Tenant-Occupied
New
For Sale
$622,500
104 Rainbow Court, Cary, NC 27511
Two leased residences provide a three-bedroom unit and a separate two-bedroom layout.
Property Size2,300 SF
Price / SF$270.65
Days on Market6
Property Features for 104 Rainbow Court
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,371
Building Details
Tenancy
Multi
Listing Agency:
Compass -- Cary
(919) 769-1956
Listed By:
Annette Holt · License #231450
(919) 810-2203
Source:
Exprealty
Added: Oct 15
Changed: Oct 19
Last Checked: Oct 19 at 2:34PM
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 Compass -- Cary
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Investment Insights
Based on property information with market context.
This 2,300-square-foot duplex contains two separate residences, with five bedrooms, two full bathrooms, and two half bathrooms in total. One unit has three bedrooms and one and a half bathrooms; the other offers two bedrooms and one and a half bathrooms. Both units are currently rented, with existing lease terms applying.
The property is minutes from Downtown Cary and Downtown Cary Park, with restaurants, shops, and entertainment in the downtown area. It is located at 104 Rainbow Court in Cary, North Carolina.
The property is minutes from Downtown Cary and Downtown Cary Park, with restaurants, shops, and entertainment in the downtown area. It is located at 104 Rainbow Court in Cary, North Carolina.
Key Highlights
- 2,300‑square‑foot duplex
- Both units are currently rented, subject to existing lease terms
- Unit mix: one 3‑bedroom, 1.5‑bath residence and one 2‑bedroom, 1.5‑bath residence
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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Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences provide a three-bedroom unit and a separate two-bedroom layout.
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: 2,300‑square‑foot duplex; Both units are currently rented, subject to existing lease terms; Unit mix: one 3‑bedroom, 1.5‑bath residence and one 2‑bedroom, 1.5‑bath residence
