Two-Unit
New
For Sale
$622,500
104 Rainbow Court, Cary, NC 27511
Residential Income, Cary, NC
Property Size2,300 SF
Lot Size0.37 Acres
Price / SF$270.65
Days on Market5
Property Features for 104 Rainbow Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
TRP
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 3, Bathroom 4, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 1
Parking features
Open
Patio and Porch features
Patio, Porch
Subdivision
Rainbow Estates
Elementary school
Wake - Cary Elementary
Middle school
Wake - East Cary Middle
High school
Wake - Cary High
Standard status
Active
APN
0764823474
Size
2,300 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo4 Rainbow Ests Bm1972-00137
Tax Annual Amount
5371
Legal Description
Lo4 Rainbow Ests Bm1972-00137
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
Tile
Building materials
Brick, Shake Siding
Roof type
Shingle
Listing Agency:
Compass -- Cary
(919) 769-1956
Listed By:
Annette Holt
(919) 810-2203
Added: Oct 15
Last Checked: Oct 19 at 4:06PM
MLS# 10198593
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.
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Investment Insights
Based on property information with market context.
This duplex contains two residences totaling 2,300 square feet. One unit has three bedrooms and one and a half bathrooms; the other has two bedrooms and one and a half bathrooms. Both are rented. The property was built in 1973 and has brick and shake siding, central heating and air conditioning, open parking, a patio, and a porch. Zoning is TRP.
The 0.37-acre property is at 104 Rainbow Court in Cary, minutes from Downtown Cary and Downtown Cary Park. Public water and public sewer serve the property.
The 0.37-acre property is at 104 Rainbow Court in Cary, minutes from Downtown Cary and Downtown Cary Park. Public water and public sewer serve the property.
Key Highlights
- Two‑unit duplex with 2,300 square feet
- Unit mix: one 3‑bedroom/1.5‑bath residence and one 2‑bedroom/1.5‑bath residence
- Both residences are currently rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,552
Cap Rate
4.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$531,040
$531.0K
Cap Rate 7%
$379,314
$379.3K
Cap Rate 9%
$295,022
$295.0K
Market Conditions
NOI Build-Up for 2,300 SF
Gross rent
$40.0K $17.40/SF
− Vacancy
−$2.1K −$0.91/SF
EGI
$37.9K $16.49/SF
− OpEx
−$11.4K −$4.95/SF
NOI
$26.6K $11.54/SF
Area
Cary, NC
Vacancy
5.22%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$531,040
Cap Rate 7%
$379,314
Cap Rate 9%
$295,022
Alternative Uses
Best Use
Multifamily LT 5
$379.3K
$331.9K – $442.5K
NOI $26,552 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$348.4K
$304.8K – $406.5K
NOI $24,387 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$643.5K
$563.1K – $750.8K
NOI $45,048 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,292
Businesses Nearby
Explore this area
Business Placement
Demographics for 27511, NC
32,786
Population
14,359
Households
2.3
Avg Household Size
42
Median Age
58%
College-Educated
93%
High-School Grad
11.7 sq mi
ZIP Area
2,802
Density / Sq Mi
$104,072
Median Household Income
$50,778
Median Earnings
$1,436
Median Rent
$416,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The two residences have three-bedroom and two-bedroom layouts, and both are currently rented.
Where is this duplex located?
The property is located at 104 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‑unit duplex with 2,300 square feet; Unit mix: one 3‑bedroom/1.5‑bath residence and one 2‑bedroom/1.5‑bath residence; Both residences are currently rented
