are also identified in the surrounding area, with Raleigh accessible via the regional road network.
Both units are fully occupied, with residents responsible for their own water, sewer, and electric service as well as yard maintenance. The property is zoned MF-A and has public water and public sewer. Located at 100 Madrid Court in Garner, the duplex sits near Timber Drive and Aversboro Road, within a half-mile walk of Lowes Foods and ALDI. Garner Towne Square, White Oak Crossing, US-70, and I-40 are also identified in the surrounding area, with Raleigh accessible via the regional road network.
Key Highlights
- Fully occupied duplex with 2,388 square feet and two 3‑bedroom, 1.5‑bath units
- 0.29‑acre fenced corner lot at 100 Madrid Court, Garner, NC 27529
- Roof completed in 2020; HVAC systems are around 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
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
206
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with separate utilities, established occupants, and updated major systems.
Where is this duplex located?
The property is located at 100 Madrid Court 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 2,388 square feet and two 3‑bedroom, 1.5‑bath units; 0.29‑acre fenced corner lot at 100 Madrid Court, Garner, NC 27529; Roof completed in 2020; HVAC systems are around 5 years old
