Updated Duplex with Private
New
For Sale
$615,000
1109 Timber Dr, Garner, NC 27529
Two residential units offer separate decks, spacious outdoor areas, and an extensively renovated second unit.
Property Size2,550 SF
Price / SF$241.18
Days on Market6
Property Features for 1109 Timber Dr
General Information
Standard status
Active
Size
2,550 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
deck
backyard
Building Details
Year Built
1995
Listing Agency:
Gilliam Residential Realty
Listed By:
Corey Gilliam
(919) 943-1098
Source:
Rubyhenderson
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 10:19PM
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 Gilliam Residential Realty
Investment Insights
Based on property information with market context.
This 2,550-square-foot duplex, built in 1995, includes two residential units with layouts designed for privacy and generous living space. Unit B has undergone a comprehensive renovation with new LVP flooring and carpet, a redesigned kitchen with granite countertops and updated cabinetry, modern fixtures, and refreshed bathrooms. Both residences feature a primary bedroom with a walk-in closet and a primary bathroom with a walk-in shower. The crawlspaces have also been updated and encapsulated.
Each unit has its own spacious deck, while the property includes a full backyard with room for outdoor use. Located at 1109 Timber Dr in Garner, the property combines separate outdoor areas with extensive improvements to one of its two units.
Each unit has its own spacious deck, while the property includes a full backyard with room for outdoor use. Located at 1109 Timber Dr in Garner, the property combines separate outdoor areas with extensive improvements to one of its two units.
Key Highlights
- 2,550‑square‑foot duplex with two residential units
- Built in 1995
- Unit B renovated with new LVP flooring, carpet, kitchen finishes, and updated bathrooms
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
$29,444
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
4.79%
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%
$588,880
$588.9K
Cap Rate 7%
$420,629
$420.6K
Cap Rate 9%
$327,156
$327.2K
Market Conditions
NOI Build-Up for 2,550 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
$44.4K $17.40/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$42.1K $16.50/SF
− OpEx
−$12.6K −$4.95/SF
NOI
$29.4K $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%
$588,880
Cap Rate 7%
$420,629
Cap Rate 9%
$327,156
Alternative Uses
Best Use
Multifamily LT 5
$420.6K
$368.1K – $490.7K
NOI $29,444 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$372.9K
$326.3K – $435.1K
NOI $26,103 @ 7.0% cap · market cap 4.24%
Theoretical Best
Specialty Retail
$728.1K
$637.1K – $849.4K
NOI $50,966 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
205
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 residential units offer separate decks, spacious outdoor areas, and an extensively renovated second unit.
Where is this duplex located?
The property is located at 1109 Timber Dr Garner, NC.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 2,550‑square‑foot duplex with two residential units; Built in 1995; Unit B renovated with new LVP flooring, carpet, kitchen finishes, and updated bathrooms
